Category: Stock Market

Once again, with the majority of brokers across Australia taking a well-earned break, broker notes will be few and far between until next week.

In light of this, listed below are a few recent broker recommendations that remain very relevant today. Here are three ASX shares rated as buys:

Appen Ltd (ASX: APX)

According to a note out of Citi, its analysts have a buy rating and $17.10 price target on this artificial intelligence data services company’s shares. Although Citi notes that Amazon’s entry into the fully managed data labelling service market could increase competition in the Enterprise space, it doesn’t expect it to impact Appen’s relationships with major tech companies. The broker also highlights that Amazon’s move is a sign that Appen’s services remain in demand with end users despite concerns about self-learning systems. The Appen share price is currently trading at $10.13.

CSL Limited (ASX: CSL)

A note out of Morgans reveals that its analysts have an add rating and $334.70 price target on this biotherapeutics giant’s shares. The broker was pleased with the acquisition of Vifor Pharma for $17 billion and believes it will complement its existing business and provide growth opportunities. Morgans also doesn’t believe the acquisition is being undertaken because CSL’s core plasma business’ growth is over. The CSL share price is fetching $283.60 on Thursday.

De Grey Mining Limited (ASX: DEG)

Analysts at Macquarie have put an outperform rating and $1.70 price target on this gold developer’s shares. Macquarie is a fan of De Grey Mining partly due to its Mallina gold project. The broker believes this project has tier-1 potential and could support upwards of 15 years of production. Macquarie expects production to commence in FY 2026 and generate significant free cash flow each year. The De Grey share price is trading at $1.14 today.

The post Top brokers name 3 ASX shares to buy today appeared first on The Motley Fool Australia.

More reading

• Why did Pro Medicus (ASX:PME) and 2 other ASX 200 healthcare shares fall today?
• Why the Appen (ASX:APX) share price crashed 55% lower in 2021
• 5 things to watch on the ASX 200 on Wednesday
• Leading brokers name 3 ASX shares to buy
• Here are the 5 best performing ASX biotech shares of 2021

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. owns and has recommended Appen Ltd and CSL Ltd. The Motley Fool Australia owns and has recommended Appen 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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Should ASX investors allocate 3% of their portfolio to Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH)?

According to a growing number of billionaires, investors should at least consider that. Though looking at today’s price action, investors who’ve yet to dip their toes into the crypto markets are likely pleased they’ve held off.

Cryptos tumbling into the red

Bitcoin is taking a tumble. The world’s biggest crypto by market cap is down 5.6% over the past 24 hours, currently trading for US$43,616 (AU$60,494).

It’s not just Bitcoin taking a beating though.

Most of the top cryptos are in the red, pulled lower alongside the broader global selloff in tech shares and other risk assets. The selloff looks to be fuelled by concerns the US Fed and other leading central banks will be upping interest rates and slashing bond purchases sooner and more aggressively than most investors had been led to expect.

Ethereum, the world’s number 2 crypto, is down an even more dramatic 7.2% since this time yesterday. One Ether is currently worth US$3,529

That’s the short-term price action.

Longer-term, we return to our headline question.

Should investors allocate 3% of their portfolio in Bitcoin and Ethereum?

For some insight into that question, we turn to the billionaires.

Namely Interactive Brokers founder Thomas Peterffy, who Forbes reports is worth US$24 billion. And Bridgewater Associates founder Ray Dalio, worth US$20 billion.

Peterffy readily admits he can’t predict where Bitcoin, Ethereum and other leading altcoins are heading next. He said, “I think it can go to zero, and I think it can go to a million dollars. I have no idea.”

Still, as Bloomberg reports, Peterffy believes, “It’s prudent to have 2% to 3% of one’s personal wealth in cryptocurrencies, just in case fiat currency goes to ‘hell’.”

Ray Dalio, who not long ago was a vocal crypto sceptic, now also holds “at least some” Bitcoin and Ethereum in his portfolio. Though we’re unsure whether he’s hit that 2–3% range recommended by Peterffy. According to Bloomberg, Dalio “views the investments as an alternative money in a world where ‘cash is trash’ and inflation erodes buying power”.

The post Should ASX investors allocate 3% to Bitcoin and Ethereum? appeared first on The Motley Fool Australia.

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The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and has recommended Bitcoin and Ethereum. 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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The S&P/ASX 200 Index (ASX: XJO) may be down today, but this small-cap ASX share is bucking the trend.

The Marquee Resources Ltd (ASX: MQR) share price has surged 17.2% today, currently trading at 17 cents. However, in early trade, shares jumped 27% to 18.5 cents. This was a 52-week high for the company.

Let’s take a look at what might be impacting this explorer’s share price today.

Digging for copper and gold

The Marquee Resources share price surged in morning trade after the company released results from its Lone Star project. The company is mining for copper and gold in Washington State, USA.

Drilling results from the mine revealed intersection with multiple large zones of mineralisation. Up to 18.5% of high-grade copper mineralisation was affirmed from the first two diamond drill holes. Meanwhile, “significant elevated gold” up to 10.4 grams per tonne and up to 106 grams per tonne of silver was also identified.

The company’s drill rig has been “spinning around the clock” after only a short Christmas break.

Commenting on the results driving up this ASX share, executive chairman Charles Thomas said:

We are delighted with the high-grade results we have received from the first two drill holes of the program.

The results have confirmed the outstanding opportunity that Lone Star represents and the presence of high-grade gold and silver further adds to the potential of this exciting project.

These results strengthen our position to deliver a quality JORC compliant resource in the first half of 2022.

Marquee Resources has now completed seven diamond drill holes at the Lone Star mine, with results received for just two of them.

The company signed a deal to acquire up to 80% of the Lone Star copper-gold mine in November.

The news today follows a share market boost in December when the company revealed “significant potential” for lithium bearing lithium-ceasium-tantalum (LCT) pegmatites at the West Spargoville project near Kalgoorlie.

Marquee Resources share price snapshot

The Marquee Resources share price has soared 126% in the past year and 17% in the past month. Meanwhile, it’s up nearly 26% aince the start of the past week.

In comparison, the S&P/ASX 200 Index (ASX: XJO) has returned more than 13% to investors in the past year.

This ASX share commands a market capitalisation of around $36 million based on its current share price.

The post This ASX mining share leapt 27% on an ‘outstanding’ new discovery appeared first on The Motley Fool Australia.

More reading

• Marquee Resources (ASX:MQR) sprints 13% higher on lithium update

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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If you’re an owner of Zip Co Ltd (ASX: Z1P) shares, you might be wondering what is expected from the company in the coming years.

In light of this, I’ve taken a look at a recent note out of Citi to see what its analysts are forecasting.

What is expected from Zip?

If you were hoping that Zip would be profitable in the near future, you may be disappointed to learn that Citi is expecting losses for the foreseeable future.

Its analysts have recently made a material cut to their earnings forecasts for Zip to reflect slower growth in the United States.

According to the note, the broker expects Zip’s losses to widen from $211 million in FY 2021 to $218 million in FY 2022. After which, Citi is forecasting the company’s losses to lessen to $171 million in FY 2023 and then $103 million in FY 2024.

Are Zip’s shares in the buy zone?

In light of the above, Citi isn’t recommending investors rush in to buy Zip’s shares just yet. It has put a neutral rating and $5.85 price target on its shares.

Though, due to recent weakness in the Zip share price, this price target implies potential upside of 50% for investors over the next 12 months. Which isn’t bad for a neutral rating!

Citi commented: “Zip’s US growth is slowing faster than expected. We lower our Zip TTV forecasts by -10% to -13% and make material cuts to our earnings forecasts, which primarily reflects slower than expected growth in the US. While the Zip share price has underperformed recently, given weaker than expected trends in spite of a step-up in marketing spend we maintain our Neutral rating and lower our target price by -23% to $5.85.”

The post Own Zip (ASX:Z1P) shares? Top broker forecasts earnings for next 3 years appeared first on The Motley Fool Australia.

More reading

• These 3 ASX tech shares just hit 52-week lows. What’s going on?
• Is the party over for ASX BNPL shares?
• ASX 200 tech shares on watch after Nasdaq selloff
• ASX 200 (ASX:XJO) midday update: Afterpay hits 52-week low, energy shares rise
• Why is the Zip (ASX:Z1P) share price having a lousy start to 2022?

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. owns and has recommended ZIPCOLTD FPO. 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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The Evolution Mining Ltd (ASX: EVN) share price is backtracking on Thursday afternoon. This comes after the company provided investors with an update on the acquisition of the Ernest Henry copper-gold mine.

At the time of writing, the Evolution shares are fetching for $3.98 a pop, down 2.45%.

Ernest Henry acquisition complete

With the S&P/ASX 200 Index (ASX: XJO) sinking 1.27% to 7,470 points, the Evolution share price has not been spared.

Despite falling wayside today, the company announced it has completed the full ownership of Ernest Henry located in north-western Queensland.

In mid-November, Evolution entered into an agreement with Glencore to acquire all the issued share capital of Ernest Henry for $1 billion.

So far, Evolution has paid $800 million from its existing cash reserves as part of the deal. The remaining $200 million is due on the first anniversary of the completed transaction (6 January 2023).

Acquiring Ernest Henry is expected to yield a number of economic benefits for Evolution.

In particular, the company noted that copper production will increase while lowering its all-in sustaining costs by around 12% on an annualised basis. This is will cement Evolution as one of the lowest cost gold producers in the world.

Evolution executive chair, Jake Klein commented:

Acquiring full ownership of Ernest Henry is transformational for Evolution and again demonstrates our track record of identifying and securing opportunities that are both accretive and improve the quality of the portfolio.

Ernest Henry is a world class operation in a Tier 1 jurisdiction which we know well through our previous economic interest investment in 2016. I extend a warm welcome to our new colleagues that join Evolution today.

Evolution share price summary

Evolution is an Australian mining and exploration company that owns and operates five gold and silver mines in New South Wales, Queensland and Western Australia.

Over the past 12 months, the Evolution share price has lost more than 20% in value. A deterioration in commodity prices throughout the latter part of 2021 caused investors to run for the hills.

On valuation metrics, Evolution commands a market capitalisation of around $7.32 billion, with approximately 1.83 billion shares outstanding.

The post Evolution (ASX:EVN) share price falters amid acquisition update appeared first on The Motley Fool Australia.

More reading

• 5 things to watch on the ASX 200 on Thursday
• 5 things to watch on the ASX 200 on Wednesday
• 5 things to watch on the ASX 200 on Tuesday
• 5 things to watch on the ASX 200 on Thursday
• 5 things to watch on the ASX 200 on Wednesday

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 Bruce Jackson.

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It hasn’t been a great day so far this Thursday for ASX shares and the S&P/ASX 200 Index (ASX: XJO). At the time of writing, the ASX 200 is down a nasty 1.2%. But some ASX tech shares have fared far worse, perhaps due to some hawkish comments from the US Federal Reserve overnight.

Here are 3 such shares that have just hit new 52-week lows today.

3 ASX tech shares sinking to new lows today

Afterpay Ltd (ASX: APT)

Buy now, pay later (BNPL) leader Afterpay has copped a beating today. This payments pioneer has sold off heavily so far this Thursday. It was down almost 11% earlier this morning when it hit its new 52-week low of $71.65 a share. But investors have since pared back those losses slightly and Afterpay is, at the time of writing, down 9.87% at $72.56 a share.

It appears a steep overnight sell-off in Block Inc (NYSE: SQ), the US payments tech share that is close to acquiring Afterpay, could be playing a big role in this sell-off. Block lost more than 8% last night (our time), and it seems ASX investors are giving Afterpay the same treatment.

Zip Co Ltd (ASX: Z1P)

Afterpay’s fellow BNPL share Zip Co has not escaped the malaise that is pulling down its larger rival. While today’s sell-off isn’t quite as nasty as Afterpay’s, Zip is still down 4.39% at $3.92 a share so far. But earlier this morning, Zip dipped as low as $3.80 a share (a loss of more than 7%), a new 52-week low.

At that pricing, Zip was a depressing 74% from the company’s 52-week high of $14.53 a share that we saw early last year. It’s possible the woes of Afterpay and Block are spilling into the Zip share price so far this Thursday.

Airtasker Ltd (ASX: ART)

Keen followers of ASX initial public offerings (IPOs) might remember Airtasker’s explosive debut on the ASX boards last year. After investors were treated to a 55% pop when this company listed, many might have taken a liking to Airtasker shares.

Unfortunately, it has been a one-way street since then. Airtasker is today down 4.82% at the time of writing at 79 cents a share. But it dipped down to 78 cents just before lunchtime today. That’s a new all-time low for this ASX tech share. It also represents a depressing 60% decline from the company’s 52-week high of $1.96 a share that it achieved just after IPO.

The post These 3 ASX tech shares just hit 52-week lows. What’s going on? appeared first on The Motley Fool Australia.

More reading

• Why Afterpay, Altium, Aristocrat Leisure, and Pro Medicus shares are sinking
• ASX 200 (ASX:XJO) midday update: Afterpay sinks again, BHP and Rio rise
• Afterpay (ASX:APT) share price tumbles 11% in massive one-day loss
• Is the party over for ASX BNPL shares?
• ASX 200 tech shares on watch after Nasdaq selloff

Motley Fool contributor Sebastian Bowen owns Block, Inc. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns and has recommended Afterpay Limited, Block, Inc., and ZIPCOLTD FPO. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has recommended Airtasker Limited. The Motley Fool Australia owns and has recommended Afterpay 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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Shares in the implant device juggernaut Cochlear Limited (ASX: COH) struggled to find range throughout 2021, trading sideways for the bulk of the year.

As signs of a recovery from the COVID-19 pandemic began to appear, elective surgeries – such as Cochlear’s implant surgeries – began to normalise once more to start off 2021. This inflected positively on the Cochlear share price.

However, the demand-pull from COVID-19 continued to plague the Australian health system, and patient turnover from elective surgeries has been placed more or less in limbo for the time being.

Couldn’t catch a bid

By the end of the year, Cochlear had pared gains achieved throughout 1H 2021. Back then, shares climbed the stairway upwards from early January and peaked at 52-week closing highs of $256.09 in August.

However, shares then turned down sharply following the release of Cochlear’s FY21 results. Even though the company met its guidance throughout the P&L, analysts were baking in a more favourable result from the hearing implant giant.

For instance, implant unit sales grew 15% year on year to 36,546 while sales revenue came in 10% higher from last year.

The company also saw a 54% year on year increase in underlying net profit – ahead of company guidance – and grew its full year dividend by 60% to $2.55 per share.

Impressive results, although still well behind analyst forecasts. Not good enough according to the market.

Numerous studies have shown that investors tend to reward companies who post stronger than expected earnings, anticipating these to carry higher valuations into the future. Companies who ‘miss’ analyst estimates, therefore, tend to underperform expectations afterwards based on these studies.

As such, investors punished the company amid the earnings miss. Shareholders either exited or trimmed down positions resulting in a substantial plunge in its share price that remained in situ until December.

A market update towards the end of the year added more selling pressure from the top as well. The University of Pittsburgh claims that Cochlear has infringed on one of its patents. The company has strenuously denied the claims and states the patent is invalid.

Nevertheless, investors drove the Cochlear share price further into the red following the news, and have wiped $22 in value since that point.

What’s the outlook for Cochlear in 2022?

Citi is neutral on Cochlear but is constructive on the shares in view of the company’s business model. It notes a recent recall of a competitor’s hearing implant offering, Demant.

The recall illustrates the competitive moat Cochlear has built around its surgeries and products after decades of optimisation through R&D, Citi says.

Despite the wind-back in elective surgeries over the last 2 years, Citi notes that Cochlear has still maintained around 65% market share of the implant segment throughout the pandemic.

It values Cochlear at $220 per share, whereas fellow brokers Macquarie and Jarden rate the company as a buy and assign $256 and $258 price targets respectively.

Goldman Sachs recognises the challenges Cochlear faces regarding its elective surgeries and reckons the company is a sell right now.

The firm says that revenue from Cochlear’s surgeries remains exposed to the coronavirus due to their elective nature. This is an overhang that presents as a systematic risk to the company that cannot be diversified away, it says.

Goldman also reckons that the Cochlear share price is trading at a frothy valuation even considering the recent pullback. Add in the fact that Australian surgery numbers are yet to recover to pre-pandemic volumes, Goldman finds it hard to justify the high valuation.

The post Hear this: Why the Cochlear (ASX:COH) share price had such a difficult time in 2021 appeared first on The Motley Fool Australia.

More reading

• Where are Cochlear (ASX:COH) shares headed in 2022?
• 2 ASX 50 shares to buy in 2022
• What’s the outlook for ASX healthcare shares in 2022?
• Why this top broker says the Cochlear (ASX:COH) share price is heading lower

The author has no positions in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns and has recommended Cochlear Ltd. The Motley Fool Australia has recommended Cochlear 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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The BetMakers Technology Group Ltd (ASX: BET) share price had a great run on the ASX in 2021.

The betting technology company’s stock soared as it completed numerous acquisitions and got a hold in the United States’ market.

At the end of 2020, the BetMakers share price was trading at 67 cents. Come the final session of 2021, the company’s stock closed at 80 cents.

That represents a 19.4% gain, despite a 38% tumble over the final 2 months of the year.

Let’s take a look at what moved the BetMakers share price in 2021.

The year that was for the BetMakers share price

The company’s year started out on the right foot when it partnered with Matt Tripp who agreed to take up the role of strategic advisor.

Later on in the year, it announced a previous partnership with the Waterhouse Group brought in $6.2 million of revenue between 22 May 2020 and 30 June 2021.

The BetMakers share price was also boosted by the passing of legislation in the United States, which saw the company able to bring fixed-odds horse racing to New Jersey.

It also acquired Sportstech’s racing, tote, and digital businesses and technology platforms Form Cruncher and Swopstakes in 2021.

Additionally, the company made a play for Tabcorp Holdings Limited‘s (ASX: TAH) wagering and media business. It placed a $4 billion bid for the arm.

However, Tabcorp ultimately decided to demerge the business, saving BetMakers the trouble of finding capital for the purchase.

Unfortunately, the BetMakers share price tumbled from the end of October, which happened to be shortly after the release of the final quarterly results the company published last year.

Within them, the company announced a 135% quarter-on-quarter increase in cash receipts, which came to $21 million. It also reported a $1.5 million net operating cash outflow.

While the results seemed to be relatively strong, the market bid the BetMakers share price down 1.6% on the day of their release and plunged it 38% lower over the following 2 months.

Right now, BetMakers’ stock is trading at 75 cents, down 3.59% today. It’s now down 6% since the start of the week.

The post What made the BetMakers (ASX:BET) share price surge 19% in 2021? appeared first on The Motley Fool Australia.

More reading

• Why Betmakers, Centuria, Neometals, and Syrah shares are storming higher

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 and has recommended Betmakers Technology Group Ltd. The Motley Fool Australia has recommended Betmakers Technology Group 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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In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) has followed the lead of US markets and is sinking. At the time of writing, the benchmark index is down 1.3% to 7,476.2 points.

Four ASX shares that are falling more than most today are listed below. Here’s why they are tumbling lower:

Afterpay Ltd (ASX: APT)

The Afterpay share price has dropped 10% to $72.75. Investors have been selling this buy now pay later provider’s shares after the Block (Square) share price was sold off during overnight trade. The Block share price sank 8% on Wednesday night, which further reduces the value of the takeover proposal approved by shareholders last month.

Altium Limited (ASX: ALU)

The Altium share price has dropped over 4% to $41.78. This follows broad weakness in the tech sector today following a selloff on Wall Street’s Nasdaq index overnight. At the time of writing, the S&P/ASX All Technology index is down by a very disappointing 4%. These declines appear to have been driven by the release of minutes from the US Federal Reserve’s December meeting. Those minutes indicated that officials are ready to aggressively dial back policy support.

Aristocrat Leisure Limited (ASX: ALL)

The Aristocrat Leisure share price is down over 3% to $43.80. As well as weakness in the tech sector, this gaming technology company’s shares have come under pressure following an update on its proposed acquisition of Playtech. Aristocrat advised that the Playtech shareholder vote on the acquisition has been pushed back from 12 January to 2 February. This is to allow time for rival JKO Play to make a firm competing offer.

Pro Medicus Limited (ASX: PME)

The Pro Medicus share price is down a further 3% to $55.18. This health imaging company’s shares have come under pressure this week after Morgans downgraded its shares to a reduce rating on valuation grounds. Its analysts suggested that investors sit tight and wait for buying opportunities around the $50 mark.

The post Why Afterpay, Altium, Aristocrat Leisure, and Pro Medicus shares are sinking appeared first on The Motley Fool Australia.

More reading

• ASX 200 (ASX:XJO) midday update: Afterpay sinks again, BHP and Rio rise
• Afterpay (ASX:APT) share price tumbles 11% in massive one-day loss
• Is the party over for ASX BNPL shares?
• Why the Aristocrat Leisure (ASX:ALL) share price is tumbling lower today
• ASX 200 tech shares on watch after Nasdaq selloff

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. owns and has recommended Afterpay Limited, Altium, and Pro Medicus Ltd. The Motley Fool Australia owns and has recommended Afterpay Limited and Pro Medicus 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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The Rhythm Biosciences Ltd (ASX: RHY) share price is surging on Thursday afternoon trade. This comes after the company announced two positive updates regarding its ColoSTAT product and a share placement.

At the time of writing, the medical device company’s shares are trading for $1.65, up 10.74%.

What’s driving the Rhythm share price higher?

Investors are fighting to get a hold of Rhythm shares after digesting the company’s latest releases.

In its first statement, Rhythm advised that it has expanded the CE Mark registration to the United Kingdom for ColoSTAT.

An experimental test-kit, ColoSTAT is being trialled as a low-cost, easy-to-use blood test to detect colorectal cancer.

The regulatory milestone allows the company to market and sell ColoSTAT within England, Wales, Scotland and Northern Ireland.

Rhythm noted that Europe and the United Kingdom represent a significant addressable screening population for ColoSTAT of over 231 million people. This has a potential combined value of around US$12 billion.

In addition to the announcement, the company revealed it undertook a private share placement to a global institutional funds manager.

Approximately $6.53 million was raised through the issuance of 4.67 million Rhythm shares at a price of $1.40 apiece.

The proceeds of the placement are expected to be allocated towards progressing Rhythm’s global commercial market entry activities for ColoSTAT.

Furthermore, the company will seek to develop additional cancer diagnostic targets.

Management highlighted that the funds will provide enough cash runway until late 2023, not including any commercial revenues achieved.

Rhythm share price snapshot

The Rhythm share price has accelerated by 29% in the past 12 months, reflecting positive investor sentiment. The company’s shares reached an all-time high of $2.08 in November, before treading lower.

At today’s prices, Rhythm presides a market capitalisation of roughly $344.76 million, with approximately 208.95 million shares on issue.

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

More reading

• Rhythm Biosciences (ASX:RHY) share price roars 8% on new cancer markets

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 Bruce Jackson.

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