Check-up: Remarkable recovery has two big biotech losers talk of the town
Health & Biotech
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The three best-performing health and biotech companies in the past fortnight have all seen their shares fly on the back of positive clinical trial results — and the top two are companies trying to recover from previously disappointing trials.
Both Actinogen (ASX:ACW) and Bionomics (ASX:BNO) were the subject of shareholder scorn in the past year, as each conducted phase II trials that failed to have the desired effect.
But shareholders who stuck fat with the beleaguered biotechs are smiling now — both have had extraordinary share price gains thanks to signs their drugs might work after all.
Actinogen is the biggest winner, up 333 per cent, after reporting that higher dosages of its Alzheimer’s drug Xanamem facilitated improved cognitive function in healthy elderly patients in a Phase I trial.
The company plummeted earlier this year when it revealed that an elongated phase II trial of 10mg of Xanamem in Alzhiemer’s patients failed; the latest data suggests 20mg may work.
Similarly, Bionomics (ASX:BNO), which is trying to treat PTSD with its drug BNC210, is up 208 per cent upon optimising the dosage for a redo of its failed phase II trial.
Around this time last year the company shed two-thirds of its value when the drug didn’t work. But a re-examination in February found that some patients in the original trial included people who didn’t take the drug as intended (with food). For those that did, it remained in the patients’ bloodstream and had a positive effect on PTSD symptoms.
There haven’t been any significant falls in the past two weeks, however Smiles Inclusive (ASX:SIL) is haemorrhaging value, down 94 per cent year-on-year.
Here are all the ASX small cap health and biotech stocks and their performance in the past fortnight:
Swipe or scroll to reveal the full table. Click headings to sort