Jonathan Wolleben, an analyst from JMP Securities, reiterated the Buy rating on Rhythm Pharmaceuticals (RYTM – Research Report). The associated price target remains the same with $81.00.
Jonathan Wolleben has given his Buy rating due to a combination of factors related to Rhythm Pharmaceuticals’ strategic positioning and potential market opportunities. One of the key reasons is the promising data from the Phase 3 trials of setmelanotide for hypothalamic obesity, which is anticipated to meet its primary BMI endpoint. This success could potentially unlock a significant market opportunity, estimated to be over $2 billion, thereby driving substantial growth for the company.
Additionally, the company’s focus on MC4R agonism, including its oral small molecule and weekly subcutaneous formulations, positions it well for chronic dosing and potentially favorable pricing strategies. These developments, along with insights from expert endocrinologists who foresee a high prescription rate for setmelanotide if approved, contribute to the positive outlook. Overall, the combination of clinical progress and strategic market positioning underpins Wolleben’s optimistic Buy rating for Rhythm Pharmaceuticals.
Wolleben covers the Healthcare sector, focusing on stocks such as Rhythm Pharmaceuticals, KalVista Pharmaceuticals, and BioCryst. According to TipRanks, Wolleben has an average return of 4.0% and a 39.55% success rate on recommended stocks.
In another report released on March 28, Canaccord Genuity also maintained a Buy rating on the stock with a $81.00 price target.