Citi lowered the firm’s price target on Rhythm Pharmaceuticals (RYTM) to $131 from $136 and keeps a Buy rating on the shares after the company announced the four sub-studies in the Phase 3 EMANATE trial did not show statistical significance. Citi sees the news as “disappointing” but says the positive trends in two of the four genetic subtypes offer a potential path forward for a future study with one of Rhythm’s next-generation MCR4 agonists, bivamelagon or RM-718.
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Read More on RYTM:
- Rhythm Pharmaceuticals price target lowered to $152 from $176 at Citizens
- Closing Bell Movers: Lensar down 24% on terminated Alcon deal
- Rhythm Pharmaceuticals Reports Mixed Phase 3 EMANATE Results
- Rhythm reports EMANATE trial substudies did not meet primary endpoints
- Rhythm Pharmaceuticals price target raised to $143 from $136 at Wells Fargo