Rhythm Pharmaceuticals Inc (RYTM) released its first quarter results on Monday, May 3, 2021. The company reported net earnings of $0.92 per share for the first quarter ending March 31, 2021. Earnings for this past quarter were up 218 percent compared to the same period a year ago.
Rhythm Pharmaceuticals, Inc. was founded in 2008 and is headquartered in Boston, Massachusetts. Rhythm Pharmaceuticals, Inc., a commercial-stage biopharmaceutical company, focuses on the development and commercialization of therapeutics for the treatment of rare genetic diseases of obesity. The company's lead product candidate is IMCIVREE, a potent melanocortin-4 receptor for the treatment of pro-opiomelanocortin (POMC), proprotein convertase subtilisin/kexin type 1, leptin receptor (LEPR) deficiency obesity, and Bardet-Biedl and Alstrom syndrome.
Gross margins decreased to 88.57% for the first quarter compared to the same period in the previous year, and operating margins decreased to 98280.0% over the same period. Net earnings for past trailing twelve months were $-56.08 million, up 62% from the prior year.
Moving on to the balance sheet, Rhythm Pharmaceuticals' cash levels jumped 56% for the first quarter over the same period last year. Overall liquidity of the balance sheet, as measured by the current ratio, increased 61.59% this past year. The current ratio for Rhythm Pharmaceuticals now stands at 24.46. The company increased shares outstanding by 14.1%.
Shares of RYTM are currently trading around $21.95. In terms of valuation, the stock is trading at a price to book ratio of 2.74.