It’s been a great day for Australian shares today, with the S&P/ASX 200 Index (ASX: XJO) up by 2.3% at the time of writing. In particular, the biotech sector and the tech sector have been standout performers.
Here we examine 4 ASX biotech shares that have seen particularly strong share price gains today.
Polynovo Ltd (ASX: PNV)
Polynovo shares are up by 4.95% so far today. PolyNovo develops innovative medical devices including its patented polymer technology NovoSorb. The PolyNovo share price increase today comes off the back of a slide in its share price over the past two weeks, which occurred despite the biotech company announcing a record sales month in June in the US market. Polynovo’s overall sales during the June quarter were 33% higher than the previous quarter. The company now forecasts its FY 2020 sales to be more than twice of those in the prior year.
Mesoblast Limited (ASX: MSB)
Mesoblast shares have surged 9.55% today on the back of a market announcement that an advisory committee of the United States Food and Drug Administration (FDA) has scheduled a meeting to review data supporting the company’s Biologics License Application (BLA). This is in relation to the approval of RYONCIL (remestemcel-L), Mesoblast’s drug used for the the treatment of steroid-refractory acute graft versus host disease in children.
Mesoblast has evolved to become a world leader in developing allogeneic, off-the-shelf, cellular medicines.
Paradigm Biopharmaceuticals Ltd (ASX: PAR)
The Paradigm share price has surged 6.54% higher so far today.
Paradigm’s core drug is pentosan polysulphate sodium (PPS), which has has anti-inflammatory and tissue regenerative properties. The drug is now being trialled for the treatment of osteoarthritis and Paradigm is also looking to expand its usage of PPS to the treatment of other diseases, including mucopolysaccharidosis.
The Paradigm share price was hit hard during the early phase of the coronavirus pandemic, however has been trending upwards since late March.
Zoono Group Ltd (ASX: ZNO)
The Zoono share price has been on fire during 2020. It has increased another 7.37% so far today. Since the beginning of the year, the Zoono share price has increased from $0.63 to now be trading at $2.33 per share.
Zoono has continued to perform strongly from a financial perspective during the fourth quarter. Growth has been driven by growing demand for its antimicrobial solutions during the coronavirus pandemic in the ANZ region. Zoono also has signed key agreements with Johns Lyng Group Ltd (ASX: JLG) and Qantas Airways Limited (ASX: QAN). Unaudited revenue for the fourth quarter came in at NZ$20.9 million.
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Phil Harpur has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of POLYNOVO FPO. 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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