Top 5 Growth Stocks in Biotech

2. Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM)

Revenue Growth YOY: 694.46%

Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM) is a biopharmaceutical company based in the United States. The company focuses on the development of therapeutics for rare genetic disorders of obesity. Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM) offers IMCIVREE® (setmelanotide) to treat pediatric and adult patients with monogenic or syndromic obesity.

On March 2, 2023, Whitney Ijem, an analyst at Canaccord, increased the price target on Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM) to $56 from $52 while keeping a Buy rating on the company’s shares. According to the analyst, ongoing clinical studies are mainly progressing as planned, and this year is expected to witness a number of data catalysts.

According to Insider Monkey’s database, 19 hedge funds held stakes worth $559 million in Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM) in Q4 2022, compared to 16 funds in the prior quarter with stakes worth $431 million.