Check-up: here’s the latest with the ASX small cap health stocks
Health & Biotech
Health & Biotech
Here’s our monthly wrap of all the news driving ASX health stocks.
Plenty of people are reticent about the effect artificial intelligence will have on our lives, but ASX small cap health investors don’t appear to be among them.
The biggest mover in the health sector since we last checked in on the 140-odd small cap health stocks is Resonance Health (ASX:RHT), having risen 234 per cent from a piddling 2.9c to 9.7c on Tuesday, and as high as 12.2c last week.
Behind the move is a pivot to artificial intelligence. Chief Alison Laws told Stockhead an expansion into AI and selling through channel partners and distributors such as the Blackford Analysis platform and EnvoyAI in the US was the foundation for the rise.
The company got FDA approval in November for its AI product Ferrismart, an AI-based version of their existing Ferriscan system, which measures iron concentrations in the liver via MRI.
Phosphagenics (ASX:POH), a company with a patented drug delivery system called TPM, is technically the next best with a 67 per cent rise — but that is just two-tenths of a cent in reality.
The company lost the vast majority of its value when it lost a court case in early November, and was trading at 0.5c on Tuesday.
Avita Medical (ASX:AVH) shot up 64 per cent, boosting its market cap to $224 million and share price to 12.5c after launching its spray-on skin in the US.
The RECELL System uses a small amount of a patient’s own skin to prepare spray-on skin cells at the point of care in as little as 30 minutes, providing a new way to treat thermal burns.
Wearables play CardieX (ASX:CDX), which is led by the charismatic serial entrepreneur Craig Cooper, has had a slew of news in the last couple of months, which has driven its share price up 42 per cent to 4.7c.
It raised $5.5 million in funding, signed agreements to develop more sensor technology, a collaboration with US electronics and medical devices company GEMDC and executed a marketing agreement with a big health insurer in the US.
Dodgy knee fixer Paradigm Biopharma (ASX:PAR) hit an all-time high thanks to data from a Phase II clinical trial showing its drug iPPS worked in patients with osteoarthritis knee pain.
It has mellowed since, and was trading at $1.14 on Tuesday, still an 18 per cent improvement on the price before the trial read-out.
>> Scroll down for a table showing the performance of small cap health stocks over the past month
Just 36 stocks in total have seen share price rises since November, however. A whopping 97 have lost value, six were flat, while we waved goodbye to Zenitas, which was taken private by a consortium led by Adamantem Capital and Liverpool Partners. Overall, health stocks are down 10 per cent.
Factor Therapeutics (ASX:FTT) has endured the most pain, with the company all but ceasing to exist thanks to a failed clinical trial.
Innate became Amplia (ASX:ATX), and in a case of very bad timing the US Justice Department and FBI began proceedings against former director Chris Collins in relation to share dealing during a trading halt.
Its shares have fallen 49 per cent to 26.5c.
Medibio (ASX:MEB), which was once trumpeting its tech test for mental health conditions under long-time health board-hopper Jack Cosentino before he left in October, has continued to fall.
By Christmas eve, its boardroom had become a revolving door and it was slashing costs. Its shares are down 48 per cent to 0.4c.
Here’s a table showing price performance for the ASX’s small cap health stocks since mid-November.
Swipe or scroll to reveal full table. Click headings to sort