Rhythm Pharmaceuticals Inc (NASDAQ:RYTM) saw a significant growth in short interest in October. As of October 31st, there was short interest totalling 1,263,298 shares, a growth of 39.4% from the October 15th total of 905,923 shares. Approximately 6.8% of the shares of the stock are short sold. Based on an average trading volume of 126,301 shares, the short-interest ratio is presently 10.0 days.
NASDAQ RYTM opened at $29.35 on Friday. Rhythm Pharmaceuticals has a 12-month low of $16.80 and a 12-month high of $37.23. The stock has a market cap of $1.02 billion and a price-to-earnings ratio of -10.37.
Rhythm Pharmaceuticals (NASDAQ:RYTM) last posted its quarterly earnings results on Wednesday, August 8th. The company reported ($0.52) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.48) by ($0.04). As a group, equities research analysts anticipate that Rhythm Pharmaceuticals will post -1.94 EPS for the current year.
In related news, insider Der Ploeg Leonardus H.T. Van sold 31,800 shares of the company’s stock in a transaction on Tuesday, September 25th. The shares were sold at an average price of $29.80, for a total value of $947,640.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Keith Michael Gottesdiener sold 16,500 shares of the company’s stock in a transaction on Friday, November 2nd. The stock was sold at an average price of $30.08, for a total transaction of $496,320.00. The disclosure for this sale can be found here. Insiders sold 86,300 shares of company stock valued at $2,587,380 over the last quarter. 4.93% of the stock is owned by company insiders.
A number of hedge funds and other institutional investors have recently bought and sold shares of the business. American International Group Inc. boosted its position in Rhythm Pharmaceuticals by 26.5% during the third quarter. American International Group Inc. now owns 10,098 shares of the company’s stock valued at $295,000 after buying an additional 2,114 shares during the period. BlackRock Inc. boosted its position in Rhythm Pharmaceuticals by 52.7% during the third quarter. BlackRock Inc. now owns 1,141,503 shares of the company’s stock valued at $33,297,000 after buying an additional 393,834 shares during the period. Bank of New York Mellon Corp boosted its holdings in shares of Rhythm Pharmaceuticals by 59.5% during the third quarter. Bank of New York Mellon Corp now owns 60,274 shares of the company’s stock worth $1,759,000 after purchasing an additional 22,481 shares during the period. Janus Henderson Group PLC boosted its holdings in shares of Rhythm Pharmaceuticals by 33.1% during the third quarter. Janus Henderson Group PLC now owns 3,050,838 shares of the company’s stock worth $88,993,000 after purchasing an additional 759,053 shares during the period. Finally, Alliancebernstein L.P. boosted its holdings in shares of Rhythm Pharmaceuticals by 74.0% during the third quarter. Alliancebernstein L.P. now owns 12,700 shares of the company’s stock worth $370,000 after purchasing an additional 5,400 shares during the period. Institutional investors and hedge funds own 87.08% of the company’s stock.
Several analysts have issued reports on RYTM shares. Morgan Stanley started coverage on shares of Rhythm Pharmaceuticals in a research report on Friday, September 7th. They set an “overweight” rating for the company. Zacks Investment Research lowered shares of Rhythm Pharmaceuticals from a “buy” rating to a “hold” rating in a research report on Wednesday, August 15th. Needham & Company LLC set a $42.00 price target on shares of Rhythm Pharmaceuticals and gave the company a “buy” rating in a research report on Thursday, August 9th. ValuEngine upgraded shares of Rhythm Pharmaceuticals from a “hold” rating to a “buy” rating in a research report on Wednesday, October 17th. Finally, Stifel Nicolaus started coverage on shares of Rhythm Pharmaceuticals in a research report on Friday, September 14th. They set a “hold” rating and a $36.00 price target for the company. Two analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. Rhythm Pharmaceuticals has a consensus rating of “Buy” and an average price target of $38.60.
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About Rhythm Pharmaceuticals
Rhythm Pharmaceuticals, Inc, a biopharmaceutical company, focuses on the development and commercialization of peptide therapeutics for the treatment of rare genetic disorders of obesity in the United States. Its peptide candidates include Setmelanotide, a melanocortin-4 receptor agonist, which is in Phase III clinical trial to treat POMC and leptin receptor deficiency obesity; and Phase II clinical trial for Bardet-Biedl and Alström syndrome, POMC heterozygous deficiency obesity, and POMC epigenetic disorders.
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