节奏制药公司（RYTM）：JEF医疗保健会议+团体晚宴：下半年非常有趣的布局

USA | BiotechnologyRhythm PharmaceuticalsEquity ResearchJune 4, 2025 Dennis Ding *  | Equity Analyst(212) 336-7325 | dding@jefferies.comAnthea Li *  | Equity Associate(212) 336-6681 | ali9@jefferies.comGeorgia Bank *  | Equity Associate+1 (212) 778-8476 | gbank@jefferies.comJEF Healthcare Conference + Group Dinner: VeryInteresting Setup into H2We like RYTM into H2 on two dynamics: (1) Phase II oral HO data in Q3 + PhaseIB weekly subQ HO data by YE:25 - both of which are de-risked and play a bigpart in extending the franchise well beyond set's 2032-34 LOE, and (2) set'sPWS data by YE, which isn't in the stock (but mgmt is 50/50) as it could providePoC for the oral / weekly subQ to move into PWS w/ differentiated weight lossbenefit. M/A could be a scenario once pipeline and LCM is more de-risked.(1) Framing the oral bivamelagon Phase II data for HO in Q3. Mgmt hopes to see 10%+ BMIreduction and will do their best in terms of presenting the data on an apples-to-apples basis vssetmelanotid