Rhythm Pharmaceuticals said its investigational oral MC4R agonist bivamelagon met the primary endpoint in a 28-patient, placebo-controlled Phase 2 study of acquired hypothalamic obesity. Over 14 weeks of once-daily dosing, the drug produced statistically significant and clinically meaningful reductions in body-mass index compared with placebo. The company added that retention was high and reported fewer pigmentation-related side effects than have been observed with its approved injectable MC4R agonist, setmelanotide. The read-out sent Rhythm shares up about 35% on Wednesday, their biggest one-day gain in more than two years. Stifel said the data look "very solid," maintaining a Buy rating and a $94 price target, while Bank of America raised its target to $95 from $73, citing the convenience of an oral formulation and efficacy comparable to setmelanotide. Hours after the stock surged, the Boston-based company launched a proposed public offering of $150 million in common stock and granted underwriters a 30-day option for an additional $22.5 million. Rhythm said proceeds will support further clinical development of bivamelagon and other pipeline programs.