Rhythm Pharmaceuticals price target raised to $150 from $129 at Morgan Stanley

Morgan Stanley raised the firm’s price target on Rhythm Pharmaceuticals (RYTM) to $150 from $129 and keeps an Overweight rating on the shares. Preliminary Phase 2 setmelanotide data in Prader-Willi syndrome indicate promising and consistent signs of activity despite a challenging population supporting advancement into Phase 3, the firm told investors in a research note. Morgan Stanley added that it views early data as “encouraging,” indicating potential to expansion into another “blockbuster” opportunity.