Rhythm Pharmaceuticals, the Healthcare sector company, was revisited by a Wall Street analyst today. Analyst Phil Nadeau from TD Cowen maintained a Buy rating on the stock and has a $120.00 price target.
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Phil Nadeau’s rating is based on several promising developments for Rhythm Pharmaceuticals. The company reported a solid third quarter with Imcivree revenues slightly surpassing expectations, indicating strong demand and steady growth. The anticipation of regulatory approval for Imcivree’s expanded use by December 20th further supports the positive outlook.
Additionally, multiple upcoming catalysts, such as the Phase II trial results for setmelanotide in Prader-Willi Syndrome and the initiation of a Phase III trial for biva in hypothalamic obesity, contribute to the optimism. Adjustments in long-term estimates and an increased price target also reflect confidence in the company’s future performance. These factors combined justify Phil Nadeau’s Buy rating for Rhythm Pharmaceuticals.
In another report released today, Needham also maintained a Buy rating on the stock with a $122.00 price target.