Rhythm (ASX:RHY) share price surges 10% on ColoSTAT results

The Rhythm Biosciences Ltd (ASX: RHY) share price is surging 10% today following the release of its ColoSTAT results. We take a closer look.
The post Rhythm (ASX:RHY) share price surges 10% on ColoSTAT results appeared first on The Motley Fool Australia. –

Monadelphous share price rio tinto A small rocket take off from a laptop, indicating a share price surge

The Rhythm Biosciences Ltd (ASX: RHY) share price is a strong mover today following the release of its ColoSTAT results.

Rhythm’s ColoSTAT is an experimental test-kit that is being trialled as a low-cost, easy-to-use blood test to detect colorectal cancer.

At the time of writing, the medical device company’s shares are trading for 96 cents, up 10.9%.

What’s driving the Rhythm share price higher?

Investors are fighting to get a hold of Rhythm shares after digesting the company’s encouraging announcement.

In a statement to the ASX, Rhythm advised that ongoing enhancements to its ColoSTAT technology have yielded further potential improvements. The company explained that when adding in known lifestyle related factors (LRF), the device increases in accuracy for cancer detection.

A number of LRF have been linked to colorectal cancer such as diet, weight, exercise, smoking and type 2 diabetes.

Previously, Rhythm achieved positive results from its Study 6 findings in mid-March. It stated that ColoSTAT prototype test-kit demonstrated an accuracy of 84% sensitivity at 95% specificity. This showed that the company’s proprietary device surpassed the current market standard faecal tests.

However, with the latest performance improvements by adding a patient’s LRF, colorectal cancer detection has increased sensitivity levels to 88%. The specificity remains the same at 95%.

Rhythm noted it will seek to continue to develop and test on a larger number of samples in the near future.

Rhythm CEO, Glenn Gilbert welcomed the result by reaffirming the company’s ColoSTAT reputation, saying:

We have shown that ColoSTAT is already superior in detecting colorectal cancer when compared to the current market standard faecal test.

The capability to broaden the effectiveness of our core cancer detection technology, via a simple addition of commonly measured data, is extremely exciting in the context of our objective to reduce the social and economic burden of colorectal cancer globally.

The Rhythm share price has accelerated over the past year to more than 1,100%. However, year-to-date performance is sitting close to just above 10%.

Where to invest $1,000 right now

When investing expert Scott Phillips has a stock tip, it can pay to listen. After all, the flagship Motley Fool Share Advisor newsletter he has run for more than eight years has provided thousands of paying members with stock picks that have doubled, tripled or even more.*

Scott just revealed what he believes are the five best ASX stocks for investors to buy right now. These stocks are trading at dirt-cheap prices and Scott thinks they are great buys right now.

See The 5 Stocks

*Returns as of February 15th 2021

More reading

Motley Fool contributor Aaron Teboneras has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

The post Rhythm (ASX:RHY) share price surges 10% on ColoSTAT results appeared first on The Motley Fool Australia.

Trade The World Anywhere & Anytime!

Mobile app platform with over 50,000 global listed securities across 12 markets (over 70% global market capitalisation), right from your Android or iOS device.

Integrated with exclusive trading idea and investment analysis tools to help you find actionable insight on virtually every financial instrument across our 12 global markets, to help you optimise your trading strategies.

Refer Your Friends

Tell your friends about Monex and gift them FREE access to our trading tools.

We respect your privacy and will only send this one email notification to your friends. 

Share With Your Friends

Share on facebook
Share on twitter
Share on linkedin

Monex Trading Tools Access and Usage Terms

The Monex Trading Tools (referred to as ‘tools’ hereafter) are available to you inside your client portal;

To activate access to the tools, you must have a verified and approved trading account and have made a deposit of at least AUD $1000.

An active and funded account with a positive trading balance is required to continue to have access to the tools;

Although the tools are available to you indefinitely, Monex Securities may at it’s discretion disable access to the tools in the future;

Monex securities reserves the right to change these terms and conditions from time to time, as it sees fit, without notice.

Important Notice
iOS & Android App - 12 International Markets & Over 70% Global Market Cap. $0 Brokerage On US Trades. Click Here!