Rhythm Pharmaceutical announces encouraging Setmelanotide study results
Rhythm Pharmaceuticals Inc (NASDAQ: RYTM) jumped 24.35% after announcing positive interim results for the second phase clinical study evaluating its MC4R agonist, Setmelanotide, for treatment of hyperphagia and severe obesity in individuals with hypothalamic obesity. Based on the encouraging results, the company will proceed with Phase 3 clinical development after consultation with regulatory authorities. As of May 6, 2022, the data cutoff date, 11 subjects were eligible for evaluation, including 9 participants who completed 16 weeks of therapy, plus two who discontinued because of treatment-related adverse events.
Additionally, Setmelanotide significantly decreased hunger scores. The typical improvement in hunger scores for adolescents older than 12 who finished 16 weeks of therapy. Setmelanotide was shown to be safe and well-tolerated, which is consistent with the previous clinical work in other uncommon MC4R pathway illnesses. The most commonly reported treatment-related adverse effects included COVID-19, diarrhea, injection site response, abdominal pain, and nausea.
Elliot Management increases its stake in Pinterest to over 9%
Pinterest Inc (NYSE: PINS) gained 16.17% after the Wall Street Journal stated that Elliot Management had established a considerable stake in the social media and image-sharing company. Elliot Management has now taken its stake to more than 9% in Pinterest, which was a big beneficiary of the COVID-19 pandemic that has been struggling with a drop in the number of users with the lifting of pandemic restrictions. As a result, the activist investor is now the largest Pinterest shareholder.
Activist investors have a history of making investments in digital businesses and enforcing reforms, notably in the management and sales of those companies. Since the start of 2022, the Pinterest stock has decreased by more than 45 percent. In spite of difficulties, the $12 billion company announced Q1 2022 financial results in late April that exceeded Wall Street estimates.
Beyond Meat to introduce plant-based steak
Beyond Meat Inc (NASDAQ: BYND) jumped 13.67% following reports that the company plans to release a new product this year. Already the company offers plant-based sausages, tenders, meatballs, and burgers. In addition, it plans to release a plant-based steak option that replicates the whole slice instead of mimicking ground texture like most of its meat analogs.
Customers will be able to buy the steak slices online and in stores, but it will take some time before the plant-based meat becomes a standard in restaurants, given how popular the Beyond Burger has grown in recent times. The company is following in the footsteps of others, like Juicy Marbles, which is expanding beyond “burgers” and introducing plant-based steak substitutes. CEO Ethan Brown recently indicated that the company is optimistic as it emerges from the pandemic and expects profit to improve after consolidating operations and reducing transport expenses.