Rhythm Pharmaceuticals price target raised to $60 from $58 at BofA

BofA analyst Tazeen Ahmad raised the firm’s price target on Rhythm Pharmaceuticals (RYTM) to $60 from $58 and keeps a Neutral rating on the shares after the company pre-announced Q4 and FY24 Imcivree revenues of $42M and $130M, respectively, ahead of expectations. Management’s commented growth was driven by an increase in reimbursed patients and inventory. The firm said on Friday that it is encouraged by the strong Q4, but will look for further color on inventory contribution and expectations for the cadence of the launch in 2025. While it thinks the Imcivree launch continues to progress well, BofA believes the current valuation bakes in value for the current launch trajectory. The firm looks to upcoming catalysts in 2025 that could provide further upside to its estimates.