Rhythm Pharmaceuticals price target raised to $91 from $80 at Wells Fargo

Wells Fargo raised the firm’s price target on Rhythm Pharmaceuticals (RYTM) to $91 from $80 and keeps an Overweight rating on the shares. The topline results from the pivotal Phase 3 TRANSCEND trial evaluating setmelanotide for the treatment of acquired hypothalamic obesity are “solid” and near the bull case, the analyst tells investors in a research note. The firm believes the shares should be up more on the news, up to 35% higher. The stock in midday trading is up 15%, or $6.83, to $53.79. Wells sees Rhythm trading to over $100 per share by the end of 2025 on the back of second half of the year catalysts. The firm would be a buyer of the stock on this morning’s readout.