Stifel Nicolaus analyst Derek Archila maintained a Hold rating on Rhythm Pharmaceuticals Inc (RYTM) today and set a price target of $34. The company’s shares opened today at $28.56.
Archila noted:
“We believe today’s results from RYTM’s Phase 2 basket study in MC4 pathway heterozygous (HET) obesity are certainly important and get us incrementally more positive setmelanotide may be found efficacious in other genetic obesities. With that said, we view today’s data as largely informative and serve as the preliminary evidence needed to enroll more patients with high-impact loss of function variants into the ongoing basket study in order to demonstrate proof-of-concept data for setmelanotide in this HET obesity sub-population. Based on our discussion with management, we think data in this population could come by 2020 and ideally inform a pivotal study. We remain on the sidelines for now ahead of the company’s Phase 3 readout for setmelanotide in POMC deficiency and LEPR deficiency obesities, which are expected in 3Q19.”
According to TipRanks.com, Archila is currently ranked with no stars on a 0-5 star ranking scale, with an average return of -8.4% and a 29.3% success rate. Archila covers the Healthcare sector, focusing on stocks such as DBV Technologies SA – American, Pacira Pharmaceuticals, and Aimmune Therapeutics.
Rhythm Pharmaceuticals Inc has an analyst consensus of Moderate Buy, with a price target consensus of $39.
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Based on Rhythm Pharmaceuticals Inc’s latest earnings release for the quarter ending December 31, the company reported a quarterly GAAP net loss of $25.51 million. In comparison, last year the company had a GAAP net loss of $10.62 million.
Based on the recent corporate insider activity of 21 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of RYTM in relation to earlier this year.
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Rhythm Pharmaceuticals, Inc. develops and commercializes peptide therapeutics for the treatment of gastrointestinal diseases and genetic deficiencies. It focuses on the treatment for Prader-Willi Syndrome and Pro-Opiomelanocortin deficiency obesity.
