Stifel raised the firm’s price target on Rhythm Pharmaceuticals (RYTM) to $123 from $94 and keeps a Buy rating on the shares. The firm cites the company’s bivamelagon data in hypothalamic obesity for the target bump. Bivamelagon is now “derisked” on efficacy and “mostly derisked” on safety, the analyst tells investors in a research note. Stifel believes Rhythm now has an opportunity to extend the duration of its melanocortin-4 receptor franchise beyond 2040.
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