Joseph Stringer, an analyst from Needham, reiterated the Buy rating on Rhythm Pharmaceuticals (RYTM – Research Report). The associated price target was raised to $66.00.
Joseph Stringer has given his Buy rating due to a combination of factors including the anticipated results of Rhythm Pharmaceuticals’ Phase 3 trial for setmelanotide in treating Hypothalamic Obesity. The trial’s topline data is expected to be released in the first half of 2025, with a likely release in April. Stringer believes this data will act as a significant catalyst for the stock, supported by positive clinical data and feedback from key opinion leaders.
In the most probable scenario, a 15-20% reduction in BMI, adjusted for placebo, could lead to a 20% increase in the company’s share price. Based on these insights, he has reiterated a Buy rating and raised the price target from $64 to $66.
In another report released on March 14, Morgan Stanley also reiterated a Buy rating on the stock with a $72.00 price target.