The stock of Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM) is now priced at $26.97 and the shares are 3.88 points up or 16.8% higher compared to its previous closing price of $23.09. The stock had 1.224 million contracts set over the past session. RYTM shares’ daily volume is compared to its average trading volume at 0.218 million shares. However, it has a float of 41.16 million and although its performance was 46.02% over the week, it’s one to watch. Analysts have given the RYTM stock a yearly average price target of $32.88 per share. It means the stock’s upside potential is 21.91% with the RYTM share price recently placing at $24 to $27.97. However, some brokerage firms have priced the stock below the average, including one that has called $18.
The shorts are running away from the Rhythm Pharmaceuticals, Inc. stock, with the latest data on short interest released on August 14, 2020, showing that short interest numbers in the RYTM shares have declined. Short interest in the stock represents just 4.66% of its float, but the volume has dropped by -41905. The volume of shorted shares dropped to 1.919 million from 1.961 million shares over the last two weeks. The average intraday trading volume has been 137493 shares, which means that days to cover moved to roughly 13.956296.
In the last trading session, Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM) raised by $8.5 over the week and gained $7.75 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $27.97. The stock recorded its established 52-week high on 08/28/20.
Since 03/16/20, the stock has traded to a low of $12.99 at 107.62%, an encouraging piece of data likely to interest most investors out to exploit the stock’s recent surge.
Looking at current readings, Rhythm Pharmaceuticals, Inc.’s two-week RSI is 80.87. This suggests that the stock is oversold at the moment and that RYTM shares’ price movement remains not stable. The stochastic readings are equally revealing at 80.42% meaning the RYTM share price is currently in oversold territory.
The technical chart shows that the RYTM stock will likely settle at between $28.63 and $30.28 per share. However, if the stock dips below $24.66, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $22.34.
Currently, the stock is trading in the green of MACD, with a reading of 3.02. Investors always pay attention to any move above or below the zero-line, mainly because the indicator points to the position of the stock’s short-term average relative to its long-term measure. A MACD -a reading above the zero line means that the short-term is above the long-term average. This scenario implies that there is an upward momentum. The opposite is true when the MACD falls below the zero-line.
Analysts at Maxim Group assigned RYTM a rating of Sell in their intiating review released on January 08. Stifel analysts upgraded their recommendation of the stock from Hold to Buy while keeping its target price at $34 in a flash note released to investors on July 12. Canaccord Genuity analysts see the stock as Buy when the analysts initiated the share price coverage on July 08, placing it at $35.
The average rating for the RYTM equity is 1.75 and is currently gathering a bullish momentum. Of 8 analysts tracking Rhythm Pharmaceuticals, Inc. polled by Reuters, 0 rated RYTM as a hold. The remaining 8 analysts were split evenly. However, the split wasn’t equal as a majority (7) rated it as a buy or strong buy. 1 analyst advised investors against buying the stock or to sell if they own any of the stock.