Rhythm Pharmaceuticals Inc (NASDAQ: RYTM) announced that over 35 physicians have written 50+ prescriptions for Imcivree (setmelanotide) for Bardet-Biedl syndrome (BBS) in the first six weeks since FDA approval in June.
The company reported Q2 Imcivree sales of $2.3 million compared to $0.3 million a year ago.
EPS loss came in at $(0.89) compared to a loss of $(0.70) a year ago, beating the consensus of $(0.95).
The company held a cash balance of approximately $235.6 million, sufficient to fund operations into 2024.
Rhythm also said that the cash balance, together with the second investment tranche under the RIFA with HealthCare Royalty Partners expected in 2H of 2022, will be sufficient to fund its expenditure requirements into at least 2H of 2024.
Wells Fargo raised Rhythm Pharma's price target to $35 from $22.
Price Action: RYTM shares are up 15.4% at $14.37 during the market session on the last check Tuesday.
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