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Phil Nadal

Managing Director and Senior Research Analyst on the biotechnology team at TD Cowen

Phil Nadeau is a Managing Director and Senior Research Analyst on the biotechnology team at TD Cowen, specializing in large-, mid-, and small-cap biotechnology stocks, covering approximately 25 companies including Moonlake Immunotherapeutics and Rhythm Pharmaceuticals, with additional coverage noted for Immunomedics and other public firms in the sector. Recognized for his strong track record, he has delivered a 46% success rate on his ratings, an average return of +6.2% per call, and is ranked among the top Wall Street analysts by TipRanks for his consistent investment research performance. Nadeau joined TD Cowen in 2000, bringing prior experience as a research assistant at Children’s Hospital, Boston, and holds an SB/MEng in electrical engineering and computer science from MIT and a PhD in neurobiology from Harvard University, further enhancing his credibility in both technical and biotech research arenas.

Phil Nadal's questions to RHYTHM PHARMACEUTICALS (RYTM) leadership

Question · Q3 2025

Phil Nadal asked for further details on the efficacy endpoints for the Prader-Willi Syndrome (PWS) trial, specifically what weight loss (e.g., 5% at one year) and hyperphagia changes would constitute proof of concept for Imcivree.

Answer

David Meeker, Chairman, CEO and President, Rhythm Pharmaceuticals, stated that success would be a judgment call based on patient-by-patient data from a small cohort (10-20 patients for six months), aiming for results that suggest a 5% BMI decrease in a 52-week Phase III trial. He clarified that BMI percent change is the primary endpoint, and while hyperphagia (HQCT) is collected, it's an open-label trial, making interpretation difficult without a control group. He emphasized that BMI improvement would inherently imply hyperphagia improvement given the drug's biology.

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Question · Q3 2025

Phil Nadal inquired about the specific efficacy endpoints needed for InSibiri in Prader-Willi syndrome (PWS), particularly what constitutes success for weight loss (e.g., 5% at one year) and any interpretable hyperphagia changes.

Answer

David Meeker, Chairman, CEO and President, stated that success would be a judgment call based on patient-by-patient data from a small cohort (10-20 patients over six months), not a magic linear metric. He emphasized that BMI % change is the primary endpoint, and if achieved, hyperphagia improvement would follow due to the drug's biology. He clarified that Rhythm would not pursue a hyperphagia-only label.

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