Rhythm rises on $119.9M IPO

Rhythm Pharmaceuticals Inc. (NASDAQ:RYTM) gained $13 (76%) to $30 in its first day of trading Thursday after raising $119.9 million through the sale of 7.1 million shares at $17 in a bumped-up IPO underwritten by Morgan Stanley, BofA Merrill Lynch, Cowen and Needham.

Rhythm's lead candidate setmelanotide (RM-493) is in separate Phase III trials to treat obesity associated with proopiomelanocortin (POMC) deficiency and leptin receptor (LEPR; CD295) deficiency. Next year, the company plans to begin a third Phase III trial of setmelanotide to treat Bardet-Biedl syndrome...