Bank of America Securities analyst Tazeen Ahmad has reiterated their bullish stance on RYTM stock, giving a Buy rating today.
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Tazeen Ahmad has given his Buy rating due to a combination of factors including strong commercial execution and promising growth prospects for Rhythm Pharmaceuticals. The company’s second-quarter sales of Imcivree exceeded expectations, driven by robust demand trends, particularly in the BBS franchise. This growth was supported by an increase in the prescriber base and patients on reimbursed therapy, as well as positive impacts from the recent label expansion to younger pediatric patients.
Additionally, Rhythm Pharmaceuticals is preparing for regulatory submissions for a new indication, aHO, with a Commercial Readiness Day planned to outline their global launch strategy. The company’s strategic focus on patient identification and brand awareness is expected to bolster early uptake. Furthermore, promising preliminary data from ongoing trials and future pipeline catalysts, such as the development of next-generation oral treatments, contribute to the optimistic outlook and justify the Buy rating with a price objective of $122.
In another report released today, Guggenheim also maintained a Buy rating on the stock with a $120.00 price target.
RYTM’s price has also changed dramatically for the past six months – from $61.020 to $88.570, which is a 45.15% increase.