Needham raised the firm’s price target on Rhythm Pharmaceuticals (RYTM) to $66 from $64 and keeps a Buy rating on the shares. The firm sees the company’s setmelanotide Phase 3 trial in Hypothalamic Obesity, HO, which is expected to read out topline data in the first half of the year, to serve as a meaningful catalyst for the stock. Needham is bullish on Rhythm heading into the readout based on its review of the drug’s clinical data in HO to date and recent key opinion leader feedback, the analyst tells investors in a research note.
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