Rhythm Pharmaceuticals, the Healthcare sector company, was revisited by a Wall Street analyst yesterday. Analyst Michael Ulz from Morgan Stanley reiterated a Buy rating on the stock and has a $109.00 price target.
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Michael Ulz has given his Buy rating due to a combination of factors surrounding Rhythm Pharmaceuticals’ recent developments. The FDA’s acceptance of the supplemental New Drug Application (sNDA) for setmelanotide, specifically for treating acquired hypothalamic obesity, with a Priority Review designation, is a significant milestone. This decision underscores the high unmet medical need in this area and highlights the potential market opportunity for the drug.
Furthermore, the positive topline Phase 3 data from the TRANSCEND study, which demonstrated substantial reductions in BMI with a consistent safety profile, strengthens the case for setmelanotide’s efficacy. Additionally, the ongoing review by the European Medicines Agency (EMA) and the scheduled investor event to discuss the U.S. launch strategy indicate multiple forthcoming catalysts that could drive further upside for Rhythm Pharmaceuticals. These elements collectively support the Buy rating assigned by Michael Ulz.
In another report released on August 14, Leerink Partners also reiterated a Buy rating on the stock with a $102.00 price target.