Rhythm Pharmaceuticals price target raised to $110 from $76 at Oppenheimer

Oppenheimer analyst Leland Gershell raised the firm’s price target on Rhythm Pharmaceuticals (RYTM) to $110 from $76 and keeps an Outperform rating on the shares. The firm believes bivamelagon’s positive Phase 2 SIGNAL results not only provide clinical evidence that this candidate can eventually offer an attractive daily oral alternative to setmelanotide for acquired hypothalamic obesity, but also address what it thinks has been a key IP overhang for Rhythm’s stock, as setmelanotide’s key patents will begin to expire in 2032 while bivamelagon’s patent protection should extend beyond 2040.