Check Up: Bard1 leads healthcare space as shares rise 470% in 2 weeks
Health & Biotech
Health & Biotech
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Here’s our fortnightly wrap of all the news driving ASX health stocks.
It’s been a largely positive two week in the ASX small and mid-cap healthcare space, with 67 companies gaining ground and 49 losing it. Another 16 companies were flat and we had one debutant that we’ll get to later.
Bard1 Life Sciences (ASX:BD1) has been by far the biggest gainer since February 3, with shares in the cancer diagnostic company up 470 per cent through yesterday afternoon to $3.25.
At the beginning of the month, BD1 shares were changing hands for less than 60c – and had been in decline for the past 12 months – but have rocketed higher in recent days after the company released data showing its cancer detection tech works against breast cancer and ovarian cancer.
“Obviously we’ve accomplished a lot in a week,” Bard1 chief executive Dr Learnne Hinch joked to Stockhead.
In reality, not much has changed with the company recently, she added. Staff have been hard at work for months “building the foundations for our success” — developing Bard1’s cancer-detecting blood tests and integrating technology from Sienna Cancer Diagnostics after last year’s merger.
“We think we have been substantially undervalued, and the market is finally recognising our value,” she said.
The company is focused on early cancer detection through simple, cost-effective blood tests that could save lives.
“Our multi-product pipeline covers some of the world’s most common and deadliest cancers in multi-billion dollar markets for ovarian, breast, prostate, and pancreatic cancers,” Dr Hinch wrote in an email.
Bard1 has a number of potential value inflection points coming up, including registering its hTERT cancer blood test in South Korea this quarter, and launching its exosome purification platform next quarter.
“We’ve got a lot going on as a business, it’s going be an exciting year for Bard1 and shareholders,” Dr Hinch said.
Wondering why $BD1 went up 114% today?
The holy grail of cancer testing is a blood test. Walk in to the GP. They do a blood test and they tell you if you have cancer. And then monitor your treatment with a blood test.
— TwinTurboCelica (@TwinTurboCe1ica) February 11, 2021
The second spot belongs to MGC Pharmaceuticals (ASX:MXC), whose shares soared after MGC became the first cannabis company to list on the London Stock Exchange.
MGC shares have retreated a bit after touching 8c earlier this week, trading for 6.7c yesterday afternoon, still up 157.7 per cent for the fortnight.
Bionomics (ASX:BNO) was in third with an 82 per cent gain, to 26.5c. The company held a $16 million capital raising last week at 14.5c a share to fund a phase 2b clinical trial of its drug candidate to treat post-traumatic stress disorder (PTSD).
On the flip side, Cryosite (ASX:CTE) shares are down by a third, to 26.5c, over the fortnight.
The clinical trials company has released no news, but ASX documents show that a major shareholder has been selling down its holdings.
Blood and tissue bank Cell Care Australia sold over half a million shares over the period, reducing its stake in Cryosite to 18.6 per cent, from 19.7 per cent.
Its shares closed Wednesday at 45c, and changed hands on Tuesday for as much as 55c.