ASX small caps lead the market down amid continuing global carnage

Here are some of the ASX small caps hardest hit this morning:

GOING DOWN

AI virtual assistant Flamingo AI (ASX:FGO) fell 37 per cent to 2.2c after two key potential clients said they weren’t interested in continuing a paid trial.

AMP and Liberty Mutual Insurance have both ended paid trials of the AI virtual assistant and say they don’t want to buy the service.

For a time last year it was considered one of the hottest AI small caps on the ASX, with shares rising from a low of 2.5c in June to highs around 9c in November and January.

In July, Flamingo had ten potential customers in various stages of testing its technology.

Metgasco (ASX:MEL) fell 31 per cent to an intraday low of 5.2c after telling investors its drilling operations at a US well were unsuccessful.

The Weiss-Adler well has been deemed non-commercial and is being plugged and abandoned, the company said.

Final costs were expected to be materially lower than original estimates (US$7.5m vs. US$10.5m).

The well was drilled to a total depth of 17,766 feet MD and tested all objectives.

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Alligator Energy (ASX:AGE) lost 25 per cent to fall back to a year-long low of 0.3c.

It told investors yesterday it had not found any “significant intercepts of uranium” at its TCC4 uranium prospect in the Northern Territory.

“While no immediate significant uranium has been identified based on scintillometer readings, we have covered only part of our target area,” chief Greg Hall said.

“It must be remembered that even drilling 100m away from the Ranger deposits would have found no anomalous uranium mineralisation.”

Here are the worst performing ASX small cap stocks at 4pm Thursday October 11: 

Swipe or scroll to reveal the full table. Click headings to sort

GOING UP

Drug maker Pharmaxis (ASX:PXS) was one stock to buck the trend, with news it had gotten another drug through a clinical trial.

The shares rose 7 per cent to 31c in early Thursday trade before finishing at 30c.

Pharmaxis says a phase one clinical trial for the first of its Lysyl Oxidase Like 2 (LOXL2) inhibitor compounds shows it’s safe for human use.

Here are the best performing ASX small cap stocks at 4pm Thursday October 11: 

Swipe or scroll to reveal the full table. Click headings to sort