Rhythm Pharmaceuticals Inc (NASDAQ:RYTM) saw a large decrease in short interest during the month of July. As of July 31st, there was short interest totalling 1,458,100 shares, a decrease of 14.4% from the June 30th total of 1,702,900 shares. Based on an average trading volume of 229,800 shares, the days-to-cover ratio is currently 6.3 days. Currently, 7.6% of the company’s shares are short sold.
A number of brokerages have recently commented on RYTM. Needham & Company LLC reaffirmed a “buy” rating and issued a $42.00 price target on shares of Rhythm Pharmaceuticals in a research note on Sunday, May 5th. Stifel Nicolaus reaffirmed a “buy” rating and issued a $34.00 price target on shares of Rhythm Pharmaceuticals in a research note on Monday, July 29th. BidaskClub cut Rhythm Pharmaceuticals from a “sell” rating to a “strong sell” rating in a research note on Wednesday, July 24th. Zacks Investment Research cut Rhythm Pharmaceuticals from a “hold” rating to a “sell” rating in a research note on Wednesday, July 17th. Finally, Canaccord Genuity began coverage on Rhythm Pharmaceuticals in a research note on Monday, July 8th. They issued a “buy” rating and a $35.00 price target for the company. Two investment analysts have rated the stock with a sell rating and seven have assigned a buy rating to the company. The company currently has an average rating of “Buy” and an average price target of $38.67.
NASDAQ RYTM traded down $0.12 during trading hours on Thursday, reaching $19.88. 131,004 shares of the company’s stock were exchanged, compared to its average volume of 148,734. The company’s 50-day moving average is $20.76 and its two-hundred day moving average is $25.27. Rhythm Pharmaceuticals has a one year low of $18.00 and a one year high of $34.63. The company has a debt-to-equity ratio of 0.02, a quick ratio of 7.80 and a current ratio of 7.80. The company has a market capitalization of $649.23 million, a price-to-earnings ratio of -8.32 and a beta of 0.77.
Rhythm Pharmaceuticals (NASDAQ:RYTM) last posted its earnings results on Monday, July 29th. The company reported ($1.24) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.88) by ($0.36). Research analysts predict that Rhythm Pharmaceuticals will post -4.16 earnings per share for the current fiscal year.
In other news, insider Der Ploeg Leonardus H.T. Van sold 10,000 shares of the company’s stock in a transaction dated Friday, May 31st. The stock was sold at an average price of $25.21, for a total value of $252,100.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 4.45% of the company’s stock.
A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Marshall Wace North America L.P. bought a new stake in Rhythm Pharmaceuticals during the 1st quarter worth approximately $33,000. Point72 Hong Kong Ltd bought a new stake in Rhythm Pharmaceuticals during the 2nd quarter worth approximately $31,000. Bank of Montreal Can boosted its position in Rhythm Pharmaceuticals by 194,200.0% during the 2nd quarter. Bank of Montreal Can now owns 1,943 shares of the company’s stock worth $43,000 after acquiring an additional 1,942 shares during the last quarter. Virtus ETF Advisers LLC boosted its position in Rhythm Pharmaceuticals by 26.1% during the 2nd quarter. Virtus ETF Advisers LLC now owns 11,938 shares of the company’s stock worth $263,000 after acquiring an additional 2,470 shares during the last quarter. Finally, JPMorgan Chase & Co. boosted its position in Rhythm Pharmaceuticals by 2.5% during the 2nd quarter. JPMorgan Chase & Co. now owns 126,835 shares of the company’s stock worth $2,751,000 after acquiring an additional 3,057 shares during the last quarter. 89.13% of the stock is owned by institutional investors and hedge funds.
About Rhythm Pharmaceuticals
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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