Analyst Michael Ulz of Morgan Stanley reiterated a Buy rating on Rhythm Pharmaceuticals, boosting the price target to $150.00.
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Michael Ulz has given his Buy rating due to a combination of factors related to Rhythm Pharmaceuticals’ recent clinical trial results. The preliminary Phase 2 data for setmelanotide in treating Prader-Willi syndrome (PWS) patients showed promising outcomes, with a significant number of patients experiencing reductions in body mass index (BMI) and hyperphagia, which are critical challenges in this patient population.
Furthermore, the safety profile of setmelanotide remains consistent with previous findings, and the majority of patients continue with the therapy, indicating its tolerability. These encouraging early results, despite the small sample size, suggest potential for further development into Phase 3 trials. This potential advancement, along with the limited treatment options currently available for PWS, supports the optimistic outlook and the Buy rating for Rhythm Pharmaceuticals.
In another report released today, Bank of America Securities also maintained a Buy rating on the stock with a $140.00 price target.