Check up: Health stocks firing on excitement… and little else
Health & Biotech
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Here’s our fortnightly wrap of all the news driving ASX health stocks.
Of the ASX’s 137-odd small cap health stocks and of those which were trading on Tuesday, 59 were in positive territory over the last fortnight, 22 were flat and 58 saw their share prices fall.
Little besides enthusiasm was driving the top movers in healthcare over the last two weeks.
Half of the top 10 rose because there were more buyers than sellers, or market-speak for there wasn’t much else around to drive the stock.
The other half were a mixed bag which didn’t, for a change, include any COVID-19 news.
Painchek (ASX:PCK) won an Australian patent for its smartphone pain assessment and monitoring technology.
The company already has patents in the US and Japan, and is now looking for regulatory approval in the US.
The patent gives PainChek the right to exclude others from making, using, selling or importing the invention until August 2035.
Sperm separator Memphasys (ASX:MEM) said more people were trading its shares in Frankfurt, where it’s also listed, but that wasn’t the news that got people going.
Memphasys has been building a market over the last two years for its horse and human device that separates the good sperm from the bad.
This week it reaffirmed guidance that sales will start later this year.
“In the past few months, we noticed an increase in demand of Memphasys shares in the German-speaking region through a secondary listing at the ‘open market’ of the Frankfurt Stock Exchange. The listing on the additional exchanges was driven by local investor demand, which has increased in recent weeks,” Memphasys chair Alison Coutts said.
Foot doctor conglomerate Healthia (ASX:HLA) screamed in all caps that it’s bought 12 podiatry clinics in Victoria for $5m.
Moreover, the clinics appear to not have been affected too badly by the pandemic closures.
Healthia has achieved a target of spending $15m on buying other businesses in FY20.
It said the opening of two new clinics in Queensland would be delayed by four and seven months respectively.
Mental health software maker Total Brain (ASX: TTB) received $1.2m from the US government via the Paycheck Protection Program and an additional $200,000 from government relief programs in Australia.
MRI-compatible medical device maker Imricor (ASX:IMR) continued to rise off the back of a deal with German company Sana, which looks after 600 hospitals and medical institutions in Germany and Switzerland.
Imricor is a very lightly traded stock. On May 1 and May 5 there was significant trading in the stock, following the Sana news, but it has tapered off since then. At the time of writing on Wednesday no trades had been made in the company’s stock.