Needham analyst Joseph Stringer maintained a Buy rating on Rhythm Pharmaceuticals (RYTM – Research Report) today and set a price target of $64.00.
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Joseph Stringer has given his Buy rating due to a combination of factors surrounding Rhythm Pharmaceuticals’ potential in the field of obesity treatment, specifically with their drug Imcivree (setmelanotide). The upcoming Phase 3 trial results for Imcivree in treating Hypothalamic Obesity (HO) seem promising, as emphasized by the insights of Dr. Rushika Conroy, an expert in pediatric endocrinology and obesity.
Dr. Conroy’s expertise and positive outlook on setmelanotide as a potential therapy for HO patients add credibility to the drug’s prospects. Furthermore, her clinical experience with HO patients supports the anticipation of favorable outcomes from the trial, which could enhance Imcivree’s market potential. These factors together underpin Stringer’s confidence in Rhythm Pharmaceuticals’ stock, warranting a Buy recommendation.
In another report released on February 6, Morgan Stanley also maintained a Buy rating on the stock with a $72.00 price target.