Rhythm Pharmaceuticals price target raised to $95 from $73 at BofA

BofA analyst Tazeen Ahmad raised the firm’s price target on Rhythm Pharmaceuticals (RYTM) to $95 from $73 and keeps a Buy rating on the shares. Rhythm announced positive topline results for the phase 2 trial evaluating next-generation oral MC4R bivamelagon in hypothalamic obesity, with bivamelagon demonstrating a BMI reduction of 9.31% at Week 14 for the 600mg high dose cohort, the analyst tells investors in a research note. The firm is encouraged by the phase 2 update that suggests an efficacy profile similar to setmelanotide but with more convenient once-daily oral dosing, and looks for additional color on how the new formulation will improve tolerability.