Rhythm Pharmaceuticals Inc. (RYTM) saw its stock price soar 12.79% during intraday trading on Tuesday.

The significant move higher follows the company's release of its first quarter 2026 financial results, which exceeded analyst expectations. Rhythm Pharmaceuticals reported Q1 product revenue of $60.1 million, representing 84% year-over-year growth and beating the consensus estimate of $55.776 million. The revenue growth was primarily driven by the successful launch of IMCIVREE for acquired hypothalamic obesity in the U.S., with continued uptake for Bardet-Biedl syndrome.

The company also reported a Q1 EPS of $(0.83), which beat the analyst consensus estimate of $(0.84). Wall Street sentiment remains bullish on the stock, with 15 of 16 brokerages rating it "buy" or higher and a median 12-month price target of $140.00.