Analyst Faisal Khurshid from Leerink Partners maintained a Buy rating on Rhythm Pharmaceuticals and keeping the price target at $102.00.
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Faisal Khurshid’s rating is based on the promising data presented by Rhythm Pharmaceuticals for their MC4R agonist portfolio, particularly Imcivree and bivamelagon, at the recent ENDO conference. The Phase 3 TRANSCEND study of Imcivree in acquired hypothalamic obesity (aHO) showed strong BMI reduction with no new safety concerns, reinforcing the potential for regulatory submissions in the third quarter of 2025. Additionally, the Phase 2 SIGNAL study results for bivamelagon were seen as a significant de-risking step for the company’s MC4R franchise.
Overall, the TRANSCEND data demonstrated robust BMI reduction across various subgroups, suggesting Imcivree’s effectiveness in addressing the high unmet need in aHO. The detailed data, including weight loss time course and efficacy by sex and age subgroups, highlighted the drug’s efficacy. These positive outcomes, along with consistent safety data, support the view that Rhythm Pharmaceuticals is well-positioned to drive revenue growth through strategic lifecycle management and expansion into the aHO market.
In another report released yesterday, Citizens JMP also upgraded the stock to a Buy with a $130.00 price target.