Jun. 16 at 11:17 AM
Canaccord⬆️
$RYTM's PT to
$151 (was
$143)⬆️PoS in PWS to 65% from 50%/continues to see 2033 sales of
$2.5B
SLNO -
$NBIX HRMY
$DRUG
Citizens reitd Rhythm Mkt OP;
$155 /said: We like that the new 52-week bivamelagon data show consistent efficacy with ~11-17% BMI reductions firmly within the range of setmelanotide (~16% at 1 year), while sustained multi-point reductions in hunger reinforce durable MC4R engagement and clinically meaningful behavioral benefit.
Importantly, this is achieved with a lower hyperpigmentation burden, strengthening bivamelagon's differentiation from setmelanotide beyond the dosing convenience (daily oral vs. daily subcutaneous).
Strategically, RYTM's nextgeneration MC4R agents-oral bivamelagon and weekly RM-718-extend the MC4R franchise beyond setmelanotide's whose composition of matter IP expires in 2032 (formulation coverage out to 2034).
We assign a 70% combined POS to the next-gen pipeline and see potential for both assets across HO and Prader-Willi Syndrome
