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

Rhythm Biosciences

18/12/2023 02:08

** Shares of Rhythm Biosciences  RHY.AX  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;))