Rhythm Pharmaceuticals price target lowered to $130 from $140 at RBC Capital

RBC Capital lowered the firm’s price target on Rhythm Pharmaceuticals (RYTM) to $130 from $140 and keeps an Outperform rating on the shares. Rhythm’s Phase III rare obesity basket study failed to meet the primary endpoint of statistically significant reduction in BMI in its four genetic cohorts, the analyst tells investors in a research note. Management noted learnings from EMANATE may offer a path forward down the road and plan to revisit these genetic variants in alternative studies with next-generation MC4R agonists, the firm says.