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.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
- Make smarter investment decisions with TipRanks' Smart Investor Picks, delivered to your inbox every week.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on RYTM:
- Rhythm Pharmaceuticals resumed with a Buy at Goldman Sachs
- Rhythm Pharmaceuticals Reports Positive Phase 2 Trial Results
- Rhythm Pharmaceuticals price target raised to $102 from $88 at Leerink
- Rhythm Pharmaceuticals announces $150M common stock offering
- Rhythm Pharmaceuticals price target raised to $95 from $72 at Needham