UPDATE: BofA Securities Downgrades Rhythm Pharmaceuticals (RYTM) to Underperform
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BofA Securities analyst Tazeen Ahmad downgraded Rhythm Pharmaceuticals (NASDAQ: RYTM) from Neutral to Underperform with a price target of $17.00 (from $33.00).
The analyst comments "We rate RYTM shares Underperform. While we believe RYTM's lead asset Imcivree will address a severe unmet need in rare forms of early-onset obesity caused by genetic mutations, we note that the small target populations may result in a gradual launch and high price of medication may present persistent payor coverage. We model ex-US revenues as 30% of the US."
Shares of Rhythm Pharmaceuticals closed at $16.63 yesterday.
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