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RYTM

Rhythm Pharmaceuticals

$29.34

1.34 (4.79%)

08:07
01/04/18
01/04
08:07
01/04/18
08:07

Rhythm Pharmaceuticals announces progress in development of setmelanotide

Rhythm Pharmaceuticals announced recent progress in the clinical development of the company's lead product candidate, setmelanotide, a first-in-class melanocortin-4 receptor agonist. "We are pleased to announce important progress across our clinical development programs for setmelanotide, as we work to deliver a first-in-class therapy for the treatment of monogenic MC4 pathway defects that result in life-threatening obesity," said Keith Gottesdiener, M.D., Chief Executive Officer of Rhythm. "We continue to work closely with the U.S. Food and Drug Administration to advance our ongoing Phase 3 trial in POMC deficiency obesity, and recently opened enrollment in a second pivotal trial in LEPR deficiency obesity, while also enrolling patients to establish proof-of-concept in Alstrom Syndrome and POMC epigenetic disorder. We look forward to advancing these efforts in 2018, as we evaluate setmelanotide's ability to reestablish weight and appetite control in patients with genetic, MC4 pathway deficiencies." Following recent discussions with the FDA, Rhythm has finalized the protocol for its ongoing, open-label, single-arm, multinational pivotal Phase 3 clinical trial evaluating setmelanotide in patients with POMC deficiency obesity, an ultra-rare orphan disease that results in hyperphagia and severe, early-onset obesity. The FDA previously granted Breakthrough Therapy Designation for setmelanotide in this indication.

RYTM Rhythm Pharmaceuticals
$29.34

1.34 (4.79%)

10/30/17
COWN
10/30/17
INITIATION
Target $40
COWN
Outperform
Rhythm Pharmaceuticals initiated with an Outperform at Cowen
Cowen analyst Phil Nadeau started Rhythm Pharmaceuticals with an Outperform rating and $40 price target. The company's setmelanotide has produced "compelling data" in rare, genetic, life-threatening obesity disorders, the analyst tells investors in a research note. He sees wide adoption and estimates peak sales of $750M-$1B.
10/30/17
BOFA
10/30/17
INITIATION
Target $30
BOFA
Buy
Rhythm Pharmaceuticals initiated with a Buy at BofA/Merrill
Tazeen Ahman initiated Rhythm Pharmaceuticals with a Buy and $30 price target to reflect the opportunity in rare genetic obesity. Rhythm's lead asset. RM-493, is in late-stage development to treat extreme early onset obesity and he estimates peak sales could reach $1.7B in 2029 across five orphan indications.
10/30/17
10/30/17
INITIATION

On The Fly: Top five analyst initiations
Catch up on today's top five analyst initiations with this list compiled by The Fly: 1. Sotheby's (BID) initiated with a Buy at Aegis. 2. Alnylam (ALNY) initiated with a Buy at FBR Capital. 3. Adamas Pharmaceuticals (ADMS) initiated with an Outperform at Evercore ISI. 4. Vipshop (VIPS) initiated with a Neutral at UBS. 5. Rhythm Pharmaceuticals (RYTM) initiated with a Buy at BofA/Merrill. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, click here.
11/01/17
MSCO
11/01/17
NO CHANGE
Target $23
MSCO
Equal Weight
Rhythm update in BBS patients mixed, says Morgan Stanley
Morgan Stanley analyst Andrew Berens noted that Rhythm Pharmaceuticals announced the presentation of updated data from its Phase 2 trial of setmelanotide in Bardet-Biedl syndrome, or BBS, at the ObesityWeek 2017 meeting. While he anticipated a substantive update on the program by year end, he did not expect this minor update now, noted Berens. One patient lost additional weight and became the first to exceed the 10% weight loss bar, which is an incremental positive, but another discontinued due to a lack of efficacy, an incremental negative, added Berens, who maintains an Equal Weight rating and $23 price target on Rhythm after having initiated coverage of the stock with that rating and target earlier this week.

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