Morgan Stanley upgraded Rhythm Pharmaceuticals to Overweight from Equal Weight with a price target of $55, up from $29. The firm has greater confidence in the long-term potential of the company’s MC4R programs with preclinical data for RM-718 from the recent R&D Day demonstrating comparable activity on body weight and food intake reduction, as well as similar or improved safety compared to setmelanotide, the analyst tells investors in a research note.
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