Rhythm Pharmaceuticals downgraded to Perform from Outperform at Oppenheimer

Oppenheimer downgraded Rhythm Pharmaceuticals (RYTM) to Perform from Outperform without a price target The shares are up 92% year-to-date on the “outstanding” clinical results for Imcivree and daily oral bivamelagon in hypothalamic obesity in addition to continued global commercial execution, the analyst tells investors in a research note. However, the firm now believes next month’s hypothalamic obesity label expansion is fully priced into the shares. In addition, this quarter’s Prader-Willi readout “offers limited catalytic potential,” says Oppenheimer.