Why Rhythm Pharmaceuticals Stock Is Rocketing Higher Today
Shares of Rhythm Pharmaceuticals (NASDAQ: RYTM) are surging Tuesday afternoon. As of 2:48 p.m. ET, the small-cap biotech's stock was up by a healthy 14.4% on sky-high volume.
What's sparking this double-digit move higher? Prior to Tuesday's opening bell, Rhythm Pharmaceuticals announced its 2022 second-quarter earnings. The biotech posted a narrower net loss than expected on the back of surprisingly strong sales of its genetic disorder drug, Imcivree, which is indicated for patients with Bardet-Biedl syndrome.
Bardet-Biedl syndrome is a rare inherited disorder that manifests in a variety of ways. In June, the Food and Drug Administration (FDA) expanded Imcivree's label to help with chronic weight management in adult and pediatric patients afflicted with Bardet-Biedl syndrome.
Source Fool.com
