Rhythm Pharma Slips 13% As It Modifies Emanate, Daybreak Trials

Shares of Rhythm Pharmaceuticals, Inc. (RYTM) are slipping nearly 13% on Wednesday morning after the company announced modifications to its Phase 3 EMANATE and ongoing Phase 2 DAYBREAK trials.

RYTM is currently trading at $10.19, down $1.52 or 12.98%, on the Nasdaq.

The company said these changes are intended to optimize the design of each clinical trial, with the goal of most efficiently advancing setmelanotide as a precision medicine for patients with rare genetic diseases of obesity.

The EMANATE trial now includes four independent sub-studies evaluating setmelanotide, the company's melanocortin-4 receptor (MC4R) agonist, in patients with obesity due to a heterozygous variant of the POMC/PCSK1 genes, the LEPR gene, the SRC1 gene and the SH2B1 gene.

In the Phase 2 DAYBREAK trial, Rhythm modified enrollment criteria to focus initially on rare variants associated with 10 prioritized MC4R-relevant genes, which the company and key opinion leaders believe have the highest probability of success.

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