Shares in diagnostics company Lumos Diagnostics Holdings Ltd (ASX: LDX) have started trade on a successful IPO. At the time of writing, the point-of-care (POC) diagnostic testing company’s shares are trading at $1.36, up 8.8%.

Lumos hits the decks after successfully raising $63 million through its initial public offering (IPO).

Let’s look at what exactly the company does.

Lumos Diagnostics hits the ASX after IPO

Bringing testing to the bedside

Lumos Diagnostics operates in the healthcare technology space, specifically, developing, manufacturing, and selling point-of-care (POC) diagnostic solutions.

“What are POC diagnostic solutions?” you might ask. These are healthcare tests not carried out in a laboratory, such as those conducted bedside or during a visit to the GP.

In the case of Lumos Diagnostics, the primary focus is on testing for infectious diseases. This includes testing for bacterial versus viral infections, influenza, HIV, hepatitis, tuberculosis, sexually transmitted diseases, healthcare-associated infections, tropical diseases and, more recently, COVID-19.

At the moment, the company is concentrating on the United States and European markets. These locations account for around 64% of the global market for POC diagnostic testing.

Additionally, the company derives revenue through two distinct divisions: ‘products’ and ‘commercial services’. The first is self-explanatory while the other involves developing and manufacturing POC tests on behalf of clients for a fee.

Lumos Diagnostics’ current products comprise of two POC diagnostic tests. The first, FebriDx, is a test that rapidly identifies microbial infections in patients with acute respiratory infection symptoms.

CoviDx is the company’s other POC test. It detects antigens present on the COVID-19 virus. This POC test has been granted a CE Mark for sale in Europe, with the company also seeking regulatory clearances in the US and Canada. Given the proliferation of COVID-19 around the world, now probably seemed like a good time for Lumos Diagnostics to launch its IPO.

Backers and forecasts

According to the company’s disclosure, the IPO received backing from top-tier institutional funds, alongside existing investors including the Australian Unity Future of Healthcare Fund, Perennial, Washington H. Soul Pattinson and Co Ltd (ASX: SOL) and Ellerston.

Lumos CEO Rob Sambursky said:

Receiving support from so many institutional investors reflects the underlying strength of Lumos’ business and technology platforms.

The funds raised via the IPO will facilitate the continued expansion and commercialisation of our suite of rapid diagnostic products that have the potential to transform point of care diagnostics for the benefit of clinicians, patients and the health system as a whole.

Of the $63 million raised, $38 million went to Lumos and the remaining $25 million went to selling shareholders.

For the half-year ending December 2020, Lumos Diagnostics delivered $11.56 million in revenue. This represents an increase of 239% from its previous year. Pleasingly for shareholders, losses narrowed from $6.28 million to $5.63 million.

Finally, Lumos’ pro forma revenue in FY21 is forecasted to be $23.765 million from its two operating divisions. On this figure, the company’s market capitalisation of $202.8 million would represent a price-to-sales ratio of 8.5 times.

The post Lumos Diagnostics (ASX:LDX) share price adds 9% on IPO, raising $63m appeared first on The Motley Fool Australia.

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• What’s happening with the Amaero (ASX:3DA) share price today?
• Is the Westpac (ASX:WBC) share price still good value?
• Here’s why the Strike Energy (ASX:STX) share price is surging today

Motley Fool contributor Mitchell Lawler 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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S&P/ASX 200 Index (ASX: XJO) shares could be the place to find opportunities that are market leaders and continuing to grow in size and strength.

The two businesses mentioned below are companies that are growing globally in multiple countries. They are both growing organically as well as with acquisitions.

Here are two that might be ideas:

Sonic Healthcare Ltd (ASX: SHL)

Sonic is one of the largest healthcare businesses on the ASX. It has operations in a number of different countries like USA, Germany, Australia, the UK, Ireland, Switzerland and New Zealand.

The company has experienced a high volume of COVID-19 PCR and serology tests in laboratories. This led to a significant revenue and earnings contribution, leveraging existing infrastructure. That’s how FY21 half-year revenue went up 33% and net profit increased 166%.

Management believe that the business has good geographical diversification, providing increased opportunities for expansion. Underlying strong healthcare growth drivers are unchanged according to the company.

The ASX 200 has been looking for growth opportunities. For example, it recently acquired Canberra Imaging Group which has annual revenue of around $60 million. This will increase the size of Sonic’s imaging division in Australia, broadening its footprint, adding more capable staff to its workface and increasing revenue of the division by around 10%. There is also the potential opportunity for synergy benefits. The settlement is expected in the first quarter of FY22.

Commsec’s forecast numbers suggest the Sonic Healthcare share price is valued at 23x FY22’s estimated earnings.

Xero Limited (ASX: XRO)

Xero is one of the largest ASX 200 tech shares.

It has a global subscriber base of small and medium businesses across the world. The largest markets are Australia, the UK, New Zealand and the US. Other countries are also seeing growth such as South Africa and Singapore.

The business has a very high gross profit margin. In the FY21 result it saw a gross margin improvement from 85.2% to 86%. This means that a lot of the new revenue can fall to the next profit line.

But the company isn’t making tons of profit yet because it’s heavily pursuing growth.

FY21 saw a 20% increase in subscriber growth, which contributed to a 17% rise in annualised monthly recurring revenue to $963.6 million. The ASX 200 share explains that growing awareness among small businesses of the benefit of digital tools and cloud technologies contributed to lower churn and a 38% increase in total lifetime value to $7.65 billion.

As Xero said, it “will continue to focus on growing its global small business platform and maintain a preference for reinvesting cash generated, subject to investment criteria and market conditions, to drive long-term shareholder value.”

The post 2 top ASX 200 shares that might be buys today appeared first on The Motley Fool Australia.

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Motley Fool contributor Tristan Harrison has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and has recommended Xero. The Motley Fool Australia owns shares of and has recommended Xero. The Motley Fool Australia has recommended Sonic Healthcare 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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It could be a wild ride for ASX energy shares as the OPEC+ oil cartel slumps into a new crisis.

A rare diplomatic spat between Saudi Arabia and long-time ally United Arab Emirates is threatening to rock the oil market.

The group of oil producing nations will meet for a third time later tonight to try to keep the alliance together, reported Bloomberg.

ASX energy shares at mercy of OPEC+

The ability for OPEC and Russia to accept production quotas was key to the Brent crude price more than doubling since its low in November last year.

The Brent price is currently at over US$76 a barrel and where it goes next will depend on Saudi Arabia bringing the UAE back into the fold.

Adding to the uncertainty is the prospect of the oil price surging higher or tumbling if the bloc cannot work out their differences.

ASX energy shares cheering the infighting

It seems that ASX investors see the discord as a bullish signal – at least for now. The Woodside Petroleum Limited (ASX: WPL) share price and Santos Ltd (ASX: STO) share price have jumped by over 2% each.

Meanwhile, the Beach Energy Ltd (ASX: BPT) share price gained 1% to $1.28 and Oil Search Ltd (ASX: OSH) share price added 0.3% to $3.87 at the time of writing.

In contrast, the S&P/ASX 200 Index (Index:^AXJO) has surrendered its morning gains and is trading only 0.1% in the black.

Rift between Saudi Arabia and the UAE

OPEC+ is trying to extend its agreement on production quotas in to 2022. The Saudis are insisting on its plan that will see production increase over the next few months and for a broader agreement to stay in place till end of next year for the sake of stability.

It’s reported that other members, including Russia, backs this plan.

However, the UAE is only supporting a short-term increase in output and is demanding better terms for itself for 2022.

Mexican standoff in the Middle East

The country wants its baseline to be increased from 3.2 million barrels a day to 3.8 million if it were to agree to the 2022 extension.

Each country measures its production cuts or increases against a baseline. This means that the higher the baseline, the more oil a country will be allowed to produce.

OPEC+ will stick to the current quotas until a new deal is struck, at least that’s the current stand of Saudi Arabia.

Why oil could surge or sink

Demand of oil has rebounded as lockdowns around the world eases and tight supply is driving the oil price higher.

On the other hand, if the UAE decides to leave OPEC, a threat it has made before, others in the group may decide not to stick to their quotas.

This could see a flood of new supply hitting the market. We all know what happened the last time there was a major disagreement within OPEC+. Saudi Arabia opened the floodgates to punish Russia and the oil price tanked.

That’s the last thing investors in ASX energy shares want to see again.

The post ASX energy shares in hotseat as OPEC+ struggles to contain crisis appeared first on The Motley Fool Australia.

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• Why the Oil Search (ASX:OSH) share price is beating the energy index
• ASX 200 Weekly Wrap: ASX finishes FY21 on a high

Motley Fool contributor Brendon Lau owns shares of Santos Ltd. Connect with me on Twitter @brenlau.

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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The Amaero International Ltd (ASX: 3DA) share price had a strong start to the week, up 5.26% to 60 cents in early trade today. The Amaero share price then lost all its gains and was back right where it started, trading flat at its opening price of 57 cents before rebounding again to 58 cents, up 1.7%.

Today’s share price movement came after the company announced plans to build a world-class titanium powder plant in Australia.

Amaero is a specialist in metal additive manufacturing, otherwise known as 3D printing, to produce components out of various metal alloys. The company aims to supply sectors including defence, aerospace and tooling.

Let’s take a closer look at today’s announcement.

What did Amaero announce?

The Amaero share price bounced higher this morning after the company announced plans to construct a customised and proprietary titanium alloy powder manufacturing plant in Victoria.

In its release, Amaero said the $8 million facility was expected to be the world’s most advanced titanium alloy powder manufacturing facility in the world.

It will produce aerospace-grade titanium “to the highest standards at approximately half the cost of the nearest competition”, according to the company.

Amaero says this will provide the company with a “distinct advantage” when it comes to securing long-term offtake agreements with clients.

Once fully operational, the plant is expected to generate revenues of approximately $30 million per annum.

What did management say?

Amaero CEO Barrie Finnin hailed the plans, saying:

Producing titanium alloy powder in Australia will provide a stable, secure and cost-effective supply, allowing defence and other sectors to continue to advance their 3D manufacturing capabilities. This project directly supports Amaero in delivering ongoing, significant, high margin revenues via a stable commodities market.

Finnin also commented on the traction and support behind the new plant, revealing:

Amaero has signed a Memorandum of Understanding with a metal powder supply company that has established market channels for metal powder sales and we are now in the process of negotiating a collaborative distribution agreement.

In addition, we have already received letters of support for this project from two of the five largest defence companies globally indicating strong potential demand for Ti64 powder from a competitive Australian source for specific commercial and military applications.

Amaero share price snapshot

Amaero shares listed on the ASX on 6 December 2019 at an initial public offering (IPO) offer price of 20 cents per share.

The company secured manufacturing agreements for high profile companies including Boeing back in December 2020 and collaborated with Rio Tinto Limited (ASX: RIO) to commercialise its high-operating-temperature aluminium alloy.

Despite the company’s positive achievements, the Amaero share price is tracking just 0.85% higher year-to-date.

The post What’s happening with the Amaero (ASX:3DA) share price today? appeared first on The Motley Fool Australia.

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• Here are the 5 best performing ASX 200 tech shares from FY21
• Leading brokers name 3 ASX shares to buy today

Motley Fool contributor Kerry Sun 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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The Westpac Banking Corp (ASX: WBC) share price has started the week in a subdued fashion.

In afternoon trade, the banking giant’s shares are down slightly to $25.59.

Is the Westpac share price in the buy zone?

A number of brokers have been giving their verdict on the Westpac share price following its announcement of potential fraud last week.

In case you missed it, Australia’s oldest bank revealed that it has commenced proceedings in the Federal Court of Australia against equipment leasing firm Forum Finance. This follows the discovery of significant potential fraud relating to a portfolio of equipment leases with Westpac customers arranged by Forum Finance, which were referred to Westpac’s Institutional Bank.

Westpac estimates that it has a potential exposure of around $200 million after tax. Though, it warned that the extent of any loss is dependent on the outcome of its investigations and recovery actions that are underway.

How did brokers respond?

Analysts at Ord Minnett didn’t respond positively to the news. They have held firm with their hold rating and $27.50 price target. The broker feels the development reflects poorly on the bank’s internal risk controls.

Analysts at Citi have been a little more forgiving, noting that fraud is an industry risk that can never be fully eliminated.

And despite downgrading its earnings estimates to reflect the news, it remains positive and has retained its buy rating and $29.50 price target.

Based on the current Westpac share price, this implies potential upside of 15% over the next 12 months excluding dividends. This potential return stretches to almost 20% if you include dividends.

Citi commented: “We view WBC’s announcement of a potential fraud relating to a rogue principal/agency agreement as an unfortunate, but likely rare occurrence. While we expect additional information to come to light in time, on first blush it appears a sophisticated fraud by a single entity, a risk in banking which cannot be entirely eliminated.”

“Principal/agency relationships, while a small business for WBC, are common across the industry and hence it is difficult to read much from this announcement into anything highly WBC-specific. We downgrade FY21 earnings by ~3%, but view operational implications as limited, and keep WBC as our top pick,” it concluded.

The post Is the Westpac (ASX:WBC) share price still good value? appeared first on The Motley Fool Australia.

More reading

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• Westpac (ASX:WBC) share price lower after revealing $200m potential fraud

Motley Fool contributor James Mickleboro owns shares of Westpac Banking Corporation. 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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The Strike Energy Ltd (ASX: STX) share price is pushing higher during early afternoon trade.

This follows the energy producer’s announcement and update on its proposed Phase 1 development of the West Erregulla gas field. The gas project is located about 230 kilometres north-east of Perth in the North Perth Basin in Western Australia.

At the time of writing, Strike Energy shares are swapping hands for 34 cents, up 4.62%.

What did Strike announce?

The company’s latest release has pushed up Strike Energy shares within reaching distance of its 52-week high of 41 cents.

In its statement, Strike Energy advised it is committed to acquiring the Phase 1 gas plant at West Erregulla.

The company stated that firm commitments with the Australian Gas Infrastructure Group (AGIG) have been made. Strike Energy is seeking to obtain long lead items for the proposed 87 terajoule per day gas processing plant.

The components to be bought have a gross value of $31.5 million. Pleasingly, West Erregulla joint venture parties will provide security against any break costs of the equipment.

Strike Energy and Warrego Energy Ltd (ASX: WGO) both hold a 50% joint venture interest in EP469 (West Erregulla).

Initial commitments of the procurement will be minimal but is expected to rise over time as the components are fabricated. Once AGIG undertake construction activities in Q4 2021, following environmental approval, long-lead items will form part of the gas processing plant. In-turn, this will see security payments refunded back to Strike Energy.

The company revealed that the parties can opt out of the procurement process before entering final agreements with AGIG. However, this would lead to significant break costs from the contracts with the vendors.

Strike managing director and CEO, Stuart Nicholls commented:

This is an exciting time for Strike as it formally crosses the line into development. Whilst only an initial commitment, this procurement paves the way for the beginning of the construction of the AGIG gas plant, which is central to Strike’s Greater Erregulla gas strategy.

AGIG have been a pleasure to work with to this point and the parties have found strong alignment in agreeing these important interim arrangements. The company looks forward to formalising the investment decision with AGIG in the near term.

About the Strike Energy share price

Over the past 12 months, Strike Energy shares have jumped close to 60%, and are up over 20% year-to-date. The company’s shares are sitting within the upper end of its 52-week range of 19 cents to 41 cents.

Strike Energy commands a market capitalisation of roughly $685 million, with 2 billion shares on its books.

The post Here’s why the Strike Energy (ASX:STX) share price is surging today appeared first on The Motley Fool Australia.

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• What’s happening with the Strike Energy (ASX:STX) share price?

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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The Brambles (ASX: BXB) share price has set a new 52-week high today, extending gains observed across the year-to-date.

At the time of writing, the Brambles share price is 1.01% in the green at $11.53, after posting an intraday high of $11.60.

Let’s discuss what the global pallet solutions expert has been up to lately.

Recent Brambles activity

Back in February, Brambles announced it had merged its keg rental business segment Kegstar with US beer keg provider MicroStar.

More recently, the Brambles share price has extended this year’s moves into the green after progressions to the company’s 5-year sustainability program, announced in October 2020.

The program aims to prioritise regenerative supply chains, with the penultimate goal of decarbonising the company’s purveyors, customers and adjacent markets, according to the initial report.

Building on this, on 24 June, the company reported it had brought its net carbon dioxide emissions to zero. According to Bloomberg LP, the company was “pleased to announce it has become carbon neutral in all operations”.

Brambles CEO Graham Chipchase stated in the June 24 National Post the “could not be prouder of this milestone”:

But the work does not stop here. The real challenge lies ahead of us in advocating for our customers and suppliers to become carbon netural in their operations too. We will extend and build new partnerships with them to leverage the circular economy with the best available low and zero-carbon products and services to decarbonise our entire supply chain.

These announcements signify a step towards the company’s 2025 sustainability targets which include the decarbonisation of Brambles’ entire supply chain.

Brambles’ shares have jumped 4.16% since this event on 24 June.

Brambles share price trends

Today’s gains build on an extended run into the green for the company. Since January 1, the company’s shares have posted a return of 8.73%, climbing 5% over the previous month.

Brambles’ share price has finished in the green by ~3% over the previous 5 trading sessions and posted a 12-month return of 6.32%.

Brambles lags the longer-term returns of the S&P/ASX 200 Index (ASX: XJO)’s which has posted a year-to-date and 12-month return of 11% and 20.76%, respectively.

At its current share price, Brambles has a market capitalisation of $16.6 billion and trades at a price-to-earnings ratio of 27.

The share price has a 52-week trading range of $9.54 – $11.60, a 22% spread.

The post Brambles (ASX:BXB) sets new 52-week high today appeared first on The Motley Fool Australia.

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• Leading brokers name 3 ASX shares to buy today
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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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Time goes by so fast… FY2021 is now over and FY2022 has begun. And may it bring wealth and success to all investors! But with a new financial year underway, it’s a great time to look back on the year that was, and check out some of the best (and worst) performing ASX shares. Today, we’re looking at some of the best performing shares in the Information Technology sector of the S&P/ASX 200 Index (ASX: XJO). Last week, we looked at some of the best All Ordinaries Index (ASX: XAO) tech performers. But now, let’s check out what some of the ASX 200’s tech heavyweights were doing last financial year.

Best ASX 200 tech share performers of FY21

Xero Limited (ASX: XRO)

Cloud accounting software provider Xero is our first ASX 200 tech share we’re looking at today. Our first WAAAX share, Xero had a fantastic FY21, rising from around $90 in July 2020 to finish the financial year at $1337.09. That’s a gain of 65%. Investors can look to Xero’s strong growth as a probable reason why. Xero reported its 12-month earnings to 31 March back in May. And they were incontrovertibly impressive. Revenues were up 18%, subscriber numbers grew by 20% (including international growth of 21%) and earnings before interest, tax, depreciation and amortisation (EBITDA) rose by 39%. The company also told investors to look forward to more ‘post-COVID growth’. It seems they are taking the hint.

Megaport Ltd (ASX: MP1)

Another ASX tech share to examine today is Megaport. Megaport had a very decent FY21, rising from roughly $12.08 last year to finishing up the financial year last week at $18.40 a share. That’s a gain of 28.66%. This ‘interconnection’ company was indisputably one of the ASX’s best ‘COVID winners’. Despite the pandemic, this company managed to keep its customers, and revenues, growing throughout the year. And that evidently helped investors to continue to flock to Megaport shares. In addition to its stellar FY21 performance, the Megaport share price is also up an impressive ~800% over the past 5 years.

Dicker Data Ltd (ASX: DDR)

Data company Dicker was another top performer last financial year. Dicker Data shares started FY21 out at approximately $6.93 a share, but finished up last Wednesday at $18.40. That represents a gain of 59.9%. Dicker is something of an ‘old school’ ASX tech company. It has been around since the 1970s, and distributes both hardware and software to its client base. Despite the pandemic, Dicker is another company that didn’t seem to miss a beat. Back in March, Dicker reported that it had managed to grow its profits by close to 21%, and its EBITDA to almost 24% over FY20. Investors are clearly hopeful of this trend continuing over FY21.

WiseTech Global Ltd (ASX: WTC)

Another WAAAXer here, the WiseTech global share price has certainly seen its fair share of ups and downs over the past few years. But FY21 decisively delivered more of the former for investors. WiseTech started the financial year last year at roughly $19.35 a share. Last week, it finished up at $31.92, a gain of 65% for the period. Like Dicker Data, this company’s share price was buoyed by well-received earnings reports over the year that was. WiseTech managed to give its share price a shot in the arm back in August last year, when it reported a 23% increase in revenues and a 17% bump in EBITDA. WiseTech’s February half-year earnings for FY21 continued this trend, with the company reporting that revenues grew again by 16% over the half as well as a 43% rise in EBITDA. Investors have clearly rewarded WiseTech over FY21 for these efforts.

Afterpay Ltd (ASX: APT)

How could we not mention Afterpay? The buy now, pay later (BNPL) pioneer is famous for its enriching share price performance, and FY21 was no exception. Afterpay started the financial year at a share price of $60.99. It managed to end the year at $117.80 a share, marking its FY21 performance at a gain of 92.15%. Very impressive stuff, especially considering that the bookended share price is a good 25% less than the all-time high of $160.05 that Afterpay made back in February.

Still, 92.15% was enough to make Afterpay the best performing ASX 200 tech share on the share market over FY21. What can we put this down to? Well, the company seemed to continue to benefit from red hot sentiment for BNPL shares over the year, albeit a bit more subdued after February’s highs. Continuing growth, talk of a US-listing, new products such as a new debit/BNPL card, as well as the US listing of a BNPL company in Affirm Holdings Inc (NASDAQ: AFRM) also may have helped.

The post Here are the 5 best performing ASX 200 tech shares from FY21 appeared first on The Motley Fool Australia.

More reading

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• ASX 200 up 0.1%: Sydney Airport takeover, Tabcorp demerger, a2 Milk jumps
• ASX 200 Weekly Wrap: ASX finishes FY21 on a high
• 5 things to watch on the ASX 200 on Monday
• Why the Telstra (ASX:TLS) share price outlook suddenly improved last week

Motley Fool contributor Sebastian Bowen has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and has recommended AFTERPAY T FPO, Affirm Holdings, Inc., MEGAPORT FPO, WiseTech Global, and Xero. The Motley Fool Australia owns shares of and has recommended AFTERPAY T FPO, Dicker Data Limited, WiseTech Global, and Xero. The Motley Fool Australia has recommended MEGAPORT FPO. 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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With so many shares to choose from on the ASX, it can be hard to decide which ones to buy. The good news is that brokers across the country are doing a lot of the hard work for you.

Three top ASX shares that leading brokers have named as buys this week are listed below. Here’s why they are bullish on them:

IDP Education Ltd (ASX: IEL)

According to a note out of Macquarie, its analysts have retained their outperform rating and lifted their price target on this language testing company’s shares to $32.60. This follows news that the company is acquiring the British Council’s Indian IELTS business. Macquarie is a fan of the deal and suspects that further deals could be made in the future if the British Council needs to raise additional capital. It also believes management’s synergy estimates could be conservative. The IDP Education share price is currently trading at $29.14.

IOOF Holdings Limited (ASX: IFL)

A note out of Citi reveals that its analysts have retained their buy rating and $4.95 price target on this financial services company’s shares. The broker believes that IOOF’s shares are still very cheap despite a recent rally. In addition to this, it sees meaningful upside potential from the company’s simplification process. It also notes that IOOF is aiming to bring its financial advice offering to the mass market via its platform. It believes this could be significant if executed successfully. The IOOF share price is fetching $4.37 today.

Rio Tinto Limited (ASX: RIO)

Analysts at Citi have retained their buy rating and $130.00 price target on this mining giant’s shares. According to the note, although narrowing Chinese steel profits means that steel production is likely to slow, it doesn’t think this is a sell signal for investors. Particularly for income investors. The broker estimates that Rio Tinto’s shares will offer average annual dividend yields of ~13% from FY 2021 and FY 2023. The Rio Tinto share price is trading at $126.05.

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

More reading

• ASX 200 Weekly Wrap: ASX finishes FY21 on a high
• These were the best performing ASX 200 shares last week
• Why a2 Milk, Chalice Mining, IDP Education, & Imugene are charging higher
• Why the IDP Education (ASX:IEL) share price is up 20% to a record high
• ASX 200 up 0.25%: IDP Education rockets, Westpac hit with $87m bill

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 shares of and has recommended Idp Education Pty Ltd. 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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Shares in Prescient Therapeutics Ltd (ASX: PTX) have surged to fresh heights today on the back of news its cancer treatment drug, OmniCAR, has been substantially de-risked.

After reaching a multi-year high of 26.5 cents this morning, the Prescient share price has retreated slightly and is currently trading at 25 cents apiece, up 8.7%.

Today, Prescient announced positive results from in silico immunogenicity testing of SpyTag and SpyCatcher, OmniCAR’s key binding components.  

Let’s take a look at today’s news from the cancer treatment development company.

Positive immunogenicity results

According to Prescient’s release, the results have de-risked the entire OmniCAR platform.

The in silico tests found SpyTag and SpyCatcher don’t inspire a negative response from human antibodies – meaning, the human body won’t attack the treatment itself.

In silico tests are done on a computer using algorithms. In this case, the tests mimicked the human body’s response to introduced medication.

OmniCAR combines controllable CAR T-cell therapy and multi-antigen targeting. According to Prescient, high levels of immunogenicity – a negative response from antibodies – can negatively impact CAR-T cell expansion and persistence, which can affect the safety and clinical response of the treatment.

OmniCAR is currently being developed to treat acute myeloid leukemia, Her2+ solid tumours (including breast, ovarian and gastric cancers), and the most common form of brain cancer, glioblastoma.

Today’s development follows the successful completion of manufacturing and delivery of critical components of the OmniCAR platform.

Commentary from management

Prescient CEO and managing director Steven Yatomi-Clarke commented on the results, saying:

The immunogenicity results could not have been better. In short, it gives us confidence that if these therapies are ultimately delivered to patients, that their immune systems will not impair the therapy itself.

This is essential not only for Prescient’s three in-house OmniCAR programs, but also for potential external collaborators, who consider immunogenicity very stringently.

Prescient share price snapshot

2021 has been a ripper year so far for the Prescient share price.

Currently, it’s 264% higher than it was at the beginning of the year. It has also gained 325% since this time last year.

The company has a market capitalisation of around $117 million, with approximately 641 million outstanding shares.

The post The Prescient (ASX:PTX) share price rocketed 10% higher today. Here’s why appeared first on The Motley Fool Australia.

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• Prescient (ASX:PTX) share price sinks despite positive update

Brooke Cooper 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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