Rhythm Pharmaceuticals, the Healthcare sector company, was revisited by a Wall Street analyst today. Analyst Joseph Stringer from Needham maintained a Buy rating on the stock and has a $95.00 price target.
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Joseph Stringer has given his Buy rating due to a combination of factors related to Rhythm Pharmaceuticals’ recent clinical trial results. The company reported promising outcomes from a Phase 2 trial of bivamelagon in treating Hypothalamic Obesity, showing a statistically significant reduction in BMI across all tested doses compared to the placebo.
These positive results not only enhance the prospects for the upcoming Phase 3 trial but also suggest a potential extension of the company’s market exclusivity from 2032 to at least 2040. Consequently, Stringer has raised the price target for the stock from $72 to $95, reflecting increased confidence in the program’s success and the company’s long-term financial outlook.
In another report released today, Leerink Partners also initiated coverage with a Buy rating on the stock with a $88.00 price target.