Up 38% in a month, what’s sparking the recent Race Oncology share price run-up?

Five healthcare workers standing together and smiling.Five healthcare workers standing together and smiling.

The Race Oncology Ltd (ASX: RAC) share price had yet another stunning day, leaving the broader index well behind.

At close of trade, the specialty pharmaceutical company’s shares finished 15.74% ahead at $2.50 each. This means the company’s shares have now risen more than 38% in the past month.

For context, the All Ordinaries Index (ASX: XAO) closed 0.5% lower to 6,784.3 points today and is now down more than 9% for the month.

What’s driving Race Oncology shares forward?

Investors were rallying up the Race Oncology share price today amid the company’s latest string of announcements, along with positive sentiment.

Last month, the company advised it was conducting a share buyback to increase shareholder value.

The board approved the purchase of up to four million Race Oncology shares, which represents 2.5% of its issued capital.

When the news broke, this led shares in the company to finish 11.24% higher on the day.

Furthermore, Race Oncology released a statement highlighting two peer-reviewed abstracts published in the scientific journal, Cancer Research.

Both publications noted the company’s new preclinical data on the anti-cancer uses of its lead candidate Zantrene.

Again, when Race Oncology provided the update to the ASX, its shares soared 10% before market close.

After that, there was another rush on the company’s shares following successful results from its Zantrene trial.

The clinical data showed that the anti-cancer drug protected the hearts of mice from chemotherapy damage.

This is particularly significant as the company is seeking to capture the “large commercial opportunity” that’s present for Zantrene.

Lastly, helping the accent of Race Oncology shares is the S&P/ASX 200 Health Care (ASX: XHJ) sector advancing 1.97% today.

About the Race Oncology share price

Despite the strong gains made over the month, the Race Oncology share price is down 30% in 2022.

This is due to extreme market volatility impacting ASX shares amid rampant inflation, interest rate hikes, and a downbeat economic outlook.

Based on today’s price, Race commands a market capitalisation of around $398 million.

The post Up 38% in a month, what’s sparking the recent Race Oncology share price run-up? appeared first on The Motley Fool Australia.

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Motley Fool contributor Aaron Teboneras 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 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 Scott Phillips.

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