Rhythm Pharmaceuticals price target raised to $140 from $127 at BofA

BofA raised the firm’s price target on Rhythm Pharmaceuticals (RYTM) to $140 from $127 and keeps a Buy rating on the shares after the company presented preliminary data for the Phase 2 open label trial evaluating setmelanotide in Prader-Willi Syndrome. The firm, which is “encouraged” by the preliminary update that it sees demonstrating a clear efficacy signal in the historically hard-to-treat PWS population, argues that a successful Phase 3 study in PWS would “offer an attractive commercial opportunity.”