The Australian share market was on form on Tuesday and stormed notably higher again.
While a good number of shares climbed higher with the market, a few climbed more than most.
In fact, some climbed so much they reached new highs. Two which did exactly this are listed below. Here’s why they are on fire right now:
BrainChip Holdings Ltd (ASX: BRN)
The BrainChip share price rocketed to a record high of 78 cents on Tuesday. Investors have been buying the artificial intelligence technology company’s shares after it announced a collaboration with VORAGO Technologies at the start of the month. This collaboration could prove to be a very important one for BrainChip as it is intended to support a Phase 1 NASA program for a neuromorphic processor that meets spaceflight requirements.
Management believes its Akida neuromorphic processor is uniquely suited for spaceflight and aerospace applications. The device is a complete neural processor and does not require an external CPU, memory, or Deep Learning Accelerator. While I think BrainChip has some exciting technology, it still has a lot to prove. So with a market capitalisation of over $1.1 billion, I would suggest investors approach with caution.
Recce Pharmaceuticals Ltd (ASX: RCE)
The Recce share price stormed to a record high of $1.88 yesterday. Investors were fighting to get hold of the biotechnology company’s shares after it provided an update on its international COVID-19 in vitro studies being undertaken by Path BioAnalytics and the University of Tennessee’s Health Science Centre.
That update revealed that its Recce 327 (R327) and Recce 529 (R529) compounds have shown concentration-dependent reductions in the COVID-19 virus in an in-vitro study using organoids made from human airway epithelial cells. In light of this, researchers have recommended that the company advance research of both R327 and R529. Although this is very promising, management warned investors not to get too excited just yet. It commented: “Whilst Recce is delighted by the results, further testing must be completed before either (or both) compounds may be deemed safe or effective as a treatment of SARS-CoV-2.”
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More reading
- How I’d turn $5,000 into $100,000 with ASX growth shares
- Why the Brainchip (ASX:BRN) share price soared 30% today
- Recce Pharmaceuticals (ASX:RCE) rockets to record high on COVID-19 update
- Afterpay and Brainchip were among the most traded shares on the ASX last week
- ASX All Technology Index swells with new additions
Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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