Guggenheim raised the firm’s price target on Rhythm Pharmaceuticals (RYTM) to $119 from $94 and keeps a Buy rating on the shares. Bivamelagon’s hypothalamic obesity Phase 2 SIGNAL study reported placebo-adjusted BMI reduction of -11.49%, -9.87%, and -4.86% for the 200 mg, 400 mg, and 600 mg doses, respectively, at 14 weeks, exceeding expectations, validating biva’s clear efficacy in HO patients at just 14 weeks, the analyst tells investors in a research note. The firm sees encouraging readthrough to its once-weekly subcutaneous RM-718.
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