Rhythm Pharmaceuticals price target raised to $45 from $32 at Needham

Needham raised the firm’s price target on Rhythm Pharmaceuticals to $45 from $32 and keeps a Buy rating on the shares. The company’s Hypothalamic Obesity event presentations highlighted the high unmet need in the indication, the physician and caregiver enthusiasm for Imicvree as a potential therapy, and the market opportunity, the analyst tells investors in a research note. Needham believes that the stock is undervalued given Imcivee’s commercial potential.