Rhythm Pharmaceuticals (RYTM)


Market Price (9/21/2026): $97.71 | Market Cap: $6.7 BilSector: Health Care | Industry: Biotechnology

Rhythm Pharmaceuticals (RYTM)


Market Price (9/21/2026): $97.71
Market Cap: $6.7 Bil
Sector: Health Care
Industry: Biotechnology

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0

Strong revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 54%

Low stock price volatility
Vol 12M is 47%

Megatrend and thematic drivers
Megatrends include Precision Medicine. Themes include Targeted Therapies, and Biopharmaceutical R&D.

Meaningful short interest
Short Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 15%

Not profitable at operating income level
Op Inc LTMOperating Income, Last Twelve Months is -201 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -84%

Significant share based compensation
SBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 36%

Not cash flow generative
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -44%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -44%

Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -7.3%

Significant short interest
Short Interest Days-to-CoverDTC = (Short Interest Share Quantity) / (Average Daily Trading Volume). Reflects how many days it would take to cover (close out) the short interest based on average volumes. High DTC can signify an increased risk of a short squeeze. is 21.89

Key risks
RYTM key risks include [1] its heavy dependence on the success of its single product, Show more.

0 Strong revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 54%
1 Low stock price volatility
Vol 12M is 47%
2 Megatrend and thematic drivers
Megatrends include Precision Medicine. Themes include Targeted Therapies, and Biopharmaceutical R&D.
3 Meaningful short interest
Short Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 15%
4 Not profitable at operating income level
Op Inc LTMOperating Income, Last Twelve Months is -201 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -84%
5 Significant share based compensation
SBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 36%
6 Not cash flow generative
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -44%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -44%
7 Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -7.3%
8 Significant short interest
Short Interest Days-to-CoverDTC = (Short Interest Share Quantity) / (Average Daily Trading Volume). Reflects how many days it would take to cover (close out) the short interest based on average volumes. High DTC can signify an increased risk of a short squeeze. is 21.89
9 Key risks
RYTM key risks include [1] its heavy dependence on the success of its single product, Show more.

RYTM in ETFs

Weight = RYTM's share of each fund

VTI0.01%
ITOT0.01%
IWM0.18%
VB0.09%
XBI1.2%
IBB0.50%
IWO0.36%
VBK0.21%
+8 more covered ETFs

Valuation & Metrics

Price Chart

Why The Stock Moved

Qualitative Assessment

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Updated on 9/15/2026

Rhythm Pharmaceuticals (RYTM) stock has gained about 10% since 5/31/2026 because of the following key factors:

1. Strong financial performance in fiscal Q2 2026, exceeding analyst expectations.

Rhythm Pharmaceuticals announced its fiscal second quarter 2026 earnings on August 4, 2026, reporting an earnings per share (EPS) loss of -$0.73, which surpassed analysts' consensus estimates of -$0.81 by $0.08. Additionally, the company's quarterly revenue increased by 46.9% year-over-year to $71.26 million, exceeding analyst estimates of $67.66 million. This robust revenue growth was partly driven by global sales of IMCIVREE, which reached $71.3 million for the quarter, marking a 19% sequential increase from fiscal Q1 2026.

2. Positive clinical trial data presentations for key drug candidates.

The company presented encouraging interim six-month data from its Phase 2 trial of setmelanotide in patients with Prader-Willi Syndrome (PWS) at ENDO 2026, held in June 2026. The data demonstrated consistent reductions in body mass index (BMI), preservation of lean mass, reductions in fat mass, and improvements in hyperphagia and anxiety measures. Furthermore, other presentations at ENDO 2026 highlighted durable weight reduction for patients with acquired hypothalamic obesity (HO) after 2.5 years of setmelanotide treatment and positive real-world effectiveness of setmelanotide in patients with Bardet-Biedl syndrome (BBS), showing improvements in weight-related outcomes.

Show more
Updated on 9/15/2026

Rhythm Pharmaceuticals (RYTM) stock has gained about 10% since 5/31/2026 because of the following key factors:

1. Strong financial performance in fiscal Q2 2026, exceeding analyst expectations.

Rhythm Pharmaceuticals announced its fiscal second quarter 2026 earnings on August 4, 2026, reporting an earnings per share (EPS) loss of -$0.73, which surpassed analysts' consensus estimates of -$0.81 by $0.08. Additionally, the company's quarterly revenue increased by 46.9% year-over-year to $71.26 million, exceeding analyst estimates of $67.66 million. This robust revenue growth was partly driven by global sales of IMCIVREE, which reached $71.3 million for the quarter, marking a 19% sequential increase from fiscal Q1 2026.

2. Positive clinical trial data presentations for key drug candidates.

The company presented encouraging interim six-month data from its Phase 2 trial of setmelanotide in patients with Prader-Willi Syndrome (PWS) at ENDO 2026, held in June 2026. The data demonstrated consistent reductions in body mass index (BMI), preservation of lean mass, reductions in fat mass, and improvements in hyperphagia and anxiety measures. Furthermore, other presentations at ENDO 2026 highlighted durable weight reduction for patients with acquired hypothalamic obesity (HO) after 2.5 years of setmelanotide treatment and positive real-world effectiveness of setmelanotide in patients with Bardet-Biedl syndrome (BBS), showing improvements in weight-related outcomes.

3. Favorable analyst ratings and increased price targets.

Throughout the period, several research analysts reiterated "Buy" or "Outperform" ratings and increased their price targets for Rhythm Pharmaceuticals. For instance, Wells Fargo & Company raised its price target from $144.00 to $155.00 on June 15, 2026. Royal Bank Of Canada also increased its target from $141.00 to $155.00 on August 5, 2026, and Leerink Partners initiated coverage with an "Outperform" rating and a $133.00 price target on September 14, 2026. The consensus average analyst price target for Rhythm Pharmaceuticals during this period ranged from $139.44 to $140.67, with a general "Moderate Buy" or "Buy" rating.

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Stock Movement Drivers

Fundamental Drivers

The 10.6% change in RYTM stock from 5/31/2026 to 9/20/2026 was primarily driven by a 10.5% change in the company's Total Revenues ($ Mil).
(LTM values as of)53120269202026Change
Stock Price ($)88.3297.7110.6%
Change Contribution By: 
Total Revenues ($ Mil)21724010.5%
P/S Multiple27.627.91.1%
Shares Outstanding (Mil)6869-0.9%
Cumulative Contribution10.6%

LTM = Last Twelve Months as of date shown

Market Drivers

5/31/2026 to 9/20/2026
ReturnCorrelation
RYTM10.6% 
Market (SPY)0.9%14.7%
Sector (XLV)12.7%30.6%

Fundamental Drivers

The 5.4% change in RYTM stock from 2/28/2026 to 9/20/2026 was primarily driven by a 26.4% change in the company's Total Revenues ($ Mil).
(LTM values as of)22820269202026Change
Stock Price ($)92.7397.715.4%
Change Contribution By: 
Total Revenues ($ Mil)19024026.4%
P/S Multiple32.727.9-14.5%
Shares Outstanding (Mil)6769-2.5%
Cumulative Contribution5.4%

LTM = Last Twelve Months as of date shown

Market Drivers

2/28/2026 to 9/20/2026
ReturnCorrelation
RYTM5.4% 
Market (SPY)11.6%31.5%
Sector (XLV)5.5%34.2%

Fundamental Drivers

The -5.3% change in RYTM stock from 8/31/2025 to 9/20/2026 was primarily driven by a -33.5% change in the company's P/S Multiple.
(LTM values as of)83120259202026Change
Stock Price ($)103.1597.71-5.3%
Change Contribution By: 
Total Revenues ($ Mil)15624053.5%
P/S Multiple42.027.9-33.5%
Shares Outstanding (Mil)6469-7.2%
Cumulative Contribution-5.3%

LTM = Last Twelve Months as of date shown

Market Drivers

8/31/2025 to 9/20/2026
ReturnCorrelation
RYTM-5.3% 
Market (SPY)19.4%27.3%
Sector (XLV)24.1%24.9%

Fundamental Drivers

The 275.7% change in RYTM stock from 8/31/2023 to 9/20/2026 was primarily driven by a 448.2% change in the company's Total Revenues ($ Mil).
(LTM values as of)83120239202026Change
Stock Price ($)26.0197.71275.7%
Change Contribution By: 
Total Revenues ($ Mil)44240448.2%
P/S Multiple33.827.9-17.3%
Shares Outstanding (Mil)5769-17.1%
Cumulative Contribution275.7%

LTM = Last Twelve Months as of date shown

Market Drivers

8/31/2023 to 9/20/2026
ReturnCorrelation
RYTM275.7% 
Market (SPY)75.6%27.3%
Sector (XLV)32.3%23.9%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
RYTM Return-66%192%58%22%91%-7%233%
Peers Return9%-9%4%-11%10%23%24%
S&P 500 Return27%-19%24%23%16%12%103%

Monthly Win Rates [3]
RYTM Win Rate33%75%50%33%50%33% 
Peers Win Rate52%50%55%43%50%51% 
S&P 500 Win Rate75%42%67%75%67%44% 

Max Drawdowns [4]
RYTM Max Drawdown-78%-75%-54%-32%-23%-33% 
Peers Max Drawdown-29%-36%-30%-34%-30%-23% 
S&P 500 Max Drawdown-5%-25%-10%-8%-19%-9% 


[1] Cumulative total returns since the beginning of 2021
[2] Peers: ALKS, ACT, LIVN, PRGO, PCRX. See RYTM Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 9/18/2026 (YTD)

How Low Can It Go

EventRYTMS&P 500
2025 US Tariff Shock
  % Loss-19.1%-18.8%
  % Gain to Breakeven23.5%23.1%
  Time to Breakeven5 days79 days
2023 SVB Regional Banking Crisis
  % Loss-42.0%-6.7%
  % Gain to Breakeven72.4%7.1%
  Time to Breakeven56 days31 days
2022 Inflation Shock & Fed Tightening
  % Loss-70.8%-24.5%
  % Gain to Breakeven242.0%32.4%
  Time to Breakeven60 days427 days
2020 COVID-19 Crash
  % Loss-28.2%-33.7%
  % Gain to Breakeven39.4%50.9%
  Time to Breakeven32 days140 days
Q4 2018 Fed Policy Error / Growth Scare
  % Loss-16.5%-19.2%
  % Gain to Breakeven19.7%23.8%
  Time to Breakeven15 days105 days

Compare to ALKS, ACT, LIVN, PRGO, PCRX

In The Past

Rhythm Pharmaceuticals's stock fell -19.1% during the 2025 US Tariff Shock. Such a loss loss requires a 23.5% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

EventRYTMS&P 500
2023 SVB Regional Banking Crisis
  % Loss-42.0%-6.7%
  % Gain to Breakeven72.4%7.1%
  Time to Breakeven56 days31 days
2022 Inflation Shock & Fed Tightening
  % Loss-70.8%-24.5%
  % Gain to Breakeven242.0%32.4%
  Time to Breakeven60 days427 days
2020 COVID-19 Crash
  % Loss-28.2%-33.7%
  % Gain to Breakeven39.4%50.9%
  Time to Breakeven32 days140 days

Compare to ALKS, ACT, LIVN, PRGO, PCRX

In The Past

Rhythm Pharmaceuticals's stock fell -19.1% during the 2025 US Tariff Shock. Such a loss loss requires a 23.5% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About Rhythm Pharmaceuticals (RYTM)

Rhythm Pharmaceuticals (RYTM) is a commercial-stage biopharmaceutical company dedicated to developing and commercializing therapies for rare genetic diseases that cause severe obesity. The company focuses on addressing the underlying genetic defects that disrupt the body's natural pathways for hunger and satiety, aiming to provide targeted treatments for patients with these challenging conditions.

The company's primary commercial product is IMCIVREE (setmelanotide), a potent melanocortin-4 receptor (MC4R) agonist. IMCIVREE is approved to treat obesity and control hunger in patients with specific rare genetic conditions, including pro-opiomelanocortin (POMC), proprotein convertase subtilisin/kexin type 1 (PCSK1), and leptin receptor (LEPR) deficiency obesity, as well as Bardet-Biedl syndrome and Alström syndrome. Rhythm also has setmelanotide in Phase II clinical trials for a broader range of MC4R-related disorders, expanding its potential therapeutic reach.

Rhythm Pharmaceuticals serves a highly specialized market of patients afflicted with ultra-rare genetic forms of obesity, where conventional weight loss strategies are often ineffective. These patients, many of whom are children and adolescents, experience severe and early-onset obesity due to specific genetic mutations affecting critical energy balance pathways. The company aims to provide life-changing treatments for these underserved patient populations globally.

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  • Vertex Pharmaceuticals for rare genetic obesity diseases.
  • BioMarin Pharmaceutical for genetic obesity disorders.

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  • IMCIVREE: A commercial-stage therapeutic for the treatment of rare genetic diseases of obesity, including pro-opiomelanocortin (POMC), proprotein convertase subtilisin/kexin type 1, leptin receptor (LEPR) deficiency obesity, Bardet-Biedl syndrome, and Alström syndrome.
  • setmelanotide: A therapeutic currently in Phase II clinical trials for various genetic obesities, such as POMC or LEPR heterozygous deficiency, SH2B1 deficiency, and MC4 receptor deficiency.

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Rhythm Pharmaceuticals (RYTM) primarily sells its therapeutics to individuals. The categories of customers it serves are individuals suffering from:
  • Patients diagnosed with specific rare genetic deficiencies that lead to early-onset severe obesity, including pro-opiomelanocortin (POMC), proprotein convertase subtilisin/kexin type 1, and leptin receptor (LEPR) deficiency obesity.
  • Individuals with rare genetic syndromes that are associated with obesity, such as Bardet-Biedl syndrome and Alström syndrome.
  • Patients with a broader range of other rare genetic obesity disorders currently under investigation, such as POMC or LEPR heterozygous deficiency obesities, steroid receptor coactivator 1 deficiency obesity, SH2B1 deficiency obesity, MC4 receptor deficiency obesity, Smith-Magenis syndrome obesity, POMC epigenetic disorders, and other MC4R disorders.

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David Meeker, M.D. President and Chief Executive Officer

Dr. David Meeker was appointed President and Chief Executive Officer of Rhythm Pharmaceuticals in July 2020. Prior to joining Rhythm, he served as President and CEO of KSQ Therapeutics for approximately three years. Before KSQ, Dr. Meeker was the Executive Vice President and Head of Sanofi Genzyme, the global business unit of Sanofi focused on rare diseases, multiple sclerosis, oncology, and immunology. He joined Genzyme in 1994 as Medical Director and progressed through various leadership roles, including Chief Operating Officer and Chief Executive Officer, leading the launch of several treatments for rare genetic diseases such as Aldurazyme®, Fabrazyme®, and Myozyme®. Earlier in his career, Dr. Meeker was Director of the Pulmonary Critical Care Fellowship at the Cleveland Clinic and an Assistant Professor of Medicine at Ohio State University.

Hunter Smith Chief Financial Officer and Treasurer

Hunter Smith serves as the Chief Financial Officer and Treasurer of Rhythm Pharmaceuticals. He previously held the role of interim President and CEO of Rhythm Pharmaceuticals before Dr. Meeker's appointment. Mr. Smith's past experience includes serving as an Independent Director and Audit Chair of Aeglea Biotherapeutics Inc. through its reverse merger with Spyre Therapeutics. He also served as a Director for Genessee & Wyoming Inc. from 2015 until its acquisition by Brookfield Infrastructure Partners in December 2019. Mr. Smith is also on the Board of Directors of Vanqua Bio.

Jennifer Chien Executive Vice President, Head of North America

Jennifer Chien is the Executive Vice President, Head of North America at Rhythm Pharmaceuticals.

Yann Mazabraud Executive Vice President, Head of International

Yann Mazabraud holds the position of Executive Vice President, Head of International at Rhythm Pharmaceuticals.

Pamela Cramer Chief Human Resources Officer

Pamela Cramer is the Chief Human Resources Officer for Rhythm Pharmaceuticals.

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Rhythm Pharmaceuticals (RYTM) faces several key risks, primarily stemming from its concentrated product portfolio and the inherent challenges of the biopharmaceutical industry focused on rare diseases.

Key Risks to Rhythm Pharmaceuticals (RYTM)

  1. High Dependence on IMCIVREE (setmelanotide)
    Rhythm Pharmaceuticals' revenue is almost entirely reliant on its lead commercial product, IMCIVREE (setmelanotide). While IMCIVREE is a first-in-class treatment for rare genetic obesity disorders, this heavy dependence creates a significant single point of failure. Any setbacks in its commercialization, such as unexpected adverse events, intensified competition, or issues with market access and reimbursement, could severely impact the company's financial health. For instance, IMCIVREE has known side effects including depression and suicidal ideation, disturbance in sexual arousal, skin hyperpigmentation, and injection site reactions, which could affect patient acceptance and adherence. The company's near-term strategy also hinges on the upcoming FDA decision for an expanded indication of IMCIVREE for acquired hypothalamic obesity, with a Prescription Drug User Fee Act (PDUFA) goal date of March 20, 2026. A regulatory delay or rejection for this or other potential indications could lead to a sharp sell-off in the stock and deplete the company's cash runway.

  2. Clinical Development and Regulatory Approval Risks for Pipeline Candidates
    Beyond IMCIVREE, Rhythm Pharmaceuticals' future growth relies on the successful development and regulatory approval of its pipeline candidates. Setmelanotide is also in Phase II clinical trials for various other indications, and the company is developing other investigational MC4R agonists like bivamelagon and RM-718, as well as preclinical small molecules for congenital hyperinsulinism. The biopharmaceutical industry inherently faces substantial risks in clinical trials, with many candidates failing to progress due to lack of efficacy or unacceptable safety profiles. Even if trials are successful, there's no guarantee of regulatory approval. For example, Rhythm is preparing parallel submissions in Japan for setmelanotide for acquired hypothalamic obesity, indicating the global nature of these regulatory challenges. Failure to advance these programs would limit future revenue streams and long-term viability.

  3. Sustained High Operating Expenses and Cash Burn Rate
    Rhythm Pharmaceuticals has consistently incurred operating losses since its inception, with an accumulated deficit of $1.4 billion as of December 31, 2025. While the company has held a robust cash position (approximately $416.1 million as of September 30, 2025), its sustained high operating expenses create constant pressure on its cash runway. The company projected this capital to be sufficient to fund planned operations for at least 24 months from September 30, 2025, extending into late 2027, but this relies on consistent revenue growth and controlled spending. Continued operating losses necessitate ongoing capital infusion, which could lead to further dilutive financing for shareholders or strain existing financial resources, especially if clinical milestones are not met or IMCIVREE's revenue growth is slower than anticipated.

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Rhythm Pharmaceuticals' main product, IMCIVREE (setmelanotide), addresses several rare genetic diseases of obesity. The addressable markets for these conditions vary by region and specific indication. **IMCIVREE (setmelanotide) Approved Indications:** * **Pro-opiomelanocortin (POMC), Proprotein Convertase Subtilisin/Kexin type 1 (PCSK1), and Leptin Receptor (LEPR) Deficiency Obesity:** Fewer than 50 patients with POMC deficiency, 90 with LEPR deficiency, and 50 with PCSK1 deficiency have been reported worldwide. * **Bardet-Biedl Syndrome (BBS):** * The global Bardet-Biedl Syndrome treatment market was valued at approximately $0.3 billion in 2022 and is projected to reach about $0.528 billion by 2030, with a compound annual growth rate (CAGR) of 5.9% from 2023 to 2030. * Another estimate places the global Bardet-Biedl Syndrome market size at $1.043 billion in 2024, with a projection to grow to $2.895 billion by 2035, exhibiting a CAGR of 9.72% from 2025 to 2035. * Across the top 7 markets (U.S., EU4, UK, and Japan), the market reached $259.2 million in 2024 and is expected to reach $416.3 million by 2035. * The United States accounts for the largest patient pool and market for Bardet-Biedl Syndrome. Europe holds approximately 30% of the global market share, while the Asia-Pacific region accounts for about 20%. The prevalence in the U.S. is estimated at 1/100,000, and in Europe, it is estimated at 1/150,000 – 175,000 people. * **Alström Syndrome:** * The global Alström Syndrome treatment market size was valued at $1.98 billion in 2025 and is expected to reach $3.17 billion by 2033, with a CAGR of 6.10% during the forecast period. * North America dominated this market with a 39.5% revenue share in 2025. The 7 major Alström syndrome markets (United States, EU5, and Japan) are expected to exhibit a CAGR of 4.53% during 2023-2034. The United States has the largest patient pool and market for Alström syndrome. The estimated prevalence for Alström Syndrome is one to nine cases per 1,000,000 individuals, with nearly 700 cases described worldwide to date. Other sources suggest a prevalence of less than one per million inhabitants in the general population in Europe and North America. **IMCIVREE (setmelanotide) Potential Future Indication:** * **Acquired Hypothalamic Obesity (HO):** Rhythm Pharmaceuticals estimates an addressable market of approximately 5,000 to 10,000 people in the U.S. for acquired hypothalamic obesity. In Japan, there are an estimated 5,000 to 8,000 people with the condition, and in Europe, 3,500 to 10,000 people. This indication is considered a significant market opportunity, with the potential for IMCIVREE revenue to exceed $2 billion by 2030 through HO expansion, and peak sales of $1.3 billion by 2034 with up to 20% U.S. market penetration. The U.S. Food and Drug Administration (FDA) has a Prescription Drug User Fee Act (PDUFA) goal date of March 20, 2026, for the supplemental New Drug Application (sNDA) for setmelanotide in acquired hypothalamic obesity.

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Rhythm Pharmaceuticals (RYTM) is positioned for significant revenue growth over the next 2-3 years, driven by the expansion of its lead product IMCIVREE (setmelanotide) into new indications and markets, as well as continued penetration in its existing approved uses. The company's pipeline development also presents future opportunities for revenue generation.

Here are 3-5 expected drivers of future revenue growth for Rhythm Pharmaceuticals:

  • Expansion into Acquired Hypothalamic Obesity (HO) with IMCIVREE: The anticipated U.S. launch of IMCIVREE for acquired hypothalamic obesity, following a PDUFA goal date of March 20, 2026, is a major expected driver. Positive Phase 3 data for this indication has been reported, and analysts express confidence in its potential to significantly expand Rhythm's addressable market and accelerate revenue growth.
  • Increased Patient Penetration and Utilization of IMCIVREE in Existing Approved Indications: Rhythm Pharmaceuticals continues to see consistent growth in the number of patients receiving reimbursed IMCIVREE therapy for its already approved indications, such as Bardet-Biedl Syndrome (BBS) and pro-opiomelanocortin (POMC) or leptin receptor (LEPR) deficiency obesities. This growth is further supported by an expanded label to include children as young as 2 years old in these approved indications.
  • Geographic Expansion and Market Access for IMCIVREE: The company is actively pursuing international expansion for IMCIVREE. Efforts to secure reimbursement and broaden access in regions outside the U.S., including positive developments in the UK and France, and planned operational build-out in Japan, are expected to contribute to revenue growth.
  • Advancement and Potential Commercialization of Pipeline Assets: Beyond the current indications and acquired hypothalamic obesity, Rhythm Pharmaceuticals has several promising pipeline candidates. This includes the ongoing Phase 3 EMANATE trial for setmelanotide in other genetically caused MC4R pathway diseases (with topline data expected in Q1 2026), the Phase 2 trial of setmelanotide in Prader-Willi Syndrome (with six-month data expected in the first half of 2026), and the development of an oral MC4R agonist, bivamelagon, which is advancing towards Phase 3. These programs represent potential new revenue streams within the next 2-3 years and beyond.

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Share Issuance

  • In July 2025, Rhythm Pharmaceuticals completed an upsized public offering of 2,367,647 shares of common stock at $85 per share, generating net proceeds of approximately $189.2 million.
  • The company's shares outstanding have shown an increasing trend, with 0.061 billion shares outstanding in 2024, representing a 5.76% increase from 2023. This followed a 10.65% increase in 2023 from 2022, and a 5.08% increase in 2022 from 2021.

Inbound Investments

  • In April 2024, Rhythm Pharmaceuticals secured $150 million in gross proceeds from the sale of Series A convertible preferred stock to existing shareholders, including Perceptive Advisors LLC and its Discovery Fund, with the transaction closing on April 15, 2024.
  • This $150 million financing is intended to support the company's clinical development programs, commercial activities, and general corporate purposes, extending its cash runway into 2026.
  • On September 30, 2024, Perceptive Advisors LLC significantly increased its stake in Rhythm Pharmaceuticals by acquiring an additional 1,988,631 shares at $52.39 each.

Outbound Investments

  • Rhythm Pharmaceuticals has acquired Xinvento.

Capital Expenditures

  • Proceeds from the $150 million preferred stock financing in April 2024, along with existing capital, were expected to fund the company's operating expenses and capital expenditure requirements into 2026.
  • Increased operating expense guidance for 2026, ranging from approximately $385 million to $415 million, signals higher future investments.
  • These anticipated higher investments are primarily focused on next-generation MC4R agonists, the commercial launch for acquired hypothalamic obesity, and the build-out of Japanese operations.

Better Bets vs. Rhythm Pharmaceuticals (RYTM)

Peer Outperformance in Biotechnology

RYTM has outperformed 99% of its 363 Biotechnology peers over 5Y. Biotechnology ranks 10th of 10 industries in Health Care by median 5Y return. The sector’s gains have largely come from elsewhere.
Share of Biotechnology constituents that RYTM has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
1Y
51%
of 455 industry peers · 1.7% return
3Y
90%
of 402 industry peers · 320.6% return
5Y
99%
of 363 industry peers · 677.3% return
No Biotechnology peer with a comparable growth profile has beaten RYTM by more than 20pp over 5Y.
Median price return by industry across the Health Care sector, ranked by 5Y. Biotechnology is RYTM's own industry. Use this to see which corners of the sector have carried the returns.
Industry Names 1Y med3Y med5Y med Top 3 by 5Y
Health Care Distributors 6 16.2%43.2%90.1% CAH 392% · MCK 346% · COR 168%
Managed Health Care 8 40.4%-5.3%2.3% OSCR 84% · HQY 56% · ELV 17%
Health Care Services 20 21.1%37.6%-0.3% HIMS 239% · RDNT 173% · DGX 76%
Health Care Facilities 24 6.0%6.5%-4.5% NHC 271% · THC 261% · ENSG 129%
Health Care Equipment 50 -2.7%-0.2%-21.1% POCI 11050% · UFPT 341% · GKOS 222%
Pharmaceuticals 62 -10.5%14.8%-38.6% LQDA 2472% · INDV 1099% · ETON 1051%
Health Care Supplies 12 14.1%-8.9%-39.7% LNTH 287% · HAE 54% · MMSI 20%
Life Sciences Tools & Services 109 4.3%-11.3%-68.4% SNWV 1757% · MEDP 231% · NTRA 199%
Health Care Technology 21 -25.8%-52.6%-79.2% SPOK 68% · HSTM 3% · VEEV -13%
Biotechnology ← 364 0.6%-21.7%-79.4% CELZ 1280% · DNTH 1221% · ELVN 1069%
Median of constituents with a full price history over each window. Top names are unfiltered by size in this render.

Latest Trefis Analyses

Recent Active Movers

Peer Comparisons

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Financials

RYTMALKSACTLIVNPRGOPCRXMedian
NameRhythm P.Alkermes Enact LivaNova Perrigo Pacira B. 
Mkt Price97.7143.3948.4578.0113.5624.6945.92
Mkt Cap6.77.26.84.31.91.05.5
Rev LTM2401,6681,2541,4724,1457461,363
Op Inc LTM-201144-18825019144
FCF LTM-105222721148119180164
FCF 3Y Avg-127343699132202160181
CFO LTM-105251721249196188223
CFO 3Y Avg-114382699197301172249

Growth & Margins

RYTMALKSACTLIVNPRGOPCRXMedian
NameRhythm P.Alkermes Enact LivaNova Perrigo Pacira B. 
Rev Chg LTM53.5%10.8%2.5%12.4%-4.2%5.7%8.2%
Rev Chg 3Y Avg79.9%4.6%4.1%10.7%-3.6%3.7%4.4%
Rev Chg Q46.9%27.0%4.2%10.8%-3.2%6.2%8.5%
QoQ Delta Rev Chg LTM10.5%6.7%1.0%2.7%-0.8%1.5%2.1%
Op Inc Chg LTM-13.1%-61.6%-6.9%-39.4%-69.4%-39.4%
Op Inc Chg 3Y Avg-9.0%-14.8%-108.0%20.6%37.4%20.6%
Op Mgn LTM-83.6%8.6%-12.7%6.0%2.5%6.0%
Op Mgn 3Y Avg-152.7%17.7%-10.4%6.7%8.6%8.6%
QoQ Delta Op Mgn LTM7.3%-3.7%--0.7%-0.3%0.3%-0.3%
CFO/Rev LTM-43.9%15.1%57.5%16.9%4.7%25.2%16.0%
CFO/Rev 3Y Avg-79.7%24.8%57.3%14.6%7.0%24.1%19.4%
FCF/Rev LTM-43.9%13.3%57.5%10.1%2.9%24.1%11.7%
FCF/Rev 3Y Avg-92.8%22.3%57.3%9.8%4.7%22.5%16.1%

Valuation

RYTMALKSACTLIVNPRGOPCRXMedian
NameRhythm P.Alkermes Enact LivaNova Perrigo Pacira B. 
Mkt Cap6.77.26.84.31.91.05.5
P/S27.94.35.42.90.51.33.6
P/Op Inc-33.450.4-22.97.552.122.9
P/EBIT-36.146.37.429.6-1.331.518.5
P/E-32.6109.69.922.7-1.166.616.3
P/CFO-63.628.99.417.29.65.29.5
Total Yield-3.1%0.9%12.0%4.4%-83.5%1.5%1.2%
Dividend Yield0.0%0.0%1.8%0.0%8.5%0.0%0.0%
FCF Yield 3Y Avg-3.6%6.9%12.6%4.2%7.2%14.2%7.1%
D/E0.00.20.10.11.70.40.2
Net D/E-0.00.1-0.2-0.01.50.20.0

Returns

RYTMALKSACTLIVNPRGOPCRXMedian
NameRhythm P.Alkermes Enact LivaNova Perrigo Pacira B. 
1M Rtn-11.2%-10.2%-1.5%-0.9%-2.9%0.1%-2.2%
3M Rtn1.0%-3.6%14.9%-0.6%35.0%10.6%5.8%
6M Rtn11.7%54.1%21.8%25.4%53.5%11.7%23.6%
12M Rtn1.7%56.1%28.7%41.8%-30.2%-7.4%15.2%
3Y Rtn320.6%57.1%91.6%39.8%-50.7%-26.6%48.5%
1M Excs Rtn-14.8%-12.8%-1.3%-2.8%-0.1%2.1%-2.0%
3M Excs Rtn-1.0%-5.6%12.9%-2.6%33.0%8.6%3.8%
6M Excs Rtn-7.6%37.0%4.7%7.0%31.3%-6.4%5.8%
12M Excs Rtn-14.2%39.8%15.2%27.1%-45.7%-21.2%0.5%
3Y Excs Rtn225.9%-14.7%19.5%-34.3%-123.7%-99.2%-24.5%

Comparison Analyses

null

Financials

Segment Financials

Revenue by Segment
$ Mil20252024202320222021
Development and commercialization of therapies for patients with rare diseases1901307724 
License revenue    0
Product revenue, net    3
Total19013077243


Net Income by Segment
$ Mil2025202420232022
Development and commercialization of therapies for patients with rare diseases-197-261-185 
License revenue   -181
Total-197-261-185-181


Assets by Segment
$ Mil20202019201820172016
Development and commercialization of therapies for patients with rare diseases18730926015212
Total18730926015212


Price Behavior

Price Behavior
Market Price$97.71 
Market Cap ($ Bil)6.7 
First Trading Date10/05/2017 
Distance from 52W High-16.9% 
   50 Days200 Days
DMA Price$107.35$99.24
DMA Trendindeterminateup
Distance from DMA-9.0%-1.5%
 3M1YR
Volatility39.6%46.7%
Downside Capture79.12110.51
Upside Capture75.7293.58
Correlation (SPY)15.4%27.6%
RYTM Betas & Captures as of 8/31/2026

 1M2M3M6M1Y3Y
Beta2.200.850.321.050.960.97
Up Beta1.490.220.651.941.420.92
Down Beta5.711.420.200.950.620.92
Up Capture239%68%66%74%78%174%
Bmk +ve Days10213268138427
Stock +ve Days11193568128382
Down Capture208%127%-22%70%101%95%
Bmk -ve Days11213259113324
Stock -ve Days10232959123365

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with RYTM
RYTM1.7%46.7%0.17-
Sector ETF (XLV)24.4%16.1%1.1625.1%
Equity (SPY)16.9%12.9%0.9427.7%
Gold (GLD)19.1%29.3%0.6015.9%
Commodities (DBC)46.3%20.6%1.73-18.7%
Real Estate (VNQ)4.9%13.6%0.1017.0%
Bitcoin (BTCUSD)-30.6%44.3%-0.7013.0%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with RYTM
RYTM50.0%75.6%0.85-
Sector ETF (XLV)6.4%15.2%0.2420.2%
Equity (SPY)12.9%17.2%0.5726.0%
Gold (GLD)19.1%18.8%0.837.5%
Commodities (DBC)11.2%19.5%0.451.1%
Real Estate (VNQ)1.1%18.8%-0.0522.9%
Bitcoin (BTCUSD)12.5%52.5%0.4212.7%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with RYTM
RYTM12.6%70.2%0.49-
Sector ETF (XLV)10.6%16.7%0.5124.9%
Equity (SPY)15.1%18.0%0.7228.9%
Gold (GLD)12.1%16.4%0.614.9%
Commodities (DBC)8.3%18.1%0.376.5%
Real Estate (VNQ)4.4%20.7%0.1822.2%
Bitcoin (BTCUSD)62.6%66.2%1.029.9%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date8312026
Short Interest: Shares Quantity10.3 Mil
Short Interest: % Change Since 81520261.5%
Average Daily Volume0.5 Mil
Days-to-Cover Short Interest21.9 days
Basic Shares Quantity68.6 Mil
Short % of Basic Shares15.0%

Earnings Returns History

Updated 9/4/2026
Expand for More
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
8/4/20262.9%12.4%1.9%
5/5/20267.9%2.1%-1.0%
2/26/2026-1.1%-8.2%-17.4%
1/9/20263.7%8.8%6.7%
11/4/2025-7.7%-14.2%-7.1%
8/5/2025-1.9%4.5%12.7%
5/7/20253.1%-9.4%5.5%
2/26/20254.5%4.3%6.4%
...
SUMMARY STATS   
# Positive161614
# Negative101012
Median Positive4.1%8.4%9.7%
Median Negative-3.7%-10.1%-17.5%
Max Positive27.5%69.7%78.8%
Max Negative-10.3%-41.0%-46.5%
Collapse to Preview
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
8/4/20262.9%12.4%1.9%
5/5/20267.9%2.1%-1.0%
2/26/2026-1.1%-8.2%-17.4%
1/9/20263.7%8.8%6.7%
11/4/2025-7.7%-14.2%-7.1%
8/5/2025-1.9%4.5%12.7%
5/7/20253.1%-9.4%5.5%
2/26/20254.5%4.3%6.4%
1/10/2025-2.9%-5.5%1.0%
11/5/202411.4%13.9%2.8%
8/6/20240.0%1.0%6.5%
5/7/2024-10.3%-8.4%-9.0%
2/22/2024-9.7%-9.1%-16.7%
11/7/2023-0.5%5.7%37.4%
8/1/202327.5%39.3%46.6%
5/2/2023-7.3%-17.5%-17.6%
3/1/20236.3%-10.8%-28.3%
11/8/20222.5%12.8%20.2%
8/2/202213.8%69.7%78.8%
5/3/2022-2.7%-41.0%-46.5%
3/1/20228.8%12.0%33.7%
11/2/20216.6%10.6%-28.8%
8/3/2021-4.5%-21.2%-25.3%
5/3/20211.8%2.6%-9.4%
3/1/20213.5%0.2%-21.9%
11/2/20202.0%7.9%54.0%
SUMMARY STATS   
# Positive161614
# Negative101012
Median Positive4.1%8.4%9.7%
Median Negative-3.7%-10.1%-17.5%
Max Positive27.5%69.7%78.8%
Max Negative-10.3%-41.0%-46.5%

SEC Filings

Expand for More
Report DateFiling DateFiling
06/30/202608/04/202610-Q
03/31/202605/05/202610-Q
12/31/202502/26/202610-K
09/30/202511/04/202510-Q
06/30/202508/05/202510-Q
03/31/202505/07/202510-Q
12/31/202402/28/202510-K
09/30/202411/06/202410-Q
06/30/202408/06/202410-Q
03/31/202405/07/202410-Q
12/31/202302/29/202410-K
09/30/202311/08/202310-Q
06/30/202308/01/202310-Q
03/31/202305/02/202310-Q
12/31/202203/01/202310-K
09/30/202211/08/202210-Q
Collapse to Preview
Report DateFiling DateFiling
06/30/202608/04/202610-Q
03/31/202605/05/202610-Q
12/31/202502/26/202610-K
09/30/202511/04/202510-Q
06/30/202508/05/202510-Q
03/31/202505/07/202510-Q
12/31/202402/28/202510-K
09/30/202411/06/202410-Q
06/30/202408/06/202410-Q
03/31/202405/07/202410-Q
12/31/202302/29/202410-K
09/30/202311/08/202310-Q
06/30/202308/01/202310-Q
03/31/202305/02/202310-Q
12/31/202203/01/202310-K
09/30/202211/08/202210-Q
06/30/202208/03/202210-Q
03/31/202205/03/202210-Q
12/31/202103/01/202210-K
09/30/202111/02/202110-Q
06/30/202108/03/202110-Q
03/31/202105/03/202110-Q
12/31/202003/01/202110-K
09/30/202011/02/202010-Q
06/30/202008/03/202010-Q
03/31/202005/04/202010-Q
12/31/201903/02/202010-K
09/30/201911/01/201910-Q

Recent Forward Guidance

Updated 8/5/2026

Latest: Q2 2026 Earnings Reported 8/4/2026

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
2026 R&D ExpensesReported175.00 Mil185.00 Mil195.00 Mil-9.8% LoweredGuidance: 205.00 Mil for 2026
2026 SG&A ExpensesReported188.00 Mil195.00 Mil202.00 Mil0 AffirmedGuidance: 195.00 Mil for 2026
2026 Non-GAAP Operating ExpensesReported363.00 Mil380.00 Mil397.00 Mil-5.0% LoweredGuidance: 400.00 Mil for 2026


Prior: Q1 2026 Earnings Reported 5/5/2026

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
2026 R&D ExpensesReported197.00 Mil205.00 Mil213.00 Mil5.1% RaisedGuidance: 195.00 Mil for 2026
2026 SG&A ExpensesReported188.00 Mil195.00 Mil202.00 Mil-4.9% LoweredGuidance: 205.00 Mil for 2026
2026 Non-GAAP Operating ExpensesReported385.00 Mil400.00 Mil415.00 Mil0 AffirmedGuidance: 400.00 Mil for 2026

Insider Activity

Updated 9/14/2026
Expand for More
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Meeker, David PPresident and CEODirectSell9142026102.6750,0005,133,44224,564,342Form
2Smith, Hunter CChief Financial OfficerDirectSell9012026105.4662,7746,619,91312,024,548Form
3Shulman, JosephChief Technical OfficerDirectSell8172026119.755,079608,2101,905,821Form
4Garfield, AlastairChief Scientific OfficerDirectSell8172026117.577,763912,703269,825Form
5Lee, Jennifer KaydenEVP, Head of North AmericaDirectSell8142026117.3875,834  Form
Collapse to Preview
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Meeker, David PPresident and CEODirectSell9142026102.6750,0005,133,44224,564,342Form
2Smith, Hunter CChief Financial OfficerDirectSell9012026105.4662,7746,619,91312,024,548Form
3Shulman, JosephChief Technical OfficerDirectSell8172026119.755,079608,2101,905,821Form
4Garfield, AlastairChief Scientific OfficerDirectSell8172026117.577,763912,703269,825Form
5Lee, Jennifer KaydenEVP, Head of North AmericaDirectSell8142026117.3875,834  Form
6Mazabraud, YannEVP, Head of InternationalDirectSell8142026116.1557,0006,620,5756,464,353Form
7Tetrault, Lynn ADirectSell6242026100.3237,0003,711,896702,250Form
8German, Christopher PaulCorporate Controller & CAODirectSell519202692.214,643  Form
9German, Christopher PaulCorporate Controller & CAODirectSell306202689.565,614502,79014,330Form
10Smith, Hunter CChief Financial OfficerDirectSell2192026101.264,385444,00411,189,918Form
11Smith, Hunter CChief Financial OfficerDirectSell2192026101.383,569361,81011,647,754Form
12Smith, Hunter CChief Financial OfficerDirectSell212202698.231,592156,38011,636,733Form
13Smith, Hunter CChief Financial OfficerDirectSell212202698.612,766272,76611,839,403Form
14Smith, Hunter CChief Financial OfficerDirectSell2122026103.002,713279,42912,650,441Form
15Smith, Hunter CChief Financial OfficerDirectSell2062026106.063,381358,59913,314,831Form
16Smith, Hunter CChief Financial OfficerDirectSell2062026105.993,247344,14513,663,845Form
17Cramer, Pamela JChief Human Resources OfficerDirectSell12152025111.003,350371,8502,310,354Form
18Cramer, Pamela JChief Human Resources OfficerDirectSell11242025105.003,350351,7502,185,470Form
19Cramer, Pamela JChief Human Resources OfficerDirectSell11122025100.003,515351,5002,081,400Form
20Cramer, Pamela JChief Human Resources OfficerDirectSell1112202598.8219,3511,912,3262,056,904Form
21Shulman, JosephChief Technical OfficerDirectSell11032025115.249,7481,123,398980,610Form
22Shulman, JosephChief Technical OfficerDirectSell10302025115.012,815323,750978,611Form
23Shulman, JosephChief Technical OfficerDirectSell10202025112.0314,4371,617,337953,240Form
24Shulman, JosephChief Technical OfficerDirectSell9042025105.3016,7811,767,006895,981Form

Investor Activity (13F)

Updated Sep 21, 2026
13F holdings as of Mar 31, 2026 (Q1 2026)

Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.

Active ManagerValue% of PortfolioTotal PositionsQoQFiling
Checkpoint Capital L.P.$106.7 Mil38.3%8ADD +23.7%13F
First Light Asset Management, LLC$7.6 Mil0.7%35TRIM -70.5%13F
Active ManagerValue% of PortfolioTotal PositionsQoQFiling
Checkpoint Capital L.P.$106.7 Mil38.3%8ADD +23.7%13F
Active ManagerValue% of PortfolioTotal PositionsQoQAs OfFiling
NEA Management Company, LLC$311.5 Mil15.9%27ExitedDec 31, 202513F
First Turn Management, LLC$15.7 Mil1.8%33ExitedDec 31, 202513F
First Light Asset Management, LLC$7.6 Mil0.7%35TRIM -70.5%Mar 31, 202613F
Active ManagerValue% of PortfolioTotal PositionsQoQFiling
Checkpoint Capital L.P.$106.7 Mil38.3%8ADD +23.7%13F
First Light Asset Management, LLC$7.6 Mil0.7%35TRIM -70.5%13F
Core Cache Last Updated: 9/20/2026