BUZZ-Australia's Rhythm Biosciences hits over 3-year low on nil product revenue forecast

Reuters2023-12-18

** 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;))

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

We need your insight to fill this gap
Leave a comment