Rhythm Pharmaceuticals (RYTM) PT Lowered to $130 at Needham

Needham analyst Alan Carr lowered the price target on Rhythm Pharmaceuticals (NASDAQ: RYTM) to $130.00 (from $139.00) while maintaining a Buy rating.

The analyst commented: "RYTM announced that all four substudies from the setmelanotide Ph3 EMANATE trial missed the primary endpoint of % reduction in BMI vs. placebo at Week 52. High discontinuation rates across all cohorts contributed to the trial miss. We believe investors had relatively low expectations around the program, given the higher development risk (less direct genetic linkage to MC4R dysfunction) and lower visibility on TAM compared to other indications that RYTM is pursuing, such as BBS, hypothalamic obesity (HO), and Prader-Willi syndrome (PWS). We believe the main investor focus is on the Imcivree US approval decision in HO (3/20/26 PDUFA), data readouts from the ongoing Ph2 PWS program, and clinical execution from next-gen assets bivamelagon and RM-718. We are removing the EMANATE program from our models and reducing our PT to $130 (was $139)."

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