Rhythm Pharmaceuticals stock surges 28% on AstraZeneca bid report

What happened: Rhythm Pharmaceuticals (NASDAQ) shares surged 28% on Wednesday after The Wall Street Journal reported AstraZeneca (NASDAQ) made a $10 billion acquisition offer for the biotech company. Key numbers: Offer of $124 per share reported last month. Shares closed at $110.68, up from around $95 earlier in the session. Why it matters: A potential acquisition would expand AstraZeneca's portfolio of rare disease treatments. Rhythm specializes in therapies for rare metabolic disorders, including severe obesity. Market: +2.8% today ($189.01), +4.3% YTD, 1.4x vol — as of 22:02 UTC

Rhythm Pharmaceuticals (NASDAQ) shares surged 28% on Wednesday after The Wall Street Journal reported AstraZeneca (NASDAQ) made a $10 billion acquisition offer for the biotech company.

A potential acquisition would expand AstraZeneca's portfolio of rare disease treatments. Rhythm specializes in therapies for rare metabolic disorders, including severe obesity. Market: +2.8% today ($189.01), +4.3% YTD, 1.4x vol — as of 22:02 UTC