Rhythm Pharmaceuticals initiated with an Outperform at Oppenheimer

Oppenheimer initiated coverage of Rhythm Pharmaceuticals (RYTM) with an Outperform rating and $76 price target The firm says the company is “distinguished” by its focus on rare obesity disorders for which commonly-prescribed drugs are poorly suited. As Rhythm builds a business through Imcivree’s global commercialization for several genetically-driven diseases, the revenue outlook in hypothalamic obesity, an acquired condition for which Oppenheimer sees a high likelihood of development success, drives enthusiasm ahead of the first half of 2025 Phase 3 results, the analyst tells investors in a research note. The firm believes leadership in MC4 biology should position Rhythm for “enduring prosperity.”