Rhythm Pharmaceuticals price target raised to $49 from $31 at BofA

BofA raised the firm’s price target on Rhythm Pharmaceuticals to $49 from $31 and keeps a Buy rating on the shares after making several adjustments to the firm’s model following conversations with management and rare obesity key opinion leader physicians. Shares have had “an impressive bull run recently,” which the firm thinks is warranted given the strong performance of Imcivree despite GLP-1 pressures. While commercial performance “looks largely baked into the current market price,” BofA believes there is still room for potential upside in the pipeline.