The market may be a sea of red on Friday but that hasn’t stopped some shares from pushing higher.
In fact, the two ASX healthcare shares listed below have just climbed to new highs. Here’s why they are flying high today:
Anteris Technologies Ltd (ASX: AVR)
The Anteris Technologies share price climbed to a multi-year high of $19.92 on Friday. This brings its year to date gain to a sizeable 54%.
The catalyst for this recent gain has been the receipt of a confidential, non-binding proposal to merge with NASDAQ-listed special purpose acquisition company (SPAC) Medicus Sciences Acquisition Corp (MSAC). No financial terms have been revealed.
The release notes that MSAC currently has no commercial operations and was established as a blank cheque company for the purpose of effecting a merger, share exchange, or business combination with one or more businesses.
The SPAC appears to see potential in Anteris Technologies’ DurAVR 3D single-piece aortic heart valve replacement product. Management notes that this product addresses the needs of tomorrow’s younger and more active aortic stenosis patients by delivering superior performance and durability through innovations designed to last the remainder of a patient’s lifetime.
Cronos Australia Ltd (ASX: CAU)
The Cronos Australia share price climbed 13% to hit a new 52-week high of 39.5 cents on Friday. When the cannabis company’s shares reached that level, it meant they had almost doubled in value since the start of the year.
Investors have been bidding its shares higher in recent weeks thanks to a strong second quarter update last month. That update revealed cash receipts growth of 36% to $16.5 million for the quarter, which took its first half cash receipts to $28.5 million. This includes cash receipts from the CDA Health business, which it merged with at the end of last year.
Management described the merger with CDA Health as a “game changer for Cronos Australia and its shareholders.”
The post 2 ASX healthcare shares bucking the trend to hit new highs on Friday appeared first on The Motley Fool Australia.
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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 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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