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): $100.75Market Cap: $6.8 BilSector: Health CareIndustry: Biotechnology
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 59% Megatrend and thematic driversMegatrends include Precision Medicine. Themes include Targeted Therapies, and Biopharmaceutical R&D. | Meaningful short interestShort 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 levelOp 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 compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 35% Not cash flow generativeCFO/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 negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -7.2% Key risksRYTM key risks include [1] its heavy dependence on the success of its single product, Show more. |
| Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 59% |
| Megatrend and thematic driversMegatrends include Precision Medicine. Themes include Targeted Therapies, and Biopharmaceutical R&D. |
| Meaningful short interestShort 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 levelOp 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 compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 35% |
| Not cash flow generativeCFO/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 negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -7.2% |
| Key risksRYTM key risks include [1] its heavy dependence on the success of its single product, Show more. |
Qualitative Assessment
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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.
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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) | 2282026 | 6222026 | Change |
|---|---|---|---|
| Stock Price ($) | 92.73 | 101.39 | 9.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 190 | 217 | 14.4% |
| P/S Multiple | 32.7 | 31.7 | -2.9% |
| Shares Outstanding (Mil) | 67 | 68 | -1.6% |
| Cumulative Contribution | 9.3% |
Market Drivers
2/28/2026 to 6/22/2026| Return | Correlation | |
|---|---|---|
| RYTM | 9.3% | |
| 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) | 11302025 | 6222026 | Change |
|---|---|---|---|
| Stock Price ($) | 109.09 | 101.39 | -7.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 174 | 217 | 24.6% |
| P/S Multiple | 41.5 | 31.7 | -23.5% |
| Shares Outstanding (Mil) | 66 | 68 | -2.5% |
| Cumulative Contribution | -7.1% |
Market Drivers
11/30/2025 to 6/22/2026| Return | Correlation | |
|---|---|---|
| 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) | 5312025 | 6222026 | Change |
|---|---|---|---|
| Stock Price ($) | 61.33 | 101.39 | 65.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 137 | 217 | 58.7% |
| P/S Multiple | 28.3 | 31.7 | 12.3% |
| Shares Outstanding (Mil) | 63 | 68 | -7.2% |
| Cumulative Contribution | 65.3% |
Market Drivers
5/31/2025 to 6/22/2026| Return | Correlation | |
|---|---|---|
| RYTM | 65.3% | |
| 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) | 5312023 | 6222026 | Change |
|---|---|---|---|
| Stock Price ($) | 16.66 | 101.39 | 508.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 34 | 217 | 546.2% |
| P/S Multiple | 28.1 | 31.7 | 12.9% |
| Shares Outstanding (Mil) | 57 | 68 | -16.6% |
| Cumulative Contribution | 508.6% |
Market Drivers
5/31/2023 to 6/22/2026| Return | Correlation | |
|---|---|---|
| RYTM | 508.6% | |
| Market (SPY) | 85.1% | 26.2% |
| Sector (XLV) | 23.4% | 21.9% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| RYTM Return | -66% | 192% | 58% | 22% | 91% | -10% | 226% |
| Peers Return | 43% | -20% | 3% | 78% | -33% | -12% | 24% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 10% | 100% |
Monthly Win Rates [3] | |||||||
| RYTM Win Rate | 33% | 75% | 50% | 33% | 50% | 33% | |
| Peers Win Rate | 46% | 50% | 46% | 58% | 75% | 50% | |
| S&P 500 Win Rate | 75% | 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
| Event | RYTM | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -19.1% | -18.8% |
| % Gain to Breakeven | 23.5% | 23.1% |
| Time to Breakeven | 5 days | 79 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -42.0% | -6.7% |
| % Gain to Breakeven | 72.4% | 7.1% |
| Time to Breakeven | 56 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -70.8% | -24.5% |
| % Gain to Breakeven | 242.0% | 32.4% |
| Time to Breakeven | 60 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -28.2% | -33.7% |
| % Gain to Breakeven | 39.4% | 50.9% |
| Time to Breakeven | 32 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -16.5% | -19.2% |
| % Gain to Breakeven | 19.7% | 23.8% |
| Time to Breakeven | 15 days | 105 days |
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.
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| Event | RYTM | S&P 500 |
|---|---|---|
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -42.0% | -6.7% |
| % Gain to Breakeven | 72.4% | 7.1% |
| Time to Breakeven | 56 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -70.8% | -24.5% |
| % Gain to Breakeven | 242.0% | 32.4% |
| Time to Breakeven | 60 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -28.2% | -33.7% |
| % Gain to Breakeven | 39.4% | 50.9% |
| Time to Breakeven | 32 days | 140 days |
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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- 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)
-
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. -
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. -
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 (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.
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Peer Comparisons
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Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 32.35 |
| Mkt Cap | 62.8 |
| Rev LTM | 217 |
| Op Inc LTM | -5 |
| FCF LTM | -4 |
| FCF 3Y Avg | 919 |
| CFO LTM | -4 |
| CFO 3Y Avg | 1,138 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 34.4% |
| Rev Chg 3Y Avg | 51.8% |
| Rev Chg Q | 45.8% |
| QoQ Delta Rev Chg LTM | 8.1% |
| Op Inc Chg LTM | 599.8% |
| Op Inc Chg 3Y Avg | 177.1% |
| Op Mgn LTM | -26.4% |
| Op Mgn 3Y Avg | -73.4% |
| QoQ Delta Op Mgn LTM | 5.3% |
| CFO/Rev LTM | -10.2% |
| CFO/Rev 3Y Avg | -37.7% |
| FCF/Rev LTM | -12.3% |
| FCF/Rev 3Y Avg | -47.8% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Development and commercialization of therapies for patients with rare diseases | 190 | 130 | 77 | ||
| License revenue | 7 | ||||
| Product revenue, net | 17 | 3 | |||
| Total | 190 | 130 | 77 | 24 | 3 |
| $ Mil | 2025 | 2024 | 2023 |
|---|---|---|---|
| Development and commercialization of therapies for patients with rare diseases | -197 | -261 | |
| License revenue | -185 | ||
| Total | -197 | -261 | -185 |
| $ Mil | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|
| Development and commercialization of therapies for patients with rare diseases | 187 | 309 | 260 | 152 | 12 |
| Total | 187 | 309 | 260 | 152 | 12 |
Price Behavior
| Market Price | $101.39 | |
| Market Cap ($ Bil) | 6.9 | |
| First Trading Date | 10/05/2017 | |
| Distance from 52W High | -13.8% | |
| 50 Days | 200 Days | |
| DMA Price | $88.66 | $97.76 |
| DMA Trend | indeterminate | up |
| Distance from DMA | 14.4% | 3.7% |
| 3M | 1YR | |
| Volatility | 52.6% | 58.0% |
| Downside Capture | 52.04 | 96.55 |
| Upside Capture | 91.46 | 127.86 |
| Correlation (SPY) | 41.0% | 25.0% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 1.99 | 1.15 | 1.74 | 1.51 | 1.27 | 1.00 |
| Up Beta | 7.50 | 1.53 | 2.87 | 2.01 | 1.68 | 0.92 |
| Down Beta | 2.99 | 1.81 | 1.87 | 0.81 | 0.70 | 0.99 |
| Up Capture | 63% | 40% | 84% | 109% | 153% | 217% |
| Bmk +ve Days | 13 | 28 | 36 | 67 | 141 | 432 |
| Stock +ve Days | 11 | 22 | 33 | 60 | 126 | 379 |
| Down Capture | -117% | 147% | 156% | 177% | 119% | 95% |
| Bmk -ve Days | 7 | 13 | 27 | 57 | 109 | 318 |
| Stock -ve Days | 9 | 19 | 30 | 64 | 123 | 366 |
[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 | |
|---|---|---|---|---|
| RYTM | 66.6% | 57.9% | 1.08 | - |
| Sector ETF (XLV) | 14.7% | 15.0% | 0.70 | 18.4% |
| Equity (SPY) | 26.1% | 12.4% | 1.59 | 24.5% |
| Gold (GLD) | 24.1% | 27.5% | 0.77 | 9.6% |
| Commodities (DBC) | 18.5% | 18.8% | 0.77 | -13.1% |
| Real Estate (VNQ) | 11.8% | 13.8% | 0.57 | 12.2% |
| Bitcoin (BTCUSD) | -40.2% | 42.5% | -1.09 | 15.2% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with RYTM | |
|---|---|---|---|---|
| RYTM | 37.6% | 76.3% | 0.74 | - |
| Sector ETF (XLV) | 5.5% | 14.7% | 0.19 | 19.9% |
| Equity (SPY) | 13.4% | 17.1% | 0.61 | 26.2% |
| Gold (GLD) | 17.1% | 18.3% | 0.76 | 6.7% |
| Commodities (DBC) | 7.5% | 19.4% | 0.28 | 2.7% |
| Real Estate (VNQ) | 2.1% | 18.9% | 0.01 | 22.9% |
| Bitcoin (BTCUSD) | 9.4% | 54.1% | 0.37 | 11.6% |
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 | |
|---|---|---|---|---|
| RYTM | 13.0% | 70.9% | 0.50 | - |
| Sector ETF (XLV) | 9.5% | 16.6% | 0.46 | 24.9% |
| Equity (SPY) | 15.4% | 18.0% | 0.73 | 29.0% |
| Gold (GLD) | 12.2% | 16.1% | 0.62 | 4.3% |
| Commodities (DBC) | 6.0% | 18.0% | 0.26 | 7.2% |
| Real Estate (VNQ) | 5.4% | 20.7% | 0.23 | 22.2% |
| Bitcoin (BTCUSD) | 59.9% | 66.8% | 1.00 | 9.9% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Earnings Returns History
Updated 6/8/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 5/5/2026 | 7.9% | 2.1% | -1.0% |
| 2/26/2026 | -1.1% | -8.2% | -17.4% |
| 1/9/2026 | 3.7% | 8.8% | 6.7% |
| 11/4/2025 | -7.7% | -14.2% | -7.1% |
| 8/5/2025 | -1.9% | 4.5% | 12.7% |
| 5/7/2025 | 3.1% | -9.4% | 5.5% |
| 2/26/2025 | 4.5% | 4.3% | 6.4% |
| 1/10/2025 | -2.9% | -5.5% | 1.0% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 16 | 15 | 14 |
| # Negative | 10 | 11 | 12 |
| Median Positive | 4.8% | 7.9% | 16.4% |
| Median Negative | -3.7% | -9.4% | -17.5% |
| Max Positive | 27.5% | 69.7% | 78.8% |
| Max Negative | -10.3% | -41.0% | -46.5% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 5/5/2026 | 7.9% | 2.1% | -1.0% |
| 2/26/2026 | -1.1% | -8.2% | -17.4% |
| 1/9/2026 | 3.7% | 8.8% | 6.7% |
| 11/4/2025 | -7.7% | -14.2% | -7.1% |
| 8/5/2025 | -1.9% | 4.5% | 12.7% |
| 5/7/2025 | 3.1% | -9.4% | 5.5% |
| 2/26/2025 | 4.5% | 4.3% | 6.4% |
| 1/10/2025 | -2.9% | -5.5% | 1.0% |
| 11/5/2024 | 11.4% | 13.9% | 2.8% |
| 8/6/2024 | 0.0% | 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% |
| 8/1/2023 | 27.5% | 39.3% | 46.6% |
| 5/2/2023 | -7.3% | -17.5% | -17.6% |
| 3/1/2023 | 6.3% | -10.8% | -28.3% |
| 11/8/2022 | 2.5% | 12.8% | 20.2% |
| 8/2/2022 | 13.8% | 69.7% | 78.8% |
| 5/3/2022 | -2.7% | -41.0% | -46.5% |
| 3/1/2022 | 8.8% | 12.0% | 33.7% |
| 11/2/2021 | 6.6% | 10.6% | -28.8% |
| 8/3/2021 | -4.5% | -21.2% | -25.3% |
| 5/3/2021 | 1.8% | 2.6% | -9.4% |
| 3/1/2021 | 3.5% | 0.2% | -21.9% |
| 11/2/2020 | 2.0% | 7.9% | 54.0% |
| 8/3/2020 | 5.1% | -1.8% | 53.5% |
| SUMMARY STATS | |||
| # Positive | 16 | 15 | 14 |
| # Negative | 10 | 11 | 12 |
| Median Positive | 4.8% | 7.9% | 16.4% |
| Median Negative | -3.7% | -9.4% | -17.5% |
| Max Positive | 27.5% | 69.7% | 78.8% |
| Max Negative | -10.3% | -41.0% | -46.5% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 05/05/2026 | 10-Q |
| 12/31/2025 | 02/26/2026 | 10-K |
| 09/30/2025 | 11/04/2025 | 10-Q |
| 06/30/2025 | 08/05/2025 | 10-Q |
| 03/31/2025 | 05/07/2025 | 10-Q |
| 12/31/2024 | 02/28/2025 | 10-K |
| 09/30/2024 | 11/06/2024 | 10-Q |
| 06/30/2024 | 08/06/2024 | 10-Q |
| 03/31/2024 | 05/07/2024 | 10-Q |
| 12/31/2023 | 02/29/2024 | 10-K |
| 09/30/2023 | 11/08/2023 | 10-Q |
| 06/30/2023 | 08/01/2023 | 10-Q |
| 03/31/2023 | 05/02/2023 | 10-Q |
| 12/31/2022 | 03/01/2023 | 10-K |
| 09/30/2022 | 11/08/2022 | 10-Q |
| 06/30/2022 | 08/03/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 05/05/2026 | 10-Q |
| 12/31/2025 | 02/26/2026 | 10-K |
| 09/30/2025 | 11/04/2025 | 10-Q |
| 06/30/2025 | 08/05/2025 | 10-Q |
| 03/31/2025 | 05/07/2025 | 10-Q |
| 12/31/2024 | 02/28/2025 | 10-K |
| 09/30/2024 | 11/06/2024 | 10-Q |
| 06/30/2024 | 08/06/2024 | 10-Q |
| 03/31/2024 | 05/07/2024 | 10-Q |
| 12/31/2023 | 02/29/2024 | 10-K |
| 09/30/2023 | 11/08/2023 | 10-Q |
| 06/30/2023 | 08/01/2023 | 10-Q |
| 03/31/2023 | 05/02/2023 | 10-Q |
| 12/31/2022 | 03/01/2023 | 10-K |
| 09/30/2022 | 11/08/2022 | 10-Q |
| 06/30/2022 | 08/03/2022 | 10-Q |
| 03/31/2022 | 05/03/2022 | 10-Q |
| 12/31/2021 | 03/01/2022 | 10-K |
| 09/30/2021 | 11/02/2021 | 10-Q |
| 06/30/2021 | 08/03/2021 | 10-Q |
| 03/31/2021 | 05/03/2021 | 10-Q |
| 12/31/2020 | 03/01/2021 | 10-K |
| 09/30/2020 | 11/02/2020 | 10-Q |
| 06/30/2020 | 08/03/2020 | 10-Q |
| 03/31/2020 | 05/04/2020 | 10-Q |
| 12/31/2019 | 03/02/2020 | 10-K |
| 09/30/2019 | 11/01/2019 | 10-Q |
| 06/30/2019 | 07/29/2019 | 10-Q |
Recent Forward Guidance
Updated 6/1/2026Latest: Q1 2026 Earnings Reported 5/5/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Non-GAAP Operating Expenses | 385.00 Mil | 400.00 Mil | 415.00 Mil | 0 | Affirmed | Guidance: 400.00 Mil for 2026 | |
| 2026 R&D Expenses | 197.00 Mil | 205.00 Mil | 213.00 Mil | 5.1% | Raised | Guidance: 195.00 Mil for 2026 | |
| 2026 SG&A Expenses | 188.00 Mil | 195.00 Mil | 202.00 Mil | -4.9% | Lowered | Guidance: 205.00 Mil for 2026 | |
Insider Activity
Updated 5/19/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | German, Christopher Paul | Corporate Controller & CAO | Direct | Sell | 5192026 | 92.21 | 4,643 | Form | ||
| 2 | German, Christopher Paul | Corporate Controller & CAO | Direct | Sell | 3062026 | 89.56 | 5,614 | 502,790 | 14,330 | Form |
| 3 | Smith, Hunter C | Chief Financial Officer | Direct | Sell | 2192026 | 101.26 | 4,385 | 444,004 | 11,189,918 | Form |
| 4 | Smith, Hunter C | Chief Financial Officer | Direct | Sell | 2192026 | 101.38 | 3,569 | 361,810 | 11,647,754 | Form |
| 5 | Smith, Hunter C | Chief Financial Officer | Direct | Sell | 2122026 | 98.23 | 1,592 | 156,380 | 11,636,733 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | German, Christopher Paul | Corporate Controller & CAO | Direct | Sell | 5192026 | 92.21 | 4,643 | Form | ||
| 2 | German, Christopher Paul | Corporate Controller & CAO | Direct | Sell | 3062026 | 89.56 | 5,614 | 502,790 | 14,330 | Form |
| 3 | Smith, Hunter C | Chief Financial Officer | Direct | Sell | 2192026 | 101.26 | 4,385 | 444,004 | 11,189,918 | Form |
| 4 | Smith, Hunter C | Chief Financial Officer | Direct | Sell | 2192026 | 101.38 | 3,569 | 361,810 | 11,647,754 | Form |
| 5 | Smith, Hunter C | Chief Financial Officer | Direct | Sell | 2122026 | 98.23 | 1,592 | 156,380 | 11,636,733 | Form |
| 6 | Smith, Hunter C | Chief Financial Officer | Direct | Sell | 2122026 | 98.61 | 2,766 | 272,766 | 11,839,403 | Form |
| 7 | Smith, Hunter C | Chief Financial Officer | Direct | Sell | 2122026 | 103.00 | 2,713 | 279,429 | 12,650,441 | Form |
| 8 | Smith, Hunter C | Chief Financial Officer | Direct | Sell | 2062026 | 106.06 | 3,381 | 358,599 | 13,314,831 | Form |
| 9 | Smith, Hunter C | Chief Financial Officer | Direct | Sell | 2062026 | 105.99 | 3,247 | 344,145 | 13,663,845 | Form |
| 10 | Cramer, Pamela J | Chief Human Resources Officer | Direct | Sell | 12152025 | 111.00 | 3,350 | 371,850 | 2,310,354 | Form |
| 11 | Cramer, Pamela J | Chief Human Resources Officer | Direct | Sell | 11242025 | 105.00 | 3,350 | 351,750 | 2,185,470 | Form |
| 12 | Cramer, Pamela J | Chief Human Resources Officer | Direct | Sell | 11122025 | 100.00 | 3,515 | 351,500 | 2,081,400 | Form |
| 13 | Cramer, Pamela J | Chief Human Resources Officer | Direct | Sell | 11122025 | 98.82 | 19,351 | 1,912,326 | 2,056,904 | Form |
| 14 | Shulman, Joseph | Chief Technical Officer | Direct | Sell | 11032025 | 115.24 | 9,748 | 1,123,398 | 980,610 | Form |
| 15 | Shulman, Joseph | Chief Technical Officer | Direct | Sell | 10302025 | 115.01 | 2,815 | 323,750 | 978,611 | Form |
| 16 | Shulman, Joseph | Chief Technical Officer | Direct | Sell | 10202025 | 112.03 | 14,437 | 1,617,337 | 953,240 | Form |
| 17 | Shulman, Joseph | Chief Technical Officer | Direct | Sell | 9042025 | 105.30 | 16,781 | 1,767,006 | 895,981 | Form |
| 18 | Shulman, Joseph | Chief Technical Officer | Direct | Sell | 8252025 | 100.07 | 4,188 | 419,091 | 851,491 | Form |
| 19 | Smith, Hunter C | Chief Financial Officer | Direct | Sell | 8142025 | 96.00 | 3,477 | 333,792 | 11,223,840 | Form |
| 20 | Smith, Hunter C | Chief Financial Officer | Direct | Sell | 8142025 | 96.33 | 24,611 | 2,370,832 | 11,262,679 | Form |
| 21 | German, Christopher Paul | Corporate Controller & CAO | Direct | Sell | 8142025 | 95.00 | 1,500 | 142,500 | 87,590 | Form |
| 22 | Shulman, Joseph | Chief Technical Officer | Direct | Sell | 8132025 | 90.08 | 3,984 | 358,891 | 766,518 | Form |
| 23 | Cramer, Pamela J | Chief Human Resources Officer | Direct | Sell | 7292025 | 85.93 | 1,520 | 130,614 | 1,788,547 | Form |
| 24 | Smith, Hunter C | Chief Financial Officer | Direct | Sell | 7112025 | 80.48 | 42,120 | 3,389,756 | 9,409,149 | Form |
| 25 | Shulman, Joseph | Chief Technical Officer | Direct | Sell | 7112025 | 77.78 | 7,969 | 619,851 | 661,853 | Form |
| 26 | German, Christopher Paul | Corporate Controller & CAO | Direct | Sell | 7112025 | 80.75 | 3,817 | 308,217 | 74,450 | Form |
| 27 | Cramer, Pamela J | Chief Human Resources Officer | Direct | Sell | 7112025 | 77.13 | 15,572 | 1,201,062 | 1,481,583 | Form |
| 28 | Garfield, Alastair | Chief Scientific Officer | Direct | Sell | 7032025 | 64.81 | 1,319 | 85,483 | 202,593 | Form |
| 29 | German, Christopher Paul | Corporate Controller & CAO | Direct | Sell | 6122025 | 67.19 | 2,069 | 139,016 | 126,922 | Form |
| 30 | Cramer, Pamela J | Chief Human Resources Officer | Direct | Sell | 6102025 | 68.05 | 7,031 | 478,435 | 1,307,105 | Form |
| 31 | McGirr, David W J | Direct | Sell | 6052025 | 65.22 | 65,431 | 4,267,494 | 195,664 | Form | |
| 32 | Meeker, David P | President and CEO | Direct | Sell | 6052025 | 65.05 | 43,620 | 2,837,333 | 13,128,033 | Form |
| 33 | Smith, Hunter C | Chief Financial Officer | Direct | Sell | 6032025 | 61.41 | 23,400 | 1,437,010 | 6,750,817 | Form |
| 34 | Cramer, Pamela J | Chief Human Resources Officer | Direct | Sell | 5012025 | 65.09 | 7,031 | 457,663 | 1,250,356 | Form |
| 35 | Mazabraud, Yann | EVP, Head of International | Direct | Sell | 5012025 | 65.08 | 6,745 | 438,946 | 2,450,486 | Form |
Industry Resources
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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