Rhythm Pharmaceuticals

RYTM · NASDAQ

$90.20+$1.97 (+2.23%)TodayMarket closed · Oct 20, 7:32 PM ET

Prev close $88.23

RYTM analyst rating

BuyConsensus of 15 analysts over the last 12 months. 93% rate it a buy.

Strong buy0
Buy14
Hold1
Underperform0
Sell0

12-month price target · 19 analysts

Average $140.89 (+56.2% upside)

Low: $106.05
Now: $90.20
High: $168.00

Upgrades and downgrades

The latest rating actions, newest first

RYTM analyst upgrades, downgrades and rating actions
Firm	Date	Action	Rating	Price target	Hit rate
William Blair	Oct 16, 2026	Initiates	Outperform	—	52%
JP Morgan	Oct 15, 2026	Maintains	Overweight	$146.00 → $145.00	18%
HC Wainwright & Co.	Oct 12, 2026	Maintains	Buy	$105.00 → $130.00	43%
RBC Capital	Oct 8, 2026	Maintains	Outperform	$155.00 → $159.00	44%
Leerink Partners	Sep 14, 2026	Initiates	Outperform	$133.00	—
Deutsche Bank	Aug 28, 2026	Initiates	Hold	$120.00	45%
JP Morgan	Aug 7, 2026	Maintains	Overweight	$145.00 → $146.00	18%
Citigroup	Aug 5, 2026	Maintains	Buy	$142.00 → $143.00	36%
RBC Capital	Aug 5, 2026	Maintains	Outperform	$141.00 → $155.00	44%
Citizens	Aug 5, 2026	Maintains	Market Outperform	$155.00 → $160.00	47%

The case for and against

Updated Oct 14, 2026

Bull case

Rhythm Pharmaceuticals is positioned for attractive fundamental growth because IMCIVREE is demonstrating both commercial traction and expanding clinical validation, with Q1 revenue of $60.1 million and >150 patient start forms in the first 6 weeks of the acquired HO launch. The approval in Japan for acquired hypothalamic obesity, supported by the Phase 3 TRANSCEND trial’s statistically significant -18.8% placebo-adjusted BMI reduction in 142 patients, adds a new, underpenetrated market where 5,000 to 8,000 people are estimated to live with the disease. Its outlook is further strengthened by encouraging PWS data showing BMI reductions rising to 3.06% at 6 months, clinically meaningful hyperphagia improvements in 8 of 10 patients, and a pipeline that includes RM-718 and bivamelagon, which could extend the franchise beyond IMCIVREE.

Bear case

Rhythm Pharmaceuticals is viewed negatively because its growth depends on a still-early commercial launch of Imcivree, which only began active commercialization efforts in the US and EU in 2022 and may struggle to achieve meaningful uptake against larger pharma-backed GLP-1 competition. Its expansion thesis also looks fragile, since the valuation relies on uncertain approvals with only a 60% probability for setmelanotide in PWS and 40% for bivamelagon in HO, while setbacks in earlier-stage MC4R and congenital hyperinsulinism programs could further limit pipeline value. The risk profile is heightened by possible slower-than-expected sales ramp, intellectual property challenges, and long-term dilution risk, with downside value scenarios falling to about $67 versus a total firm value of ~$9.47B under base assumptions.

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