TD Cowen analyst Phil Nadeau has maintained their bullish stance on RYTM stock, giving a Buy rating on February 24.
Phil Nadeau has given his Buy rating due to a combination of factors influencing Rhythm Pharmaceuticals’ outlook. The company reported impressive Q4 revenue for Imcivree, showing a 26% increase quarter-over-quarter, which surpassed market expectations. This growth was attributed to a balanced increase in both reimbursed patients and inventory levels, indicating strong demand and effective distribution.
Furthermore, the upcoming data from Imcivree’s Phase III trial in hypothalamic obesity (HO) is anticipated to be a significant catalyst for the stock. Previous trials have demonstrated robust efficacy, with notable reductions in BMI, and investor sentiment is optimistic about the trial’s success. Additionally, Rhythm’s extended cash runway into the future provides financial stability, supporting the positive outlook for the company’s stock.
Nadeau covers the Healthcare sector, focusing on stocks such as Vertex Pharmaceuticals, Neurocrine, and Dynavax. According to TipRanks, Nadeau has an average return of 2.4% and a 41.88% success rate on recommended stocks.
In another report released on February 24, Needham also maintained a Buy rating on the stock with a $64.00 price target.