Joseph Stringer, an analyst from Needham, maintained the Buy rating on Rhythm Pharmaceuticals. The associated price target was raised to $122.00.
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Joseph Stringer’s rating is based on several factors, including Rhythm Pharmaceuticals’ recent financial performance and future prospects. Despite the company’s third-quarter revenue being slightly below expectations, it aligned with the consensus estimates, indicating stable performance. The company’s operating expenses were higher than anticipated, but the guidance for non-GAAP operating expenses in 2025 was reaffirmed, suggesting effective cost management.
Additionally, the upcoming U.S. approval decision for setmelanotide in Hypothalamic Obesity and the anticipated Phase 2 data from the Prader-Willi Syndrome trial by the end of 2025 are seen as potential catalysts for the stock. These developments, coupled with an increase in future revenue estimates for Imcivree, have led to an upward revision of the price target, reinforcing the Buy rating.
In another report released on October 22, Bank of America Securities also reiterated a Buy rating on the stock with a $128.00 price target.