Noor Ul Ain Rehman
2 min read
In This Article:
In a report released on June 4, Dennis Ding from Jefferies maintained a Buy rating on Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM) with a price target of $80.00. The analyst based the rating on the company’s strategic developments and promising pipeline.
One of the primary reasons behind the rating was the anticipated Phase II data for the oral treatment for hypothalamic obesity (HO). It is expected to deliver notable BMI reduction and has been de-risked, thereby extending the potential of the franchise beyond the current expiration dates.
A scientist conducting research in a laboratory, studying a Petri dish with advanced biopharmaceuticals.
The analyst stated that management is confident in the weekly subcutaneous (subQ) treatment, which closely aligns with the previously approved setmelanotide, and thus further adds to the positive outlook for Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM).
According to Ding, the setmelanotide Phase II open-label trial for Prader-Willi Syndrome can also pave the way for a significant opportunity if successful, even after its previous challenges. Management is focusing on patient starts instead of the immediate revenue post-launch, and this strategy supports the long-term growth prospects, according to the analyst.
Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM) is a commercial-stage biopharmaceutical company that develops and commercializes therapeutics for the treatment of rare diseases. Its product pipeline includes IMCIVREE (setmelanotide), a precision medicine that treats hyperphagia and severe obesity caused by rare melanocortin-4 receptor (MC4R) diseases. The company also has other programs, including a preclinical suite of investigational candidates to treat congenital hyperinsulinism and a clinical development program for setmelanotide in other rare MC4R pathway diseases.
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Disclosure: None.
