Rhythm Pharmaceuticals (RYTM) Likely to See Widespread Use According to KOL Call - Stifel
- S&P 500, Dow subdued as COVID-19 cases rise globally
- Credit Suisse (CS) Falls 6% on 'Unacceptable Loss' as Exposure to Archegos Grew to More Than $20 Billion, Set to Raise Over $2 Billion to Support Liquidity
- U.S. weekly jobless claims hit 13-month low; home sales tumble
- Cathie Wood's ARK Buys Over 5M Shares of Skillz (SKLZ), Nearly 3M Shares of IPO UiPath (PATH)
- Chipotle Mexican Grill (CMG) Tops Q1 Profit Views, Analysts Maintain Bullishness For 2021
Get instant alerts when news breaks on your stocks. Claim your 1-week free trial to StreetInsider Premium here.
Stifel analyst Derek Archilia reiterated a Buy rating and $60.00 price target on Rhythm Pharmaceuticals (NASDAQ: RYTM) noting that shares are trading below levels prior to both setmelanotide's (IMCIVREE) positive Ph3 in BBS and Ph2 basket trial results. The analyst hosted a call with 2 KOLs who were very impressed by setmelanotide's data to date and expect to offer it to every patient who qualifies.
The analyst stated "the KOLs viewed setmelanotide's weight loss (≥5% of body weight) as clinically meaningful because these patients are unable to slow, stop, or reverse their weight gain. They noted that the patients who do respond on setmelanotide therapy seem to respond exceedingly well. Given that the placebo rates are likely to be low in these patients and the fact there are so few of them with these rare obesities, they feel focusing on the responder efficacy is the best way to interpret the clinical data because that is how it will ultimately be used in clinical practice. They indicated they would offer the drug to everyone who qualified because there are no available therapies and a 3-month trial treatment period is a reasonable approach to identify responders who will ultimately benefit from long-term therapy, meaning only responders will likely remain on drug. Lastly, they don't expect the safety or dosing profile (i.e. nausea/vomiting, tanning, daily injectable administration) to meaningfully impact use — like with any therapy, side effects will cause some patients to churn but nothing significant, in their view."
Shares of Rhythm Pharmaceuticals closed at $26.09 yesterday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Roblox Corp. (RBLX) Shows No Signs of Slowing Download Growth as Schools Reopen, Crippling the Bear Thesis - Stifel
- Sika AG (SIKA:SW) (SKFOF) PT Raised to CHF295 at Berenberg
- Aker BP (AKERBP:NO) (DETNF) PT Raised to NOK271 at Jefferies
Create E-mail Alert Related CategoriesAnalyst Comments
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!