BofA upgraded Rhythm Pharmaceuticals to Buy from Neutral with a price target of $27, up from $22, after the company reported Q2 Imcivree revenues of $19.2M, which was ahead of the firm’s and Street’s expectations. The company noted that quarterly growth may vary, but emphasized high confidence in the current uptake rate and the firm raised its FY23 and peak sales estimates to $93.3M and $419.7M, respectively, given the company’s “impressive” commercial execution as well as guidance for EU revenues to begin to be realized in the second half, the analyst tells investors.
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