Rhythm Pharmaceuticals price target raised to $102 from $88 at Leerink

Leerink raised the firm’s price target on Rhythm Pharmaceuticals (RYTM) to $102 from $88 and keeps an Outperform rating on the shares. The firm is updating its estimates for the company following this morning’s disclosure of bivamelagon Phase 2 data in acquired hypothalamic obesity study that it sees as “close to a best-case scenario”, the analyst tells investors in a research note. Investor feedback has been highly positive on the efficacy, with minimal concerns on safety, the firm added.