Joseph Stringer, an analyst from Needham, maintained the Buy rating on Rhythm Pharmaceuticals. The associated price target was raised to $145.00.
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Joseph Stringer has given his Buy rating due to a combination of factors that highlight the promising outlook for Rhythm Pharmaceuticals. The company announced encouraging initial data from a Phase 2 trial of setmelanotide in Prader-Willi Syndrome, showing a significant reduction in BMI among patients after three to six months of treatment. This outcome surpassed investor expectations and suggests the potential for achieving clinically meaningful BMI loss with extended treatment.
Stringer believes that these results increase the likelihood of success in future Phase 3 trials, which could lead to substantial revenue growth for the company. Consequently, he has adjusted the price target for Rhythm Pharmaceuticals to $145, up from $120, reflecting the anticipated positive market reaction to these developments.
In another report released today, Bank of America Securities also maintained a Buy rating on the stock with a $140.00 price target.