The Accent Group Ltd (ASX: AX1) share price has been out of form on Wednesday and is dropping notably lower.

In late afternoon trade, the footwear focused retailer’s shares are down over 4% to $2.23.

Despite this decline, the Accent share price is still up a massive 75% over the last 12 months.

Why is the Accent share price sinking today?

The good news for shareholders is that today’s decline has nothing to do with the performance of its business.

Instead, this decline can be attributed to Accent shares trading ex-dividend today for its upcoming interim dividend.

When a share trades ex-dividend, it tends to drop in line with its payout to reflect the fact that the buyer will not be receiving the dividend.

In respect to Accent, its eligible shareholders (those that owned shares at the close of trade on Tuesday) can now look forward to receiving its 8 cents per share fully franked dividend in their accounts next week on 18 March.

Is it too late to buy Accent shares?

Although the Accent share price is up 75% over the last 12 months, it has been tipped to go even higher in the future.

According to a note out of Bell Potter from late last month, its analysts currently have a buy rating and $2.65 price target on the company’s shares.

Based on the current Accent share price, this price target implies potential upside of almost 19% over the next 12 months.

In addition to this, Bell Potter estimates that its shares offer dividend yields of 5.3% in FY 2021 and 5.5% in FY 2022. This will mean a potential total annual return of approximately 24% if Bell Potter is on the money with its recommendation.

In light of this, Accent shares could be worth considering if you’re looking for new additions to your portfolio this week.

More reading

• Why Accent, Fortescue, Western Areas, & Zip shares are tumbling lower
• 2 cheap ASX shares to buy with impressive growth
• 2 ASX dividend shares with generous yields
• This fantastic ASX dividend share will help you beat low interest rates
• Accent (ASX:AX1) share price on watch following earnings release

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia has recommended Accent Group. 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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There are new and dangerous bugs running across the world.

And before you load up on more hand sanitiser and face masks, this isn’t any new COVID variant. Or any kind of physical bug at all.

But that doesn’t mean these new bugs can’t cause immense damage if left unchecked.

“A cold and calculated assault”

It’s been only three months since Russian backed hackers worked their way into the software developed by United States-based Solar Winds Corp (NYSE: SWI). Since then, experts estimate some 18,000 of the company’s customers have been affected by the hack.

Perhaps sensing a prime moment to strike, industry experts say Chinese backed hackers launched a worldwide attack on Microsoft Corporation (NASDAQ: MSFT) last Tuesday 2 March.

The one-two punch by Russian and Chinese hackers has left cybersecurity firms scrambling to keep up with the demand for their services.

According to Bloomberg, “tens of thousands of companies” have been impacted by these attacks.

And it gets worse.

Like jackals sensing wounded prey, private hackers (as opposed to those empowered by China and Russia) are making the most of the vulnerabilities exposed during the hacking attacks. These include “criminal groups trying to re-purpose secret entry points that China installed in its numerous victims”.

Commenting on the latest cyberattack, Tom Burt, Microsoft’s corporate vice president for customer security & trust said (quoted by Bloomberg):

It’s a race. Since the time we went public with the update’s availability, we’ve seen the number of compromised customers just explode. It went up incredibly rapidly and continues to increase.

Highlighting the overly-coincidental timing of China’s attack, Lior Div, co-founder and chief executive officer of Cybereason added:

The attack on Microsoft Exchange is a cold and calculated assault. The Chinese attackers know exactly what they are doing. The new administration has been distracted by investigations into another U.S. adversary on the cyber battlefield – Russia – and its calculated breach against SolarWinds.

If you or your company have been impacted by the hacks, be aware that infiltrators could be able to access all your emails.

Although Microsoft came out with a security patch last week, experts caution it could take months to rid systems of lingering cyber criminals.

And as the ACSC cautions, the hackers are busy in Australia as well:

The Australian Signals Directorate’s Australian Cyber Security Centre (ACSC) has identified extensive targeting, and has confirmed compromises, of Australian organisations with vulnerable Microsoft Exchange deployments. The ACSC is assisting affected organisations with their incident response and remediation.

The ACSC has identified a large number of Australian organisations are yet to patch vulnerable versions of Microsoft Exchange, leaving them vulnerable to compromise. The ACSC urges these organisations to do so urgently.

And with many companies now having their staff working from home, with remote access to what are meant to be secure systems, this warning should not be taken lightly.

ASX cybersecurity shares in the spotlight

There aren’t many ASX listed cybersecurity companies. The few that are listed in Australia would be classified as very small-cap or microcap shares.

As articles such as this one have the power to move the share prices of very small companies, I’ll leave you to uncover and research the smaller ASX cybersecurity shares on your own. (Google is a wonderful starting place!)

With that said, the Betashares Global Cybersecurity ETF (ASX: HACK) offers ASX investors exposure to 40 international cybersecurity providers.

The exchange-traded fund (ETF) counts Crowdstrike Holding Inc (NASDAQ: CRWD) as its largest holding, with a 7.3% weighting. Zscaler Inc is number 2.

The HACK share price is up 2% in intraday trading today and up 20% over the past 12 months. By comparison, the All Ordinaries Index (ASX: XAO) is up 16% over the last full year.

More reading

• 2 high quality ETFs for ASX investors to buy in March
• Nasdaq slumps overnight, ASX 200 shares to open weaker
• 2 compelling ASX shares to buy in March 2021
• Why this ASX tech ETF is in the buy zone
• Microsoft’s partnership with European news publishers threatens Facebook and Alphabet

Suzanne Frey, an executive at Alphabet, is a member of The Motley Fool’s board of directors. Teresa Kersten, an employee of LinkedIn, a Microsoft subsidiary, is a member of The Motley Fool’s board of directors. Bernd Struben has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and recommends Alphabet (A shares), Alphabet (C shares), CrowdStrike Holdings, Inc., and Microsoft. The Motley Fool Australia owns shares of BETA CYBER ETF UNITS. The Motley Fool Australia has recommended Alphabet (A shares) and Alphabet (C shares). 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 Envirosuit Ltd (ASX: EVS) share price is bouncing around in a rather dramatic fashion today. At the time of writing, Envirosuit shares are trading at 13 cents a share, an 8.33% bump. But soon after open, Envirosuit shares reached as high as 14 cents, which (due to the laws of small numbers) is a pretty hefty 16.67% rise.

Since, then the shares have obviously cooled somewhat, meaning that this company has been bumped 16.67%, and fallen 10.7%, all in one day. That kind of volatility is enough to give anyone watching whiplash.

Despite the (fleeting) move upwards this morning, Envirosuit is a company that has not had a good run over the past few months. Back in September last year, Envirosuit shares were trading as high as 26 cents a share. That means this company has fallen more than 50% in value over the past six months. 

So who is this company? And what on earth has been going on with its share price?

Enviro-Who?

Envirosuit is a tech company that specialises in technological solutions to environmental problems. The company was founded back in the 1990s, but today has offices across the Americas, Europe, Asia and Australia.

Envirosuit’s software can help monitor and manage all kinds of pollution. This includes air quality, water quality and water waste, noise pollution, vibration (such as from construction), odour, dust, and waste management.

The company’s software offers solutions in all of these fields, and is available on the cloud as a software-as-a-service (SaaS) platform.

Why is the EnviroSuit share price bouncing around today?

It’s hard to say at first glance. There has been no official major news or announcements out of Envirosuit since 26 February, when the company reported its half-year earnings to the markets. That was a pleasing result in itself though.

For the six months ending 31 December 2020, the company reported revenue growth of 17% (85% of which was recurring) against the previous half-year. It also reported that gross profits were up 49% and that earnings before interest, tax, depreciation and amortisation (EBITDA) had improved from a loss of $6.9 million in the previous half to a loss of $3.56 million in the most recent half.

But that was all reported a couple of weeks ago. So what gives?

It’s possible that the Envirosuit share price has benefitted from the rebound in ASX tech shares that we have seen across the markets today. As a small-cap tech share itself, it’s conceivable that some investors have found Envirosuit appealing under the current market conditions. It’s also possible that a large institutional investor has decided to buy a stake in this company.

As its market capitalisation is sitting at $133.4 million at the current share price, any major buying pressure does have the potential to add some havoc to the Envirosuit share price.

Whatever the reason for Envirosuit’s performance today, I’m sure its investors are feeling thankful!

More reading

• Why Coles (ASX:COL) shares could be perfect for retirees
• Fenix Resources (ASX:FEX) share price dips despite production ramp-up
• Here’s why the Beam (ASX:BCC) share price is trekking upwards
• Auroch Minerals (ASX:AOU) share price plummets 15%
• Why the Funtastic (ASX:FUN) share price opened 10% higher today

Motley Fool contributor Sebastian Bowen 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 a retiree, you might be looking for a way to generate an income after the rates on traditional interest-bearing investment products tumbled over the last few years.

For example, at present Commonwealth Bank of Australia (ASX: CBA) is offering savings accounts with interest rates of just 0.05% and term deposits with rates of only 0.35%.

How can retirees overcome low interest rates?

One way you can overcome low interest rates is by investing in dividend shares. Luckily, the Australian share market is home to a large number of them. But which ones should you buy?

One to consider is Coles Group Ltd (ASX: COL).

This supermarket giant could be a top option for retirees. This is due to Coles’ strong market position, solid growth prospects, and defensive qualities.

Combined, these are expected to lead to the company delivering consistently solid earnings and dividend growth over the long term.

That certainly looks set to be the case in FY 2021 after a very strong first half result. For the six months ended 31 December, Coles reported an 8% increase in revenue to $20,569 million and a 14.5% lift in half year net profit to $560 million.

Goldman Sachs rates Coles shares as a buy

Goldman Sachs believes Coles would be a good long term option for investors. This is thanks partly to its Smarter Selling cost out program and its focus on automation.

The broker also sees a lot of value in its shares at the current level. It has a buy rating and $20.70 price target on them. In addition to this, Goldman is forecasting a 62 cents per share fully franked dividend for FY 2021.

Based on the current Coles share price of $15.51, this represents potential upside of 33% and a 4% dividend yield. That’s a potential total return of 37% over the next 12 months.

More reading

• Top broker tips Coles (ASX:COL) share price to climb 30% higher
• Leading broker upgrades Woolworths (ASX:WOW) shares to buy rating
• ASX 200 Weekly Wrap: ASX finishes higher, despite tech selloff
• 2 ASX dividend shares with attractive yields to buy this week
• Leading broker names 2 ASX dividend shares to buy next week

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of COLESGROUP DEF SET. 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 Fenix Resources Ltd (ASX: FEX) share price is sinking today, despite the company announcing a ramp-up in production. At the time of writing, Fenix shares are down 2.19% for the day.

The company is hoping to emerge as Western Australia’s next significant iron ore producer and has advanced quickly from project construction back in August 2020 to its maiden shipment on 15 February 2021. 

Fenix share price sinks on production ramp-up

Fenix has been focused on ramping up the production of its 100% owned flagship Iron Ridge iron ore project. Today, the company announced that road haulage rates from the Iron Ridge mine to the port storage facility have reached nameplate levels of 1.25 million tones per annum (Mtpa).

The update notes that Fenix is now able to schedule two bulk shipments of approximately 60,000 wet metric tonnes (wmt) per month for the foreseeable future. This milestone was achieved approximately one month ahead of the company’s schedule. 

Managing director Rob Brierley congratulated the Fenix team on its successful journey from explorer to producer.  

I’m proud of the achievements of the Fenix team, in collaboration with our keys service providers Fenix-Newhaul, MACA Mining, Alpha and Champion Bay Electrical. We have built a sustainable iron ore export business in a short space of time and have done so with due respect for the heritage value of the area around Iron Ridge, the environment and the health and well-being of our people.

How does Fenix’s production stack up in the iron ore space?

Fenix and its Iron Ridge project are in its early days, but the company’s nameplate capacity is significant when compared to existing ASX-listed iron ore producers. 

Mount Gibson Iron Ltd (ASX: MGX) for example, boasts a market capitalisation of $1 billion with 2.35 million wet metric tonnes (Mwmt) mined in FY20. Mount Gibson is also ramping up production with its half-year results highlighting 1.4 Mwmt mined for the half year ended 31 December. 

This towers over Fenix which currently has a market capitalisation of just $113 million with its 1.25 Mpta nameplate capacity and capacity to schedule two bulk shipments of ~60,000 wmt per month for the foreseeable future. If things go to plan, Fenix could be shipping an annualised 1.44 Mwmt per annum despite fetching just one-tenth of Mount Gibson’s valuation.

That said, Fenix is in its early days without a history of production excellence. It is positive to see that in the company’s quarterly activities report on 20 January 2021, it highlights sales agreements in place for 100% of projected iron production from Iron Ridge.

More reading

• Here’s why the Beam (ASX:BCC) share price is trekking upwards
• Auroch Minerals (ASX:AOU) share price plummets 15%
• Why the Funtastic (ASX:FUN) share price opened 10% higher today
• Why the Macquarie (ASX:MQG) share price just hit a record high
• Why the Neuren (ASX:NEU) share price is moving higher today

Motley Fool contributor Kerry Sun 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 Beam Communications Holdings Ltd (ASX: BCC) share price is on the move today following news of another ZOLEO contract order. During mid-afternoon trade, the satellite telecommunications company’s shares are up 3.7% to 28 cents.

Established in 2002, Beam Communications designs, manufactures and sells satellite communication equipment. The company’s products include satellite terminals, modems, accessories and related services. Some of the world’s largest satellite and telecommunications companies such as Iridium, Telstra Corporation Ltd (ASX: TLS), KDDI, Inmarsat, and Thuraya currently use Beam’s products.

ZOLEO is the world’s first true global messaging satellite communicator. The handheld device connects with a smartphone and enables the user to access an array of features when out of mobile coverage range. The device contains personal safety features such as check-in and SOS alerts, sharing GPS location, and messaging services.

What did Beam announce?

The Beam share price is climbing higher as investors process the company’s latest contract.

According to its release, Beam has received a sixth order for 12,500 ZOLEO units from its joint venture entity, ZOLEO Inc. This comes as retail channel partners in North America have begun preparing for the anticipated demand in the upcoming holiday season.

Beam noted that sales in outdoor equipment traditionally rise during the Spring/Summer break. ZOLEO is stocked by all major outdoor and camping retailers across the United States and Canada. This includes Bass Pro Shop/Cabela’s, Mountain Equipment Co-op, Recreational Equipment, Inc. and London Drugs.

In Australia, demand has also rocketed, with leading outdoor retailer, Anaconda Group, placing repeat orders since December 2020. Beam revealed that it is currently in negotiations with another major Australian retailer to sell ZOLEO.

The current shipment scheduled for North America is expected to be delivered to retailers by the end of June 2021. Beam said this will bring the total amount of ZOLEO products shipped to 47,000 units, reflecting growing demand.

About the Beam share price

Over the last 12 months, the Beam share price has gained around 27%, but fallen by around 18% year to date, providing mixed returns.

Based on the company’s current share price, Beam has a market capitalisation of around $21 million.

More reading

• Fenix Resources (ASX:FEX) share price dips despite production ramp-up
• Auroch Minerals (ASX:AOU) share price plummets 15%
• Why the Funtastic (ASX:FUN) share price opened 10% higher today
• Why the Macquarie (ASX:MQG) share price just hit a record high
• Why the Neuren (ASX:NEU) share price is moving higher today

Motley Fool contributor Aaron Teboneras owns shares of Telstra Limited. The Motley Fool Australia owns shares of and has recommended Telstra 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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The Auroch Minerals Ltd (ASX: AOU) share price is plummeting today, despite what seems to be good news.

The mining company announced the assay results from the maiden drill project at its Nepean Nickel Project this morning. The results are from 4 holes of shallow near-mine drilling.

At the time of writing, the Auroch share price is 19 cents, down 15% on yesterday’s close.

What were the assay results?

Auroch announced today that Nepean has significant shallow high-grade nickel sulphide intersections.

The assay results are respectable, particularly as they are in addition to other profitable intersections at Nepean. The results include 2 metres at 2% nickel and 0.3% copper from 66 metres, which includes 1 metre at 2.9% nickel and 0.36% copper; and 4 metres at 0.77% nickel and 0.05% copper from 25 metres, which includes 1 metre at 0.94% nickel and 0.05% copper.

Auroch will also test all exploration drill-holes with down-hole electromagnetic surveys to identify if there are any areas of massive nickel sulphide mineralisation nearby.

Management commentary

Auroch Managing Director Aidan Platel said the company is pleased with the results.

The recent results have continued to build upon our understanding and geological model of the shallow high-grade nickel sulphide mineralisation that now extends for over 500m of strike, and with that our team has recognised the need to drill several more holes into critical areas of this mineralisation. These holes will be drilled immediately, and the samples will be prioritised for assaying.

We also look forward to commencing a high-powered ground moving loop electromagnetic (MLEM) survey this month over priority target areas of the 10km of strike that we have at Nepean, which we believe will generate significant high potential targets for the next phase of drilling.

More about the Nepean Nickel Project

Auroch Minerals acquired the Nepean Nickel Project in December 2020. The company holds an 80% share in the project, with the other 20% owned by Goldfellas Pty Ltd. 

The Nepean Nickel Project contains the historic high-grade Nepean nickel sulphide mine, which was the second mine to produce nickel in Australia. It operated between 1970 and 1987. 

Nepean is located near Coolgardie, Western Australia. 

Auroch Minerals share price snapshot

The Auroch share price has dropped 15% today. It’s currently 19 cents, having opened at 20 cents this morning.

Despite today’s loss, Auroch’s share price is having a great year. Right now, it’s up 65% year to date and 285% over the last 12 months.

Auroch has a market capitalisation of approximately $59 million with around 272 million shares outstanding.

More reading

• Why the Funtastic (ASX:FUN) share price opened 10% higher today
• Why the Macquarie (ASX:MQG) share price just hit a record high
• Why the Neuren (ASX:NEU) share price is moving higher today
• Top brokers name 3 ASX shares to buy today
• Why the Rio Tinto (ASX:RIO) share price is among the worst performers today

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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Funtastic Limited (ASX: FUN) shares opened nearly 10% higher this morning after the company updated investors on its future growth prospects. In early trade, the Funtastic share price jumped to 11.5 cents before retreating to 10.5 cents, flat for the day so far.

By comparison, the S&P/ASX All Ordinaries Index is currently trading 0.17% lower.  

Let’s take a look at what the toy and lifestyle products producer reported today.

What caused the Funtastic share price to jump?

The Funtastic share price responded positively this morning after the company announced it would be relaunching its Babies R Us brand and expanding its warehouse capacity.

The Australian Babies R Us e-commerce website, along with that of Toys R Us, was purchased by Funtastic in October last year for $29 million. The company relaunched the Toys R Us website soon after. Funtastic expects the Babies R Us website relaunch to begin during the first half of 2021 and further expanded during the second half of the year. Funtastic claims the baby retail market is an “under-represented retail category.”

In further news boosting the Funtastic share price this morning, the company advised that, in relation to the Toys R Us website, organic and direct visitor sessions grew by 200% in January and February compared to the first two months of 2020.

To support the forecast growth, Funtastic is investing in its warehouse capacity. In its statement, the company stated it has secured access to 5,500 square metres of warehouse space in suburban Melbourne. The manufacturer, distributor and e-tailer will commence using the facility from April 2021 and commence processing orders from there by the end of June.

Funtastic managing director and CEO Louis Mittoni said of today’s report:

The relaunch of Babies R Us is a significant milestone and important phase in the development of the Group. Advancements in Toys R Us’ performance and the expansion in our logistics capabilities are also vital accelerators for our innovative e-comm platforms, for which we are well funded to implement in coming months.

Business streamlining

Also included in today’s market announcement was news Funtastic would be “streamlining” its business going forward. Having already sold its confectionery business, Funtastic announced its 18-year wholesale distribution contract with Razor USA would be coming to an end.

Razor is a “scooter and ride-on” vendor for children. 15% of Funtastic’s revenue in the first half of FY21 resulted from Razor products. Funtastic further advised it is continuing discussions with Razor regarding the continued supply of the brand for Funtastic’s retail channels. 

Additionally, Funtastic reported that its overseas storage and services will be ended in favour of fully onshore operations.

Funtastic share price snapshot

Almost 52 weeks ago, the Funtastic share price was trading at less than 1 cent. Since then, its value has increased by a gigantic 1400%. However, Funtastic shares have fallen by around 46% from their one-year high of 19.5 cents.

Funtastic has a market capitalisation of $88.8 million.

More reading

• Why the Macquarie (ASX:MQG) share price just hit a record high
• Why the Neuren (ASX:NEU) share price is moving higher today
• Top brokers name 3 ASX shares to buy today
• Why the Rio Tinto (ASX:RIO) share price is among the worst performers today
• Why the Legacy Iron Ore (ASX:LCY) share price jumped 29% this morning

Motley Fool contributor Marc Sidarous 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.

The post Why the Funtastic (ASX:FUN) share price opened 10% higher today appeared first on The Motley Fool Australia.

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The Macquarie Group Ltd (ASX: MQG) share price was pushing higher in early trade on Wednesday before giving back its gains as the day went on.

In fact, the investment bank’s shares climbed enough in early trade to hit a record high of $153.50.

When the Macquarie share price hit that level, it extended its six-month gain to a sizeable 20%.

Why is the Macquarie share price at a record high?

The Macquarie share price has been storming higher over the last few weeks thanks largely to an update in late February.

That update revealed a surprise upgrade to its earnings guidance for FY 2021 less than two weeks after issuing it.

On 9 February, Macquarie advised that it was expecting its profit result in FY 2021 to be down slightly year on year.

However, due to the recent extreme winter weather conditions in North America, Macquarie now expects its profits to increase ~5% to ~10% year on year.

The company explained that the extreme winter weather conditions significantly increased short-term client demand for its capabilities in maintaining critical physical supply across the commodity complex and particularly in relation to gas and power.

Macquarie’s Commodities and Global Markets (CGM) business physically ships gas through the majority of major pipelines across the United States. Over time it has built capacity to support clients by delivering power and physical commodities to help them meet the unexpected needs of their customers, such as in February.

What else drove its shares higher?

Also giving the Macquarie share price a boost was the response to this update by brokers.

Morgans and Morgan Stanley are particularly positive on the company. The former put an add rating and $162.30 price target on its shares, whereas the latter put an outperform rating and $160.00 price target on them.

In light of this, although the Macquarie share price hit a record high this morning, there’s still a chance it could climb beyond this in the coming months.

Especially given the improving conditions in the banking sector and its attractive yield. Morgans is forecasting an FY 2021 dividend of ~$5.36 per share. This represents a 3.6% yield.

More reading

• Why the Rio Tinto (ASX:RIO) share price is among the worst performers today
• International Women’s Day: The female CEOs of the ASX
• This fundie liquidated 90% of his fund when COVID-19 hit
• ASX 200 Weekly Wrap: ASX finishes higher, despite tech selloff
• The latest ASX shares that brokers have upgraded to “buy”

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended Macquarie Group 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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Neuren Pharmaceuticals Ltd (ASX: NEU) shares are trending higher in early afternoon trade. This comes after the biotech company announced it has successfully completed manufacturing a drug substance for its Phase 2 trials.

At the time of writing, the Neuren share price has jumped to an intraday high of $1.28, up 1.99% for the day so far.

What did Neuren announce?

The Neuren share price is edging higher as investors appear pleased with the company’s progress.

According to its release, Neuren’s second drug candidate, NNZ-2591, has been manufactured ahead of Phase 2 trials. The company is currently preparing to submit Investigational New Drug (IND) applications to the United States Food and Drug Administration (FDA). If approved, this will enable Neuren to run clinical trials in children who suffer from Phelan-McDermid syndrome, Angelman syndrome and Pitt Hopkins syndrome.

Neuren’s latest announcement ticks off four of the milestones the company set out for 2021 in a recent corporate presentation. At current, five remaining checkpoints are still to be completed. These include:

• Submission of the NNZ-2591 IND to the FDA.
• Completing patient enrolment in the trofinetide Rett syndrome Phase 3 study.
• Commencing NNZ-2591 Phase 2 trials.
• Achieving orphan designation status in the United States and Europe for Prader-Willi syndrome.
• Compiling results from the Trofinetide Rett syndrome Phase 3 trial (result highlights to be released in Q4 2021).

Commentary from the CEO

Neuren CEO Jon Pilcher hailed the company’s developments, saying:

We have successfully developed a proprietary process for large scale manufacturing with exceptional purity and high yield. This is a key part of the strong foundations we have built for NNZ-2591, which can now be leveraged across multiple valuable indications.

As well as supplying the upcoming trials in Phelan-McDermid, Angelman and Pitt Hopkins, the campaign has produced enough drug substance at no extra cost to supply a Phase 2 trial in Prader-Willi syndrome.

Neuren share price performance overview

The Neuren share price has been a weak performer over the past 12 months, falling by nearly 28%. Neuren shares took a wild ride last year, hitting a low of 96.5 cents in March before accelerating to $1.845 in June.

Based on the current share price, Neuren has a market capitalisation of around $144 million.

More reading

• Top brokers name 3 ASX shares to buy today
• Why the Rio Tinto (ASX:RIO) share price is among the worst performers today
• Why the Legacy Iron Ore (ASX:LCY) share price jumped 29% this morning
• Lower for longer? RBA dismisses rising bond yields
• Ecograf (ASX:EGR) share price powers up on government approval news

Motley Fool contributor Aaron Teboneras 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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