Check Up: here’s what’s happening with 140 ASX small cap health stocks
Health & Biotech
Stockhead is introducing regular wraps of news from the hottest ASX small cap themes.
Today we’re adding a fortnightly look at the ASX’s 140-odd small cap health stocks.
It was one of the bigger health stories over the past fortnight, compounded by news that the National Disability Insurance Scheme was failing to rescue young people from aged care homes.
Stockhead‘s Rachel Williams reports that despite a 20 per cent fall in the value of some ASX aged care stocks, they still don’t look like an opportunity.
Just 47 of the ASX’s 140-odd small cap health stocks have seen share price rises over the past two weeks, compared with 73 which experienced falls (23 were flat).
There was an average share price movement of just 0.5 per cent.
>> Scroll down for a table showing the performance of small cap health stocks over the past two weeks
Two respiratory-related stocks made some of the biggest gains over that period.
Respiri (ASX:RSH) — up 39 per cent to 11c — makes what they call the world’s first digital wheeze detection and measurement technology.
It’s aimed at replacing outdated and difficult-to-use instruments for lung function testing.
Respiri announced earlier this month that SRX Global would produce the hardware.
Similarly, ResApp (ASX:RAP) was up 38 per cent to 27c. ResApp produces an app that allows for instant diagnosis and management of respiratory disease.
The company went into a trading halt on Monday morning, pending the release of an announcement about a capital raise that is due out on Wednesday.
The company is up 4 per cent in the past fortnight, hitting 48c.
Rhythm Biosciences (ASX:RHY), which listed in December last year, is also up around 4 per cent.
The company says that it is hoping to help treat bowel cancer, which is rising in Asia.
Podiatry roll-up Healthia (ASX:HLA) has had a good start to life on the ASX, with its share price rising 26 per cent since it listed last week.
The company launched a $27 million initial public offering back in August.
Chairman Glen Richards is hoping a co-owner model will allow Healthia to gain a large scale foothold in the fragmented $3 billion sector, much in the same way as he did with his vet clinic Greencross (ASX:GXH).
At the other end of the scale, mental health tech company Medibio (ASX:MEB) finds itself down 41 per cent in the past fortnight.
While the company reported good news earlier this month that its algorithm for detecting depression hit accuracy rates of about 70 per cent, it also lost its CEO, Jack Cosentino, who suddenly and unexpectedly departed the company.
Shares in Medibio are also down 77 per cent year-on-year. The company was trading at 8.8c yesterday.
Here’s a table showing price performance for the ASX’s small cap health stocks over the past two weeks.
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