An article in stock head explains the recent selling....This...

An article in stock head explains the recent selling....

This week’s most notable trade was a sale made by a shareholder of Rhythm Biosciences (ASX:RHY) which is developing a colorectal cancer detection kit that it hopes to be cheaper, more effective and less invasive than the faecal test run by the government.

Rhythm listed in 2017 and for a couple of years it wasn’t clear if the company was going anywhere. But that’s changed this year and shares have rocketed from under 5 cents to over $1.10.

One of Rhythm’s largest shareholders, Loumea Investments (a private investment company in Melbourne owned by Richard Vom), lodged its latest substantial holder notice earlier this week. Over the last four months it has parted with 2,754,346 shares for over $1.2 million.

Loumea has long been a Rhythm shareholder but last topped up its holding with a purchase of six million shares back on September 3 for $360,000 – at 6 cents per share. The former parcel would have cost $165,261 – representing a gain of over 600 per cent.