Day: September 2, 2021

Here’s why the Neuren Pharmaceuticals (ASX:NEU) share price is up 11%

Medical professionals cheering good news. pro medicus

The Neuren Pharmaceuticals Ltd (ASX: NEU) share price has jumped into the green during afternoon trading on Friday.

Neuren shares are on the move after the company made a key announcement earlier today.

Let’s investigate further.

What did Neuren announce?

Neuren advised that the US Food and Drug Administration (FDA) has granted “orphan drug designation” to one of the company’s drug candidates.

For reference, the term “orphan drug” is a label given to a drug or treatment that has been developed for medical conditions that are so rare, it would be unprofitable to produce without assistance from either a sponsor or the government.

The orphan drug designation gives companies involved a special tax window of 7 years. It also gives them exclusivity over the rights to develop a cure for these kinds of rare conditions.

According to today’s announcement, the FDA granted the orphan status to Neuren’s drug candidate “NNZ-2591”, which is about to initiate Phase 2 clinical trials across a number of complex diseases.

NNZ-2591 was granted orphan drug status for the treatment of Prader-Willi syndrome. This is a neurodevelopmental disorder that causes issues with weight regulation, learning disabilities, growth hormone deficiencies, gastrointestinal issues, and difficulty controlling emotions, amid other signs and symptoms.

Neuren had previously demonstrated positive outcomes from studies of NNZ-2591 in mice.

Investors have favoured the news and are rewarding the company, pushing the Neuren Pharmaceuticals share price higher.

Neuren shares are now exchanging hands at $2.50 apiece, an 11.11% jump on the day.

What did management say?

Speaking on the announcement, Neuren CEO Jon Pilcher said:

We were excited by the strong pre-clinical efficacy of NNZ-2591, which clearly demonstrated the potential for the mechanism of action to have a positive impact on Prader-Willi syndrome. We are now delighted to receive Orphan Drug designation from the FDA following review of our rationale and data. This underpins the commercial opportunity and follows Orphan Drug designation already granted for PhelanMcDermid, Angelman and Pitt Hopkins syndromes.

Neuren Pharmaceuticals share price snapshot

The Neuren Pharmaceuticals share price has climbed 89% into the green this year to date. It has also gained 94% over the past 12 months.

These results have outpaced the S&P/ASX 200 index (ASX: XJO)’s return of about 25% over the past year.

The post Here’s why the Neuren Pharmaceuticals (ASX:NEU) share price is up 11% appeared first on The Motley Fool Australia.

Should you invest $1,000 in Neuren Pharmaceuticals right now?

Before you consider Neuren Pharmaceuticals, you’ll want to hear this.

Motley Fool Investing expert Scott Phillips just revealed what he believes are the 5 best stocks for investors to buy right now… and Neuren Pharmaceuticals wasn’t one of them.

The online investing service he’s run for nearly a decade, Motley Fool Share Advisor, has provided thousands of paying members with stock picks that have doubled, tripled or even more.* And right now, Scott thinks there are 5 stocks that are better buys.

*Returns as of August 16th 2021

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The author Zach Bristow has no positions in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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Why Metalstech, Mineral Resources, TechnologyOne, & Webjet are storming higher

happy investor, share price rise, increase, up

In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to finish the week with a decent gain. At the time of writing, the benchmark index is up 0.7% to 7,535.5 points.

Four ASX shares that are climbing more than most today are listed below. Here’s why they are storming higher:

Metalstech Ltd (ASX: MTC)

The Metalstech share price has jumped 12% to 27.5 cents. This follows the release of an update on its lithium spin-out plans. On 4 October, Metalstech shareholders will be able to vote to spin-out the company’s lithium assets to Winsome Resources. If approved, Metalstech shareholders will receive 1 Winsome share – worth 20 cents – for every 3.5 Metalstech shares held.

Mineral Resources Limited (ASX: MIN)

The Mineral Resources share price is up 2.5% to $54.65. This morning the mining and mining services company announced the completion of the acquisition of Red Hill Iron’s 40% participating interest in the Red Hill Iron Ore Joint Venture. However, this was largely priced in already. Therefore, today’s gain appears to be more likely due to bullish sentiment in the lithium sector.

TechnologyOne Ltd (ASX: TNE)

The TechnologyOne share price has climbed 3% to $10.42. Investors have been buying the enterprise software company’s shares after it announced an acquisition. According to the release, TechnologyOne has entered into an agreement to acquire Scientia Resource Management for 12 million pounds (A$22.4 million). Scientia is a United Kingdom-based technology company servicing the higher education sector.

Webjet Limited (ASX: WEB)

The Webjet share price is up 3% to $5.90. Investors have been buying the online travel agent’s shares this week following the release of a positive trading update. That update revealed that its key WebBeds business has become profitable again. Management expects this to continue and underpin a return to positive operating cash flow during the first half of FY 2022.

The post Why Metalstech, Mineral Resources, TechnologyOne, & Webjet are storming higher appeared first on The Motley Fool Australia.

Wondering where you should invest $1,000 right now?

When investing expert Scott Phillips has a stock tip, it can pay to listen. After all, the flagship Motley Fool Share Advisor newsletter he has run for more than eight years has provided thousands of paying members with stock picks that have doubled, tripled or even more.*

Scott just revealed what he believes could be the five best ASX stocks for investors to buy right now. These stocks are trading at near dirt-cheap prices and Scott thinks they could be great buys right now.

*Returns as of August 16th 2021

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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended Webjet Ltd. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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Why the Leigh Creek Energy (ASX:LCK) share price is lifting higher today

Mining worker wearing hard hat and high vis vest holds thumbs up and smiles

The Leigh Creek Energy Ltd (ASX: LCK) share price is lifting higher today, up 3.7% at the time of writing to 14 cents per share.

Below, we take a look at the licencing announcement that appears to be driving investor interest in the ASX resource explorer, which is a 100% subsidiary of Leigh Creek Oil and Gas Pty Ltd.

What did Leigh Creek announce?

Leigh Creek Energy’s share price is gaining today after the company reported it has been awarded a Petroleum Exploration Licence 676 (PEL) in key Cooper Basin oil and gas acreage by the South Australian Minister for Energy and Mining.

The licence enables Leigh Creek to progress with its agreed exploration program, which will focus on leads it identified from existing 2D seismic surveys.

Leigh Creek reported that the Native Title agreement for its prospect has been completed. It now plans a farm down, after which it will commence drilling exploration wells.

In a statement, the company said it chose to invest in Cooper Basin because it offers “a low cost of entry, relatively low risk, potential for near-term revenue as well as a favourable and stable regulator in the South Australian and Queensland governments”.

Commenting on the licence award, Leigh Creek’s managing director Phil Staveley said:

LCK’s portfolio of Cooper Basin exploration permits allow the company to diversify activities with a secondary development project which complements the Leigh Creek Energy Project (LCEP). While building the LCEP remains our ongoing focus the grant of PEL 676 illustrates our continued progress on our portfolio diversification strategy and the ongoing support of the South Australian government.

Leigh Creek Energy share price snapshot

Leigh Creek Energy’s share price is up 75% over the past 12 months, more than 3 times the 24% gains posted by the All Ordinaries Index (ASX: XAO).

Over the past month, the Leigh Creek Energy share price has seen a few big ups and downs, and is currently trading right where it was on 3 August.

The post Why the Leigh Creek Energy (ASX:LCK) share price is lifting higher today appeared first on The Motley Fool Australia.

Should you invest $1,000 in Leigh Creek right now?

Before you consider Leigh Creek, you’ll want to hear this.

Motley Fool Investing expert Scott Phillips just revealed what he believes are the 5 best stocks for investors to buy right now… and Leigh Creek wasn’t one of them.

The online investing service he’s run for nearly a decade, Motley Fool Share Advisor, has provided thousands of paying members with stock picks that have doubled, tripled or even more.* And right now, Scott thinks there are 5 stocks that are better buys.

*Returns as of August 16th 2021

More reading

The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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ASX Tech shares are lagging behind the ASX 200 on Friday

Tortoise with rocket strapped to back in front while another tortoise lags behind

The S&P/ASX All Technology Index (ASX: XTX) is trailing the S&P/ASX 200 Index (ASX: XJO) today. While the ASX 200 is gaining 0.32%, right now, the Tech Index is down 0.56%. And the index’s biggest addition is among those leading the decline.

Let’s take a look at the tech index’s bad day.

ASX 200 beats out tech shares

The ASX 200 is beating the Tech Index today as one of the market’s favourite shares is in the red.

The Afterpay Ltd (ASX: APT) share price is faltering today. It has slipped 3.03% at the time of writing, leaving its shares trading for $130.36 apiece.

Another weight on the Tech Index is Novonix Ltd (ASX: NVX) which, before today, had gained 20% this week. The Novonix share price is currently down 0.81%, trading at $4.91.

The 4DMedical Ltd (ASX:4DX) share price is also bringing the sector down. It’s fallen around 7% since Wednesday when it announced a new trial. It is continuing its poor week’s performance by dropping 1.64% today.

Finally, Dicker Data Ltd (ASX: DDR) has lost some of the gains it made yesterday after a number of its directors bought shares in the company on-market. It’s down 3.13% today despite releasing no news.

Fortunately, the Tech Index is also home to soaring Silex Systems Ltd (ASX: SLX) stock. The Silex share price is continuing its incredible run, gaining another 10% on Friday.  Additionally, the IOUPay Ltd (ASX: IOU) share price is up 3.57% — having earlier surged 7% — despite no news having been released by the payment provider.

Also fortunately, though this time for the ASX 200, the mining sector is booming. The ASX 200 hasn’t felt too much impact from the Tech Index’s struggles as Whitehaven Coal Ltd (ASX: WHC), Pilbara Minerals Ltd (ASX: PLS), Rio Tinto Limited (ASX: RIO), and Santos Ltd (ASX: STO) are all in the green.

In fact, the struggling Afterpay share price is bringing up the rear among the ASX’s biggest companies.

The post ASX Tech shares are lagging behind the ASX 200 on Friday appeared first on The Motley Fool Australia.

Wondering where you should invest $1,000 right now?

When investing expert Scott Phillips has a stock tip, it can pay to listen. After all, the flagship Motley Fool Share Advisor newsletter he has run for more than eight years has provided thousands of paying members with stock picks that have doubled, tripled or even more.*

Scott just revealed what he believes could be the five best ASX stocks for investors to buy right now. These stocks are trading at near dirt-cheap prices and Scott thinks they could be great buys right now.

*Returns as of August 16th 2021

More reading

Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned.

The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and has recommended AFTERPAY T FPO and Dicker Data Limited. The Motley Fool Australia owns shares of and has recommended AFTERPAY T FPO and Dicker Data Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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