Rhythm Pharmaceuticals Stock Soars 36% On Positive Phase 2 Obesity Drug Data

(RTTNews) - Rhythm Pharmaceuticals, Inc. (RYTM) jumped 35.72 percent to $88.41 after announcing promising topline results from its Phase 2 trial of bivamelagon, an investigational oral MC4R agonist, for treating acquired hypothalamic obesity.

The stock opened at $77.97 and reached a high of $88.83 on volume of 3.5 million shares, far exceeding its average daily volume of 638,000. Rhythm is trading at the top end of its 52-week range of $40.61 to $88.83.

The drug demonstrated statistically significant reductions in body mass index over 14 weeks, including a 9.3 percent drop in the 600mg cohort and a 7.7 percent reduction at the 400mg dose. In contrast, the placebo group saw a 2.2 percent BMI increase.