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Investing.com - H.C. Wainwright raised its price target on Rhythm Pharmaceuticals (NASDAQ:RYTM) to $100 from $80 on Thursday, while maintaining a Buy rating on the stock following strong quarterly results. The stock, currently trading at $90.01, has delivered an impressive 106.63% return over the past year. According to InvestingPro data, RYTM is currently trading near its 52-week high of $94.80.
The biopharmaceutical company reported $48.5 million in global sales of IMCIVREE for the second quarter of 2025, representing a 29% increase quarter-over-quarter and exceeding H.C. Wainwright’s original forecast of $43.9 million.
U.S. sales accounted for $32 million, or 66% of total product revenue, showing a 31% sequential increase. The remaining $16.5 million came from markets outside the United States, reflecting a 24% sequential increase.
H.C. Wainwright has increased its full-year 2025 revenue forecast to $190.9 million, with total product revenue of $195.9 million. The firm also adjusted its full-year 2026 revenue estimate to $332.7 million from the previous $329 million.
The research firm cited accelerating revenue growth potential for setmelanotide based on increasing prescriber enthusiasm and the drug’s expanded use for patients with hypothalamic obesity following positive results from the Phase 3 TRANSCEND trial reported in April 2025.
In other recent news, Rhythm Pharmaceuticals reported its second-quarter 2025 earnings, revealing a loss per share of -$0.75, which was wider than the analyst forecast of -$0.67. However, the company’s revenue for the quarter was $48.5 million, surpassing the expected $43.75 million. TD Cowen raised its price target for Rhythm Pharmaceuticals to $110 from $85, maintaining a Buy rating, citing the strong second-quarter Imcivree revenue growth of 29% quarter-over-quarter. Citizens JMP also increased its price target to $135 from $130, with a Market Outperform rating, due to continued growth in demand for Imcivree and the company’s efforts to expand its pipeline. Rhythm Pharmaceuticals is on track to submit regulatory applications for setmelanotide for hypothalamic obesity in the U.S. and EU this quarter. These recent developments highlight the company’s ongoing progress and potential market opportunities.
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