Rhythm Biosciences Share Price Doubles in a Day (ASX:RHY)
While the ASX falters, one small-cap is booming.
The share price of Rhythm Biosciences Ltd [ASX:RHY] is up 127% at time of writing. Surging on the back of an update in regards to the company’s cancer screening tech.
It would seem even this lockdown can’t totally stop the march of progress.
Better testing, better results
The key to Rhythm’s operation is a blood test. A product that they’re calling ColoSTAT™.
This test is designed to read and measure biomarkers for spotting colorectal cancer. A method that could replace, or at least assist, current faecal testing.
However, the important detail is that it works. That’s what today’s announcement was all about. Confirming that the ColoSTAT test can differentiate between healthy and cancerous blood samples.
As the company details:
‘This key lead biomarker is known to be the majority contributor of the algorithm that will ultimately generate a colorectal cancer risk score for an individual. The successful validation, stabilisation and reproduction of this biomarker, including its ability to differentiate between cancer and healthy samples, has significantly de-risked Rhythm’s technology from a scientific perspective.’
Now, it is simply a matter of making the test widely available. Though the company still has a few hurdles to jump before ColoSTAT can go on the market just yet.
Hopefully though, it will be sooner rather than later. Not only for Rhythm’s bottom line, but for at-risk individuals everywhere.
The takeaway from Rhythm’s success though, is that opportunity still abounds. Especially when it comes to the biotech sector right now.
Health and wellness are on everyone’s mind. And finding companies offering up new treatments for coronavirus or otherwise are an appealing investment avenue.
Granted, finding the big winners like Rhythm isn’t always easy. Especially during volatile markets, such as the one we have now.
But, with a little diligence and a lot of digging, you can find some great stocks. Luckily, we’ve done some of that digging for you.
We’ve developed something we call the ‘Coronavirus Portfolio’. A mix of stocks hand-picked to help you navigate the markets in this trying time. And in it we have a mix of ‘solution stocks’, companies that are tackling this virus head on. For all the details (for free), click here.
Editor, Money Morning