3 ASX health care shares that burned the market today

rising medical asx share price represented by excited doctors dancing in ward

The S&P/ASX 200 Index (ASX: XJO) was rangebound today and closed the session 0.11% in the green at 7,407.5 points.

Meanwhile, the S&P/ASX 200 Health Care Index (ASX: XHJ) matched the broader market and also finished 0.11% higher today.

These 3 ASX health care shares stood out as clear winners amongst the packs, with each beating the market by 10% today. Here are the details.

Emyria Ltd (ASX: EMD)

Clinic and software operator Emyria came out 10% on top today despite there being no market sensitive information from the company.

However, Emyria shares took off in an almost vertical fashion last week and haven’t slowed since. The company did release a flurry of announcements this week. Even still, investors were piling in and driving up prices in the days beforehand.

For instance, it announced a collaboration with strategic investor Tattarang, where the private investment group secured $5 million in Emyria via a share placement.

The funds will be used to accelerate synthetic cannabinoid registration programs with the TGA and FDA, and advance Emyria’s novel MDMA-analogue development program with the University of Western Australia.

Then it followed up two days later advising it had received a $1.162 million R&D tax incentive refund, which kept its share price tracking upwards until today.

All in all, it’s been a pleasant gain this month for Emyria shareholders. After a slight hiccup mid-month, the Emyria share price has gained over 92% so far in November.

Control Bionics Ltd (ASX: CBL)

Shares in Control Bionics also came out on top today, closing around 11.5% higher at 45.75 cents. Control’s share price has been rolling downhill these past 3 months and has come off a 3-month low of 40.5 cents as of yesterday.

However, its presentation at the Morgans Investment conference yesterday appears to have gained investors’ attraction once more. In the display, the company noted that it is aiming to combine its “NeuroNode wearable technology with high quality eye-gaze camera technology creating market leading products that delivered faster communication speed and significantly less fatigue than existing competition globally”.

It also noted revenue of almost $4 million in FY21 and a healthy balance sheet with $12 million in liquidity as of 30 June 2021.

Control Bionics also intends to expand its product range within the assistive technology market for autism. Today’s gains are welcomed after a difficult year for the company’s share price, having posted a loss of 61% in the past 12 months.

Singular Health Group Ltd (ASX: SHG)

Shares in technology-driven imaging player Singular Health jumped 10% to finish at 27.5 cents. In fact, Singular Health shares have climbed 17% in the past 2 days, after hitting the ceiling at 30 cents last week.

Investors appear to have had a mixed reaction to confirmation that Singular is forming a 50/50 joint venture (JV) with TerraCentric Pty Ltd under the name of GeoVR Pty Ltd.

The sole purpose of the JV is to commercialise 3D and virtual reality software GeoVR technology. Specifically, the new company will focus on mineral exploration data to be visualised in a fully interactive 3D environment.

The move was labelled as a critical step by the company in diversifying away from traditional medical markets.

Following the release, shares jumped slightly, before tumbling over 21% in a matter of days. So today’s gains are a hard one to pinpoint but are definitely part of the wider volatility in this name.

For instance, the Singular Health share price has traded as high as 30 cents and closed as low as 16 cents in the past 3 months – a 130% spread in pricing.

These 3 ASX health care shares all cruised past the market today amid strengths in the wider sector.

The post 3 ASX health care shares that burned the market today appeared first on The Motley Fool Australia.

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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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