Joseph Stringer, an analyst from Needham, reiterated the Buy rating on Rhythm Pharmaceuticals (RYTM – Research Report). The associated price target was raised to $72.00.
Joseph Stringer has given his Buy rating due to a combination of factors related to Rhythm Pharmaceuticals’ recent performance and future prospects. Despite the recent revenue miss for IMCIVREE, which was affected by an unexpected inventory drawdown, the company’s regulatory submissions for setmelanotide in Hypothalamic Obesity are progressing as planned. This development is bolstered by promising new efficacy data showing consistent BMI reduction in younger age groups.
Furthermore, upcoming data releases, such as the Phase 2 readout of bivamelagon, are anticipated to be significant catalysts for the stock. Stringer views bivamelagon as a valuable addition to Rhythm’s portfolio, complementing their existing treatments. These factors, combined with the potential for future growth, have led to an increase in the price target to $72, reinforcing the Buy recommendation.
In another report released on April 21, Bank of America Securities also maintained a Buy rating on the stock with a $68.00 price target.