Citizens JMP Reiterates Market Outperform Rating on Rhythm Pharmaceuticals (RYTM)

Citizens JMP analyst Jonathan Wolleben reiterated a Market Outperform rating and $142.00 price target on Rhythm Pharmaceuticals (NASDAQ: RYTM).

The analyst commented, "Rhythm hosted a KOL event to discuss setmelanotide’s potential in hypothalamic obesity ahead of the MC4R agonist’s December 20 PDUFA date; we reiterate our Market Outperform rating and raise our risk-adjusted, DCF derived price target to $142 from $135."

"Drs. Ashley Shoemaker (Vanderbilt) and Dr. Lewis Blevins (UCSF) highlighted the difficulties in managing HO due to the paucity of effective treatments and expressed optimism that setmelanotide will be effective for all their patients even in those without hypothalamic function. We think setmelanotide’s approval is likely (90% POS) by its Dec. 20 PDUFA and RYTM’s commercial team is primed to launch having identified 2,000 diagnosed/ likely HO patients under the care of ~2,400 target endocrinologists. Management is also confident in its ~10K estimated U.S. prevalence representing a >$4B TAM. We have updated our model and now expect 2026 HO revenues of $61M vs. consensus of $54M with a quicker ramp responsible for our new $142 PT. We model 2026 total revenue of $298M vs. consensus of ~$299M."

For an analyst ratings summary and ratings history on Rhythm Pharmaceuticals click here. For more ratings news on Rhythm Pharmaceuticals click here.

Shares of Rhythm Pharmaceuticals closed at $96.91 yesterday.

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