Rhythm Pharmaceuticals Inc (NASDAQ:RYTM) was the target of a large growth in short interest in the month of August. As of August 31st, there was short interest totalling 3,016,400 shares, a growth of 106.9% from the July 31st total of 1,458,100 shares. Currently, 14.3% of the shares of the company are short sold. Based on an average daily trading volume, of 238,900 shares, the short-interest ratio is presently 12.6 days.
A number of research analysts recently commented on RYTM shares. ValuEngine upgraded shares of Rhythm Pharmaceuticals from a “hold” rating to a “buy” rating in a research note on Thursday, August 1st. Stifel Nicolaus reissued a “buy” rating and issued a $34.00 price target on shares of Rhythm Pharmaceuticals in a report on Monday, July 29th. Zacks Investment Research downgraded shares of Rhythm Pharmaceuticals from a “hold” rating to a “sell” rating in a research report on Wednesday, July 17th. Canaccord Genuity assumed coverage on Rhythm Pharmaceuticals in a report on Monday, July 8th. They set a “buy” rating and a $35.00 price objective for the company. Finally, LADENBURG THALM/SH SH reaffirmed a “buy” rating and issued a $43.00 target price on shares of Rhythm Pharmaceuticals in a research report on Monday. Two analysts have rated the stock with a sell rating and six have assigned a buy rating to the company. The stock currently has an average rating of “Buy” and an average target price of $38.80.
Large investors have recently added to or reduced their stakes in the stock. Bank of America Corp DE raised its stake in Rhythm Pharmaceuticals by 116.3% in the 4th quarter. Bank of America Corp DE now owns 26,196 shares of the company’s stock worth $704,000 after purchasing an additional 14,085 shares in the last quarter. BNP Paribas Arbitrage SA boosted its holdings in Rhythm Pharmaceuticals by 105,433.3% in the 1st quarter. BNP Paribas Arbitrage SA now owns 3,166 shares of the company’s stock valued at $87,000 after purchasing an additional 3,163 shares during the period. Spark Investment Management LLC acquired a new position in shares of Rhythm Pharmaceuticals during the 1st quarter worth approximately $1,060,000. TD Asset Management Inc. grew its position in shares of Rhythm Pharmaceuticals by 21.5% during the 1st quarter. TD Asset Management Inc. now owns 18,659 shares of the company’s stock worth $511,000 after purchasing an additional 3,300 shares in the last quarter. Finally, Tiff Advisory Services Inc. acquired a new position in shares of Rhythm Pharmaceuticals during the 1st quarter worth approximately $217,000. 90.58% of the stock is currently owned by institutional investors and hedge funds.
RYTM stock traded up $1.74 during trading hours on Wednesday, hitting $23.02. 144,900 shares of the stock were exchanged, compared to its average volume of 152,865. The company has a current ratio of 7.80, a quick ratio of 7.80 and a debt-to-equity ratio of 0.02. The firm has a market capitalization of $740.00 million, a P/E ratio of -9.63 and a beta of 0.65. The company has a 50-day simple moving average of $20.88 and a two-hundred day simple moving average of $24.39. Rhythm Pharmaceuticals has a 12 month low of $18.00 and a 12 month high of $32.62.
Rhythm Pharmaceuticals (NASDAQ:RYTM) last posted its earnings results on Monday, July 29th. The company reported ($1.24) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.88) by ($0.36). On average, equities research analysts predict that Rhythm Pharmaceuticals will post -4.16 earnings per share for the current year.
Rhythm Pharmaceuticals Company Profile
Rhythm Pharmaceuticals, Inc, a biopharmaceutical company, focuses on the development and commercialization of therapeutics for the treatment of rare genetic disorders that result in life-threatening metabolic disorders. The company's lead product candidate is setmelanotide, a melanocortin-4 receptor agonist peptide, which is in Phase III clinical trials to treat pro-opiomelanocortin (POMC) and leptin receptor deficiency obesity, and Bardet-Biedl and Alström syndrome; and is in Phase II clinical trials for treating POMC heterozygous deficiency obesity and POMC epigenetic disorders.
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