Rhythm Pharmaceuticals price target raised to $77 from $72 at Morgan Stanley

Morgan Stanley analyst Michael Ulz raised the firm’s price target on Rhythm Pharmaceuticals (RYTM) to $77 from $72 and keeps an Overweight rating on the shares after the company announced topline results from the Phase 3 TRANSCEND study of setmelanotide in hypothalamic obesity. The data confirm “robust” placebo adjusted reductions in BMI of 19.8%, which was above the firm’s bar of 15% and on the high end of investor expectations, the analyst tells investors. Following the data, the firm raised its view of the odds of success to 90% from 80%, the analyst noted.