Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM) is one of the Best Mid Cap Growth Stocks to Buy According to Hedge Funds. On August 20, Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM) announced that the FDA had accepted its supplemental New Drug Application for setmelanotide to treat acquired hypothalamic obesity. Wall Street has shown bullish sentiment regarding the announcement.
Later on the same day, Michael Ulz from Morgan Stanley reiterated a Buy rating on Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM) with a price target of $109. He noted that the application targets acquired hypothalamic obesity and has been granted Priority Review. This shows a strong need for new treatments in this area.
Moreover, the analyst highlighted that the Phase 3 data from the TRANSCEND study were positive and showed significant reductions in BMI and a good safety profile. Management has noted that the European Medicines Agency is also reviewing the drug, which could lead to approval in Europe.
Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM) is a biopharmaceutical company developing precision medicines for rare genetic obesity disorders.
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Disclosure: None. This article is originally published at Insider Monkey.
