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Rhythm Pharmaceuticals Stock Slips 13% After Pricing Offering At $26

Shares of Rhythm Pharmaceuticals, Inc. (RYTM) are slipping over 13% on Thursday after company priced a public offering of 4.8 million shares at $26.

RYTM is currently trading at $26.55, down $4.30 or 13.94%, on the Nasdaq. The stock opened its trading at $28.30 after closing Wednesday's trading at $30.85.

Rhythm Pharmaceuticals is a commercial-stage biopharmaceutical company focused on transforming the lives of patients and their families living with hyperphagia and severe obesity caused by rare melanocortin-4 receptor pathway (MC4R) diseases.

The company announced the pricing of its public offering of 4,800,000 shares of its common stock at a public offering price of $26.00 per share.

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