Shares of Rhythm Pharmaceuticals Inc. (RYTM) are surging over 15% Friday morning, after the company announced FDA approval of IMCIVREE (setmelanotide) as first-ever therapy for chronic weight management in patients with obesity due to POMC, PCSK1 or LEPR deficiency.
The FDA also issued a Rare Pediatric Disease Priority Review Voucher to Rhythm. The PRV can be redeemed to receive priority review for any subsequent marketing application or sold or transferred to other companies for their programs.
RYTM has been trading in the range of $12.99 – $32.24 for the past one year, and is currently trading at $27.85, up $3.69 or 15.27%. Trading volume is rising over 413K versus an average volume of 323K shares.
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