** Shares of Rhythm Biosciences drop as much as 35.1% to A$0.120, hitting their lowest level since Sept 9, 2020
** Stock faces worst day since Oct 12, if losses hold
** Biotechnology co says it completed strategic review across entire business
** Co says ColoSTAT kits produced will be used for research only rather than commercial sales
** RHY does not anticipate any material revenue for its existing kits
** More than 1.7 mln shares change hands, 9.5 times the 30-day average volume of 181,138 shares
** Stock down 81.3% YTD, as of last close
(Reporting by Shivangi Lahiri in Bengaluru)
((Shivangi.Lahiri@thomsonreuters.com;))
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