#1 Question We're Getting; Final Thoughts Going Into PWS Update At ENDO

Research evidence excerpt

#1 Question We're Getting; Final Thoughts Going Into PWS Update At ENDO

USA | Biotechnology

Rhythm Pharmaceuticals EquityJuneResearch9, 2026

FLASH NOTE#1 Question We're Getting; Final Thoughts Going

RATING BUYInto PWS Update At ENDO

PRICE $87.86^

Investors are wondering how RYTM trades if there's hyperphagia improvement

but mixed weight loss. It's an intriguing Q and recent mgmt commentary seems PRICE TARGET | % TO PT $125.00 | +42%

to point more towards hyperphagia + CFO emphasized 7-pt HQCT improvement 52W HIGH-LOW $122.20 - $60.70

is clinically meaningful at our dinner. Investors have been prepping for BMI data FLOAT (%) | ADV MM (USD) 97.6% | 61.18

(there might be some modest disappointment) but given there's almost zero MARKET CAP $6.0B

priced in for PWS, any (+) signal that PWS is viable should drive the stock higher. TICKER RYTM ^Prior trading day's closing price unless otherwise

noted.

Big Picture: We see a favorable risk/reward into ENDO where RYTM will present 6-months PWS

data this Saturday (6/13). The focus has clearly been around BMI, but we're getting more and more

questions on hyperphagia and if setmelanotide can be a viable / differentiated product without

weight loss vs Vykat. Taking a step back, it's important to appreciate there's very modest value in

the stock for PWS (we est -5-10% downside) - and while having no weight loss signal at 6 months

might be disappointing, we expect minimal downside. Importantly, we're focused on if there's a

clear path forward in PWS. If 6 month HQCT benefit is meaningful and can ultimately be the Phase

III regulatory bar (mgmt has made increasingly more (+) comments across recent conferences

including at our dinner), that should be interpreted as a (+) for RYTM considering shorter timelines

+ Medicare reimbursement.