Tearsheet

Rhythm Pharmaceuticals (RYTM)


Market Price (6/23/2026): $100.75 | Market Cap: $6.8 BilSector: Health Care | Industry: Biotechnology

Rhythm Pharmaceuticals (RYTM)


Market Price (6/23/2026): $100.75
Market Cap: $6.8 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 59%

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

Meaningful 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 14.78, 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 12%

Not profitable at operating income level
Op Inc LTMOperating Income, Last Twelve Months is -197 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -91%

Significant share based compensation
SBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 35%

Not cash flow generative
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -55%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -55%

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 -7.2%

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 59%
1 Megatrend and thematic drivers
Megatrends include Precision Medicine. Themes include Targeted Therapies, and Biopharmaceutical R&D.
2 Meaningful 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 14.78, 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 12%
3 Not profitable at operating income level
Op Inc LTMOperating Income, Last Twelve Months is -197 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -91%
4 Significant share based compensation
SBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 35%
5 Not cash flow generative
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -55%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -55%
6 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 -7.2%
7 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%
IWM0.15%
VB0.07%
XBI1.2%
IBB0.55%
IWO0.28%
VBK0.17%
+8 more covered ETFs

Valuation & Metrics

Price Chart

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

Updated on 6/22/2026

Rhythm Pharmaceuticals (RYTM) stock has gained about 10% since 2/28/2026 because of the following key factors:

1. Expanded Market Opportunity with Key Regulatory Approvals for IMCIVREE.

Rhythm Pharmaceuticals secured significant regulatory milestones with the FDA approval of IMCIVREE for acquired hypothalamic obesity (HO) on March 19, 2026. This was followed by an earlier-than-anticipated Marketing Authorization granted by the European Commission for the same indication in early May 2026. These approvals opened substantial new markets for the company's lead product.

2. Strong Commercial Launch and Better-than-Expected Q1 2026 Revenue.

The U.S. launch of IMCIVREE for acquired HO demonstrated strong initial uptake, with more than 150 patient start forms received within the first six weeks following FDA approval. Rhythm Pharmaceuticals reported net product revenues from global sales of IMCIVREE at $60.1 million for fiscal Q1 2026, surpassing analyst forecasts of $55.62 million by 8.07%. This strong performance, driven by the new indication and robust international sales growth, led to an 8.28% surge in the stock's premarket trading on May 5, 2026.

Show more
Updated on 6/22/2026

Rhythm Pharmaceuticals (RYTM) stock has gained about 10% since 2/28/2026 because of the following key factors:

1. Expanded Market Opportunity with Key Regulatory Approvals for IMCIVREE.

Rhythm Pharmaceuticals secured significant regulatory milestones with the FDA approval of IMCIVREE for acquired hypothalamic obesity (HO) on March 19, 2026. This was followed by an earlier-than-anticipated Marketing Authorization granted by the European Commission for the same indication in early May 2026. These approvals opened substantial new markets for the company's lead product.

2. Strong Commercial Launch and Better-than-Expected Q1 2026 Revenue.

The U.S. launch of IMCIVREE for acquired HO demonstrated strong initial uptake, with more than 150 patient start forms received within the first six weeks following FDA approval. Rhythm Pharmaceuticals reported net product revenues from global sales of IMCIVREE at $60.1 million for fiscal Q1 2026, surpassing analyst forecasts of $55.62 million by 8.07%. This strong performance, driven by the new indication and robust international sales growth, led to an 8.28% surge in the stock's premarket trading on May 5, 2026.

3. Positive Interim Clinical Data for Setmelanotide in Prader-Willi Syndrome (PWS).

On June 13, 2026, Rhythm Pharmaceuticals announced positive interim six-month results from its Phase 2 trial evaluating setmelanotide in patients with PWS. The data, presented at ENDO 2026, highlighted clinically meaningful reductions in BMI and fat mass, along with improvements in hyperphagia and anxiety, supporting the advancement of setmelanotide into Phase 3 development for this indication.

4. Upgraded Analyst Sentiment and Price Targets.

Following the positive fiscal Q1 2026 results and promising PWS clinical data, several Wall Street analysts reiterated their "Buy" or "Strong Buy" ratings and increased their price targets for Rhythm Pharmaceuticals. For instance, Wells Fargo raised its price target from $143 to $155, and Canaccord Genuity increased its target to $151 in June 2026, reflecting enhanced confidence in the company's growth trajectory and pipeline potential.

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Stock Movement Drivers

Fundamental Drivers

The 9.3% change in RYTM stock from 2/28/2026 to 6/22/2026 was primarily driven by a 14.4% change in the company's Total Revenues ($ Mil).
(LTM values as of)22820266222026Change
Stock Price ($)92.73101.399.3%
Change Contribution By: 
Total Revenues ($ Mil)19021714.4%
P/S Multiple32.731.7-2.9%
Shares Outstanding (Mil)6768-1.6%
Cumulative Contribution9.3%

LTM = Last Twelve Months as of date shown

Market Drivers

2/28/2026 to 6/22/2026
ReturnCorrelation
RYTM9.3% 
Market (SPY)8.8%38.1%
Sector (XLV)-5.9%37.1%

Fundamental Drivers

The -7.1% change in RYTM stock from 11/30/2025 to 6/22/2026 was primarily driven by a -23.5% change in the company's P/S Multiple.
(LTM values as of)113020256222026Change
Stock Price ($)109.09101.39-7.1%
Change Contribution By: 
Total Revenues ($ Mil)17421724.6%
P/S Multiple41.531.7-23.5%
Shares Outstanding (Mil)6668-2.5%
Cumulative Contribution-7.1%

LTM = Last Twelve Months as of date shown

Market Drivers

11/30/2025 to 6/22/2026
ReturnCorrelation
RYTM-7.1% 
Market (SPY)9.5%31.7%
Sector (XLV)-4.0%28.5%

Fundamental Drivers

The 65.3% change in RYTM stock from 5/31/2025 to 6/22/2026 was primarily driven by a 58.7% change in the company's Total Revenues ($ Mil).
(LTM values as of)53120256222026Change
Stock Price ($)61.33101.3965.3%
Change Contribution By: 
Total Revenues ($ Mil)13721758.7%
P/S Multiple28.331.712.3%
Shares Outstanding (Mil)6368-7.2%
Cumulative Contribution65.3%

LTM = Last Twelve Months as of date shown

Market Drivers

5/31/2025 to 6/22/2026
ReturnCorrelation
RYTM65.3% 
Market (SPY)27.7%24.5%
Sector (XLV)15.2%18.5%

Fundamental Drivers

The 508.6% change in RYTM stock from 5/31/2023 to 6/22/2026 was primarily driven by a 546.2% change in the company's Total Revenues ($ Mil).
(LTM values as of)53120236222026Change
Stock Price ($)16.66101.39508.6%
Change Contribution By: 
Total Revenues ($ Mil)34217546.2%
P/S Multiple28.131.712.9%
Shares Outstanding (Mil)5768-16.6%
Cumulative Contribution508.6%

LTM = Last Twelve Months as of date shown

Market Drivers

5/31/2023 to 6/22/2026
ReturnCorrelation
RYTM508.6% 
Market (SPY)85.1%26.2%
Sector (XLV)23.4%21.9%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
RYTM Return-66%192%58%22%91%-10%226%
Peers Return43%-20%3%78%-33%-12%24%
S&P 500 Return27%-19%24%23%16%10%100%

Monthly Win Rates [3]
RYTM Win Rate33%75%50%33%50%33% 
Peers Win Rate46%50%46%58%75%50% 
S&P 500 Win Rate75%42%67%75%67%50% 

Max Drawdowns [4]
RYTM Max Drawdown-78%-75%-54%-32%-23%-33% 
Peers Max Drawdown-41%-46%-34%-26%-59%-39% 
S&P 500 Max Drawdown-5%-25%-10%-8%-19%-9% 


[1] Cumulative total returns since the beginning of 2021
[2] Peers: VRTX, ATYR, AVLN, CNXU, COAG. 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 6/22/2026 (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 VRTX, ATYR, AVLN, CNXU, COAG

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 VRTX, ATYR, AVLN, CNXU, COAG

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.

AI Analysis | Feedback

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)

Recent Active Movers

Peer Comparisons

Peers to compare with:

Financials

RYTMVRTXATYRAVLNCNXUCOAGMedian
NameRhythm P.Vertex P.aTyr Pha.Avalyn P.Conexeu .Hemab Th. 
Mkt Price101.39466.790.4732.9712.1831.7432.35
Mkt Cap6.9118.6----62.8
Rev LTM21712,218--0-217
Op Inc LTM-1974,662---5--5
FCF LTM-1203,710---4--4
FCF 3Y Avg-1401,977----919
CFO LTM-1204,241---4--4
CFO 3Y Avg-1242,401----1,138

Growth & Margins

RYTMVRTXATYRAVLNCNXUCOAGMedian
NameRhythm P.Vertex P.aTyr Pha.Avalyn P.Conexeu .Hemab Th. 
Rev Chg LTM58.7%10.1%----34.4%
Rev Chg 3Y Avg93.7%9.9%----51.8%
Rev Chg Q83.8%7.8%----45.8%
QoQ Delta Rev Chg LTM14.4%1.8%----8.1%
Op Inc Chg LTM-14.3%1,214.0%----599.8%
Op Inc Chg 3Y Avg-9.9%364.1%----177.1%
Op Mgn LTM-90.9%38.2%-----26.4%
Op Mgn 3Y Avg-170.9%24.1%-----73.4%
QoQ Delta Op Mgn LTM10.3%0.2%----5.3%
CFO/Rev LTM-55.0%34.7%-----10.2%
CFO/Rev 3Y Avg-96.9%21.5%-----37.7%
FCF/Rev LTM-55.0%30.4%-----12.3%
FCF/Rev 3Y Avg-113.4%17.7%-----47.8%

Valuation

RYTMVRTXATYRAVLNCNXUCOAGMedian
NameRhythm P.Vertex P.aTyr Pha.Avalyn P.Conexeu .Hemab Th. 
Mkt Cap6.9118.6----62.8
P/S31.79.7----20.7
P/Op Inc-34.925.4-----4.7
P/EBIT-37.923.4-----7.2
P/E-34.027.3-----3.3
P/CFO-57.728.0-----14.8
Total Yield-2.9%3.7%----0.4%
Dividend Yield0.0%0.0%----0.0%
FCF Yield 3Y Avg-4.2%1.8%-----1.2%
D/E0.00.0----0.0
Net D/E-0.0-0.0-----0.0

Returns

RYTMVRTXATYRAVLNCNXUCOAGMedian
NameRhythm P.Vertex P.aTyr Pha.Avalyn P.Conexeu .Hemab Th. 
1M Rtn15.4%7.4%-4.0%14.3%-15.4%22.6%10.9%
3M Rtn19.8%3.4%-43.2%11.8%-15.4%-6.6%-1.6%
6M Rtn-10.2%1.4%-35.2%11.8%-15.4%-6.6%-8.4%
12M Rtn63.6%5.9%-91.0%11.8%-15.4%-6.6%-0.4%
3Y Rtn481.4%34.5%-78.5%11.8%-15.4%-6.6%2.6%
1M Excs Rtn11.3%7.9%-11.9%17.1%-16.0%19.4%9.6%
3M Excs Rtn1.1%-12.0%-56.7%-3.1%-30.3%-21.5%-16.8%
6M Excs Rtn-20.5%-7.3%-44.9%0.6%-26.6%-17.8%-19.2%
12M Excs Rtn40.0%-20.8%-115.9%-13.1%-40.4%-31.6%-26.2%
3Y Excs Rtn401.9%-34.0%-149.6%-59.1%-86.3%-77.5%-68.3%

Comparison Analyses

null

Financials

Segment Financials

Revenue by Segment
$ Mil20252024202320222021
Development and commercialization of therapies for patients with rare diseases19013077  
License revenue   7 
Product revenue, net   173
Total19013077243


Net Income by Segment
$ Mil202520242023
Development and commercialization of therapies for patients with rare diseases-197-261 
License revenue  -185
Total-197-261-185


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


Price Behavior

Price Behavior
Market Price$101.39 
Market Cap ($ Bil)6.9 
First Trading Date10/05/2017 
Distance from 52W High-13.8% 
   50 Days200 Days
DMA Price$88.66$97.76
DMA Trendindeterminateup
Distance from DMA14.4%3.7%
 3M1YR
Volatility52.6%58.0%
Downside Capture52.0496.55
Upside Capture91.46127.86
Correlation (SPY)41.0%25.0%
RYTM Betas & Captures as of 5/31/2026

 1M2M3M6M1Y3Y
Beta1.991.151.741.511.271.00
Up Beta7.501.532.872.011.680.92
Down Beta2.991.811.870.810.700.99
Up Capture63%40%84%109%153%217%
Bmk +ve Days13283667141432
Stock +ve Days11223360126379
Down Capture-117%147%156%177%119%95%
Bmk -ve Days7132757109318
Stock -ve Days9193064123366

[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
RYTM66.6%57.9%1.08-
Sector ETF (XLV)14.7%15.0%0.7018.4%
Equity (SPY)26.1%12.4%1.5924.5%
Gold (GLD)24.1%27.5%0.779.6%
Commodities (DBC)18.5%18.8%0.77-13.1%
Real Estate (VNQ)11.8%13.8%0.5712.2%
Bitcoin (BTCUSD)-40.2%42.5%-1.0915.2%

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Based On 5-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with RYTM
RYTM37.6%76.3%0.74-
Sector ETF (XLV)5.5%14.7%0.1919.9%
Equity (SPY)13.4%17.1%0.6126.2%
Gold (GLD)17.1%18.3%0.766.7%
Commodities (DBC)7.5%19.4%0.282.7%
Real Estate (VNQ)2.1%18.9%0.0122.9%
Bitcoin (BTCUSD)9.4%54.1%0.3711.6%

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
RYTM13.0%70.9%0.50-
Sector ETF (XLV)9.5%16.6%0.4624.9%
Equity (SPY)15.4%18.0%0.7329.0%
Gold (GLD)12.2%16.1%0.624.3%
Commodities (DBC)6.0%18.0%0.267.2%
Real Estate (VNQ)5.4%20.7%0.2322.2%
Bitcoin (BTCUSD)59.9%66.8%1.009.9%

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

Short Interest

Short Interest: As Of Date5292026
Short Interest: Shares Quantity7.9 Mil
Short Interest: % Change Since 5152026-4.5%
Average Daily Volume0.5 Mil
Days-to-Cover Short Interest14.8 days
Basic Shares Quantity68.0 Mil
Short % of Basic Shares11.6%

Earnings Returns History

Updated 6/8/2026
Expand for More
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
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%
...
SUMMARY STATS   
# Positive161514
# Negative101112
Median Positive4.8%7.9%16.4%
Median Negative-3.7%-9.4%-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
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%
8/3/20205.1%-1.8%53.5%
SUMMARY STATS   
# Positive161514
# Negative101112
Median Positive4.8%7.9%16.4%
Median Negative-3.7%-9.4%-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
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
Collapse to Preview
Report DateFiling DateFiling
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
06/30/201907/29/201910-Q

Recent Forward Guidance

Updated 6/1/2026

Latest: Q1 2026 Earnings Reported 5/5/2026

Forward GuidanceGuidance Change
MetricLowMidHigh% Chg% DeltaChangePrior
2026 Non-GAAP Operating Expenses385.00 Mil400.00 Mil415.00 Mil0 AffirmedGuidance: 400.00 Mil for 2026
2026 R&D Expenses197.00 Mil205.00 Mil213.00 Mil5.1% RaisedGuidance: 195.00 Mil for 2026
2026 SG&A Expenses188.00 Mil195.00 Mil202.00 Mil-4.9% LoweredGuidance: 205.00 Mil for 2026

Prior: Q4 2025 Earnings Reported 2/26/2026

null

Insider Activity

Updated 5/19/2026
Expand for More
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1German, Christopher PaulCorporate Controller & CAODirectSell519202692.214,643  Form
2German, Christopher PaulCorporate Controller & CAODirectSell306202689.565,614502,79014,330Form
3Smith, Hunter CChief Financial OfficerDirectSell2192026101.264,385444,00411,189,918Form
4Smith, Hunter CChief Financial OfficerDirectSell2192026101.383,569361,81011,647,754Form
5Smith, Hunter CChief Financial OfficerDirectSell212202698.231,592156,38011,636,733Form
Collapse to Preview
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1German, Christopher PaulCorporate Controller & CAODirectSell519202692.214,643  Form
2German, Christopher PaulCorporate Controller & CAODirectSell306202689.565,614502,79014,330Form
3Smith, Hunter CChief Financial OfficerDirectSell2192026101.264,385444,00411,189,918Form
4Smith, Hunter CChief Financial OfficerDirectSell2192026101.383,569361,81011,647,754Form
5Smith, Hunter CChief Financial OfficerDirectSell212202698.231,592156,38011,636,733Form
6Smith, Hunter CChief Financial OfficerDirectSell212202698.612,766272,76611,839,403Form
7Smith, Hunter CChief Financial OfficerDirectSell2122026103.002,713279,42912,650,441Form
8Smith, Hunter CChief Financial OfficerDirectSell2062026106.063,381358,59913,314,831Form
9Smith, Hunter CChief Financial OfficerDirectSell2062026105.993,247344,14513,663,845Form
10Cramer, Pamela JChief Human Resources OfficerDirectSell12152025111.003,350371,8502,310,354Form
11Cramer, Pamela JChief Human Resources OfficerDirectSell11242025105.003,350351,7502,185,470Form
12Cramer, Pamela JChief Human Resources OfficerDirectSell11122025100.003,515351,5002,081,400Form
13Cramer, Pamela JChief Human Resources OfficerDirectSell1112202598.8219,3511,912,3262,056,904Form
14Shulman, JosephChief Technical OfficerDirectSell11032025115.249,7481,123,398980,610Form
15Shulman, JosephChief Technical OfficerDirectSell10302025115.012,815323,750978,611Form
16Shulman, JosephChief Technical OfficerDirectSell10202025112.0314,4371,617,337953,240Form
17Shulman, JosephChief Technical OfficerDirectSell9042025105.3016,7811,767,006895,981Form
18Shulman, JosephChief Technical OfficerDirectSell8252025100.074,188419,091851,491Form
19Smith, Hunter CChief Financial OfficerDirectSell814202596.003,477333,79211,223,840Form
20Smith, Hunter CChief Financial OfficerDirectSell814202596.3324,6112,370,83211,262,679Form
21German, Christopher PaulCorporate Controller & CAODirectSell814202595.001,500142,50087,590Form
22Shulman, JosephChief Technical OfficerDirectSell813202590.083,984358,891766,518Form
23Cramer, Pamela JChief Human Resources OfficerDirectSell729202585.931,520130,6141,788,547Form
24Smith, Hunter CChief Financial OfficerDirectSell711202580.4842,1203,389,7569,409,149Form
25Shulman, JosephChief Technical OfficerDirectSell711202577.787,969619,851661,853Form
26German, Christopher PaulCorporate Controller & CAODirectSell711202580.753,817308,21774,450Form
27Cramer, Pamela JChief Human Resources OfficerDirectSell711202577.1315,5721,201,0621,481,583Form
28Garfield, AlastairChief Scientific OfficerDirectSell703202564.811,31985,483202,593Form
29German, Christopher PaulCorporate Controller & CAODirectSell612202567.192,069139,016126,922Form
30Cramer, Pamela JChief Human Resources OfficerDirectSell610202568.057,031478,4351,307,105Form
31McGirr, David W JDirectSell605202565.2265,4314,267,494195,664Form
32Meeker, David PPresident and CEODirectSell605202565.0543,6202,837,33313,128,033Form
33Smith, Hunter CChief Financial OfficerDirectSell603202561.4123,4001,437,0106,750,817Form
34Cramer, Pamela JChief Human Resources OfficerDirectSell501202565.097,031457,6631,250,356Form
35Mazabraud, YannEVP, Head of InternationalDirectSell501202565.086,745438,9462,450,486Form
Core Cache Last Updated: 6/22/2026