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The Weebit Nano Ltd (ASX: WBT) share price is on fire today. Shares in the data memory technology business have surged 7.5% higher on Thursday after an ASX update.

Why has the Weebit Nano share price surged?

Interestingly, shares in the tech group are up despite no real news. This morning’s ASX announcement was that the company would release its fourth quarter (Q4 FY2021) business update tomorrow.

The semiconductor memory technology developer will release its quarterly activities and Appendix 4C report tomorrow. That means there was no real information to be gleaned from today’s update, but some investors appear to be expecting good news.

One other piece of news that may explain today’s surge is an update from Crossbar Inc. Crossbar is a California-based company that also focuses on applications of ReRAM technology.

CrossBar yesterday announced a new ReRAM Application for hardware security and secure computing. Given Weebit Nano’s focus on the technology, a new rumoured application could be enough to move the company’s share price.

The Weebit Nano share price shot higher on the back of the announcement, climbing 7.5% at the time of writing. Tomorrow’s update is much anticipated given Weebit Nano’s recent success.

Shares in the Aussie tech group surged higher in early July. That followed a June 25 announcement where the company confirmed it had successfully demonstrated the integration of a selector with a ReRAM cell, for the standalone memory market.

Interestingly, the company’s share price is actually down 46% in the last 6 months. However, momentum appears to be gaining given that the company’s value has soared 30.1% in the last month.

More on Weebit Nano

The Aussie tech company, founded in 2010, focuses heavily on developing next-generation memory technology. Its primary activity is on commercialising its ReRAM silicon oxide technology – which is why recent breakthroughs have translated to large share price moves.

Weebit Nano’s market capitalisation sits at $262 million but was nearly double that amount as recently as January.

Foolish takeaway

Based on today’s moves, the Weebit Nano share price will be one to watch. Whether it’s a new potential application of technology or anticipation of a strong business update, Weebit Nano is one to watch on Friday.

The post Weebit Nano (ASX:WBT) share price jumps 7% on update appeared first on The Motley Fool Australia.

More reading

• Here’s why the Weebit (ASX:WBT) share price is flying 11% higher today
• Here are the 5 best performing ASX tech shares from FY21
• Why has the Weebit (ASX:WBT) share price jumped 9% today?
• Why the Weebit Nano (ASX:WBT) share price is rocketing 15%

Motley Fool contributor Ken Hall 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 Syrah Resources Ltd (ASX: SYR) share price is surging higher today, up by 8.3% to $1.23. This comes after Syrah’s share price closed up 3.6% yesterday.

Below we take a look at the industrial minerals and technology company’s quarterly update (released yesterday) for the 3 months ending 30 June.

What did Syrah report?

The Syrah share price is soaring after the company released a positive quarterly update. The company says it is ahead of expectations with strong operational performance during the first full quarter following restart of production.

Syrah’s flagship Balama graphite operation is located in Mozambique. Additionally, the company has a downstream active anode material facility in the United States.

According to the release, natural graphite production at its Balama operation ramped up during the past quarter, reaching 29,000 tonnes.

The company reported C1 cash costs of US$537 per tonne during the quarter with an average production of roughly 10,000 tonnes per month. This puts it on track to reach its target C1 cash costs of US$430-460 per tonne with a 15,000 tonne per month production rate.

Syrah reported a weighted average sales price of US$474 per tonne (cost, insurance, and freight).

The Syrah share price may also be getting a boost from the company’s report on the strong, continuing growth in electric vehicles (EVs), which use graphite in their batteries. It cited a 165% increase in EV sales in H121 compared to H120.

The company sold and shipped 15,000 tonnes of natural graphite. It reported that “practically all” of its 20,000 tonnes of finished product inventory had been contracted to customers, “demonstrating strong demand “. It ended the quarter with a cash balance of US$85 million.

In a nod to these pandemic times, Syrah noted its excellent safety levels for the quarter. These included the “robust COVID-19 protocols in place at Balama”. It said it had been able to increase operations with no positive cases reported.

Syrah share price snapshot

Syrah’s shares have gained 260% over the past 12 months. This trumps the 24% gains posted by the All Ordinaries Index (ASX: XAO).

Year-to-date the Syrah share price has continued to outperform, up 26%.

The post Why the Syrah (ASX:SYR) share price is surging 12% in 2 days appeared first on The Motley Fool Australia.

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• Worley (ASX:WOR) share price backtracks regardless of contract win

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 4DS Memory Ltd (ASX: 4DS) share price is partaking in the broader market rally after it released its quarterly update.

Shares in the computer chipmaker jumped 3.5% to $0.15 during lunch time trade and is outperforming the IT sector.

In contrast, the S&P/ASX 200 Index (Index:^AXJO) gained 0.9% on the back of gains on Wall Street as worries about COVID-19 lockdowns receded.

4DS share price jumps on research update

Management announced it received two lots of wafers from its research partner imec. First is the Second Platform Lot of 18 wafers, while the other was the Third Non-Platform Lot consisting of 23 wafers.

It’s a good thing that imec had spare capacity at its state-of-the-art production facility to producer the Non-Platform Lot.

This will ensure 4DS can continue to build an extensive data set around the process parameters for its Interface Switching ReRAM technology.

Key results next month to watch for

“As expected, the analysis of both sets of wafers is extremely time-consuming due to the large amount of different test structures available on these two types of Lots,” said 4DS.

“The Company is pleased to advise the results of both sets of wafers will be released by the middle of August 2021 barring any unforeseen equipment or other technical difficulties.”

4DS is in the process of developing the next generation of system memory chips by combining the best of both DRAM and NAND silicon storage.

Its memory chips have the potential to improve system memory used in mobile phones to laptop computers.

4DS share price outperforming its peers

ASX technology shares have been hot property over the past year or so, but the 4DS share price has stayed under the radar for most.

This is despite the fact that the 4DS share price has increased by three-fold over the past year.

In comparison, the Afterpay Ltd (ASX: APT) share price and Xero Limited (ASX: XRO) share price have “only” jumped by 40% plus each.

Links to Western Digital

It helps that one of the world’s leading hard drive makers, Western Digital Corp (NASDAQ: WDC) is backing 4DS.

The ASX small cap tech company signed a joint development agreement with Western Digital’s subsidiary HGST. This agreement was renewed in May this year.

More patents granted

Further, 4DS announced in the quarter that it was granted additional US patents for its technology. This brings its portfolio of US patents to 31. All of the intellectual property is fully owned by 4DS.

“The Company has also filed two (2) USA patent applications to protect its stream of innovations and to strengthen its intellectual property portfolio in the field of Interface Switching ReRAM for Storage Class Memory,” said the company.

4DS has $4.3 million in the bank as of 30 June this year to fund its research and development program.

The post Why the 4DS (ASX:4DS) share price is rallying today appeared first on The Motley Fool Australia.

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• Which ASX 200 shares are winning from latest retail trade figures?
• ASX 200 midday update: Zip update disappoints, BHP signs Tesla deal
• Qantas (ASX:QAN) share price on watch as CEO warns lockdowns could cost jobs
• Santos (ASX:STO) share price jumps on record quarterly sales
• What’s happening with ASX 200 oil shares this week?

Motley Fool contributor Brendon Lau has no position in any of the stocks mentioned. Connect with me on Twitter @brenlau.

The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and has recommended AFTERPAY T FPO and Xero. The Motley Fool Australia owns shares of and has recommended AFTERPAY T FPO and Xero. 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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Australian retail turnover decreased 1.8% in June 2021, seasonally adjusted, according to the Australian Bureau of Statistics (ABS) preliminary retail trade figures released on Wednesday.

This follows a 0.4% increase in May, which saw a strong performance out of food retailing, offset by declines across household and retailing sectors.

Let’s take a closer look at last month’s retail trade and how related ASX 200 shares are performing.

June retail trade results

Sweeping lockdown measures across the country saw retail turnover slide 3.5% in Victoria and 2% in New South Wales.

The ABS said that “Victoria’s fall this month is larger than the fall seen in May when the state commenced Stage 4 COVID-10 restrictions”.

The preliminary figures highlight food retailing as the only industry to deliver an increase in June. While every other industry fell, as “COVID-19 restrictions curtailed foot traffic and household movements, while retailers moved back to online distribution channels.”

The ASX 200 shares winning are …

Woolworths Group Ltd (ASX: WOW)

The Woolworths share price has been a solid performer this year, up 14.87%.

Shares in the supermarket giant managed to set new record highs in both June and July, with a record close on Tuesday of $38.93.

Perhaps what’s more impressive is the fact that the Woolworths share price has tipped higher in every single trading session this week.

Woolworths has managed to swim against the tide, where the S&P/ASX 200 Index (ASX: XJO) tumbled 1.31% between Monday and Tuesday.

More recently developments for Woolworths include a significant push towards digitalisation, including the launch of its stand-alone payments system, Wpay and trailing a new digital feature called “Everyday Pay”.

Coles Group Ltd (ASX: COL)

The Coles share price is making a slow and steady resurgence back to positive year-to-date territory.

Coles shares are still down 6.32% year-to-date but have so far managed to push 4.41% higher since June.

The main catalyst behind the weakness in Coles was during the February reporting season, where the company flagged that:

Depending on COVID-19, vaccine roll out and efficacy, and other factors, sales in the supermarket sector may moderate significantly or even decline in the second half of FY21 and into FY22.

 

The post Which ASX 200 shares are winning from latest retail trade figures? appeared first on The Motley Fool Australia.

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• Why the 4DS (ASX:4DS) share price is rallying today
• ASX 200 midday update: Zip update disappoints, BHP signs Tesla deal
• Qantas (ASX:QAN) share price on watch as CEO warns lockdowns could cost jobs
• Santos (ASX:STO) share price jumps on record quarterly sales
• The Woolworths (ASX:WOW) share price is surging to record highs

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 owns shares of and has recommended 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 Prospa Group Ltd (ASX: PGL) share price is gaining today following the company’s release of a positive trading update.

The financial technology company detailed its performance during the fourth quarter of the 2021 financial year.

At the time of writing, the Prospa share price is trading 12.21% higher at $1.195 after hitting a new 52-week high of $1.20 earlier today.

Let’s take a closer look at today’s news from Prospa.

The quarter that’s been

In its release, Prospa reported record originations and revenue growth. The company’s revenue for the quarter just been was $33.4 million – 17% higher than the previous quarter.

However, due to increased investments in its technology, products, sales, and marketing, Prospa’s operating expenses were $20.9 million – up 17.4% on the previous quarter.

Over the quarter ended 30 June 2021, Prospa saw originations of $182.7 million. That’s up 38.2% on the previous quarter’s originations and 798% more than the prior corresponding quarter.

Nearly three quarters of its originations came from the company’s small business loan and the rest was from its line of credit product.

In New Zealand, the company’s originations increased by 72% quarter on quarter.

Additionally, 50% of Prospa’s customers were returning customers.

Right now, Prospa has $458.6 million of available third-party debt facilities, of which, $97.2 million is undrawn. The company also has $80.4 million of cash.

Commentary from management

Prospa CEO Greg Moshal commented on the news, saying:

Prospa is now benefiting from the rapid recovery in the Australian, New Zealand and global economies. This quarter, Prospa surpassed many of our all-time record results…

Prospa’s success and identity is built on the power of technology. It enables us to efficiently and rapidly service the financial needs of small-to-medium enterprises both within Australia and New Zealand, particularly as many are now reinvesting in the growth of their businesses.

We have further increased our investment in technology this quarter to support our strategy to provide a broader suite of cashflow management products meeting the needs of our customers.

Prospa share price snapshot

Today’s gains have seen the Prospa share price lifting almost 38% higher than it was at the start of 2021.

It has also gained 33.3% since this time last year.

The company has a market capitalisation of around $175 million, with approximately 164 million shares outstanding.

The post The Prospa (ASX:PGL) share price is up 12% today. Here’s why appeared first on The Motley Fool Australia.

More reading

• Wisr (ASX:WZR) share price remains flat despite positive update
• Why the Peak Resources (ASX:PEK) share price is soaring 37% today
• Why the Pilbara Minerals (ASX:PLS) share price is up 9% this Thursday
• Next Science (ASX:NXS) share price jumps on record revenue growth
• Here’s why the Cogstate (ASX:CGS) share price is up 5% today

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. 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 Wisr Ltd (ASX: WZR) share price is having an uneventful day despite announcing a positive update to the ASX today.

At the time of writing, the non-bank lender’s shares are unchanged at 28 cents apiece.

What did Wisr announce?

Investors appear mixed upon the company’s latest release, leaving Wisr shares flat during afternoon trade.

According to its statement, Wisr advised it has launched its first major national brand campaign, supporting its recent brand redesign.

The campaign title, ‘For your smart part’ aims to deliver a clear and simple message around improving financial wellness. This is in relation to engaging with the ‘smart part’ of the brain to make better personal financial decisions. The project is running across the entire company’s brand design, product and communication channels.

In addition, the refreshing of the new Wisr website that was updated in May has resonated strongly with consumers. The website integrates the full suite of products, tools and resources on the Wisr Financial Wellness platform.

The company also revealed that it will be a broadcast and digital sponsor at the Olympic Games Tokyo 2020 with Seven West Media Ltd (ASX: SWM). This gives unapparelled exposure to Australian households throughout the event.

Wisr CEO, Anthony Nantes commented:

There is no greater audience, or event, that delivers a better return on investment than the Olympic Games, with a huge reach into Australian homes, concentrated in a few action-packed weeks of high excitement and emotion. From a brand perspective, it offers a rare, ultra-impactful and cost-effective outcome, as we introduce millions of Australians to a smarter, fairer experience underpinned by a ground-breaking customer experience that improves financial wellness.

The release comes just days after Wisr announced it achieved 20 consecutive quarters of uninterrupted growth. For the fourth quarter, new loan originations jumped to $123 million, a 27% increase on Q3 FY21 ($97 million).

Wisr share price summary

Until recently, Wisr shares have moved sideways for most of the year. The company’s shares price spiked at the end of May to a 52-week high of 34 cents on positive investor sentiment. However, since then, profit-taking has occurred, leading its shares to fall back to early May levels.

Wisr commands a market capitalisation of roughly $375 million, with approximately 1.3 billion shares on its registry.

The post Wisr (ASX:WZR) share price remains flat despite positive update appeared first on The Motley Fool Australia.

More reading

• Wisr (ASX:WZR) share price up 3% on another record quarterly result
• Why the Wisr (ASX:WZR) share price is edging higher today

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 Peak Resources Ltd (ASX: PEK) share price has surged into the green today. The gains come after a key update to Peak’s Ngualla rare earth project in Tanzania.

Let’s walk through today’s announcement.

What did Peak announce?

Following yesterday’s trading halt, Peak announced it had received regulatory approval from the Tanzanian Cabinet for a special mining licence at Ngualla.

Investors seemed to have relished the news, sending the Peak Resources share price soaring. At the time of writing, Peak Resources shares are exchanging hands for 12.5 cents a piece, a 37.36% gain from the market open.

The company has been in talks with the Tanzanian government on the special mining licence for more than 18 months.

As such, this “transformational milestone” is the final stage of approval before planned construction in September 2022.

The company said the Ngualla site is “one of the largest, highest grade and low cost Neodymium and Presodymium (NdPr) rare earth projects in the world”.

According to the release, China currently produces 90% of the world’s NdPr Oxide. Peak are therefore confident Ngualla “will position Tanzania as one of the major rare earth suppliers outside of China”.

The approval also follows Peak exercising its option for a 250-year lease over its Teesside Refinery site in the U.K. Peak’s Teesside facility will be built out to process Ngualla’s “high-grade rare earth concentrate”.

Speaking on the approval, Peak managing director Bardin Davis stated:

This is a landmark moment for Peak and will position Ngualla among the most advanced rare earth development projects … Peak is ideally placed to benefit from the growing global focus on electric vehicles and decarbonisation technologies, as well as international initiatives to diversify the supply of rare earths.

Peak Resources share price snapshot

The Peak Resources share price has posted a year-to-date return of 94%, extending the previous 12 month’s return of 442%.

For context, the S&P / ASX 200 Index (ASX: XJO) has posted a return of 20% over the last year.

Peak has a market capitalisation of $148 million at the time of writing.

The post Why the Peak Resources (ASX:PEK) share price is soaring 37% today appeared first on The Motley Fool Australia.

More reading

• Why is the Peak Resources (ASX:PEK) share price halted today?

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 Pilbara Minerals Ltd (ASX: PLS) share price is on fire today. Pilbara shares are up 9.9% so far this Thursday and are currently trading at $1.69 a share after closing at $1.54 yesterday and opening at $1.58 this morning.

$1.69 a share is a new 52-week, and an all-time high share price for Pilbara. The company is now up an incredible 93.1% year to date in 2021 so far, and up an even more astonishing 425% over the past 12 months.

Pilbara shares are also topping the ASX boards in terms of trading volume today. Out of all the S&P/ASX 200 Index (ASX: XJO) shares on the markets today, Pilbara shares have swapped hands the most frequently so far, with more than 20 million shares traded already (and it’s only lunchtime).

So what on earth is going on with this lithium producer this Thursday?

Why is the Pilbara Minerals share price on fire today?

Well, it’s hard to say. There has been no real news or announcements out of the company today. Well, save for some routine paperwork that was released yesterday afternoon after market close. This informed investors that Pilbara will be delivering a quarterly business trading update on 29 July. But that’s probably not what’s getting investors hot under the collar today.

One possible source of optimism here might be the update from fellow ASX lithium producer Galaxy Resources Limited (ASX: GXY) that we saw delivered this morning. As my Fool colleague James covered earlier today, Galaxy reported record quarterly production for the second quarter.

Management also stated that the company “continues to experience strong demand” for lithium products amid rising global electric vehicle sales and strong demand from the Chinese market in particular.

Galaxy shares are also up big today, rising 10% so far to $4.40 a share, as well as hitting a new all-time high of its own.

Galaxy and Pilbara are essentially competing in the same market with the same commodity. So what is good for the goose is generally good for the gander here. As such, it’s not too surprising that goodwill from Galaxy’s results would spill over into the Pilbara Minerals share price.

Where Pilbara shares currently stand, the company has a market capitalisation of $4.44 billion.

The post Why the Pilbara Minerals (ASX:PLS) share price is up 9% this Thursday appeared first on The Motley Fool Australia.

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• Top broker delivers verdict on Santos (ASX:STO) merger with Oil Search (ASX:OSH)
• Why Credit Corp, Oil Search, Pilbara Minerals, & PointsBet are charging higher
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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. 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 Next Science Ltd (ASX: NXS) share price is charging higher today.

At the time of writing, the medical technology company’s shares are up 4.05% to $1.54.

Why is the Next Science share price rallying today?

Investors are looking at the Next Science share price more optimistically following the release of its second quarter update.

According to the release, the company pulled in US$3.9 million in revenue for the first half. This reflected an increase of 271% on the prior corresponding period.

Pleasingly for shareholders, this was a record rate of growth from Next Science.

Additionally, its XPerience No Rinse Antimicrobial Solution was cleared by the United States Food and Drug Administration.

The solution helps prevent surgical site biofilm based infections.

The approval process for use in US hospitals is now underway.

Designed with orthopedic surgeons in mind, XPERIENCE is a non-toxic, no rinse antimicrobial solution that helps defend against costly surgical site infections. Learn more: https://t.co/T6upqiMGFv#XPERIENCE #Biofilm #SSI #infectionprevention #orthopedicsurgery #NextScienceHeals pic.twitter.com/IFRmUF0LOR

— Next Science (@NextScience) July 6, 2021

https://platform.twitter.com/widgets.js

Furthermore, Next Science’s antimicrobial wound gel, BlastX returned to the company and sales commenced.

Next Science regained the global distribution rights to BlastX from 3M (NYSE: MMM) in April 2021.

The patented medical product has also received approval from Australia’s Therapeutic Goods Administration (TGA).

After burning through US$1.9 million in cash during the first half, the company maintains US$13.2 million cash on hand.

Managing Director commentary

Managing Director, Judith Mitchell spoke about the record result for the company:

The strategies we are executing to commercialise our proprietary Xbio technology platform are delivering record results. The 271% revenue growth we have reported for 1H was driven by sales from our existing products.

Following the approval of our market leading “no rinse antimicrobial solution”, XPerience, by the FDA on 23 April, we are building an excellent platform for future growth. Our focus has been to secure VAC approvals across US hospitals to facilitate commercial sales in the US. As at mid-July, we had made 123 VAC submissions covering 211 hospitals and we had received 20 approvals.

Next Science share price snapshot

Thanks to today’s gains, the Next Science share price is 18.46% higher over the past year.

However, investors who bought at the 52-week high of $2.06 in June are still down 25.24%.

The post Next Science (ASX:NXS) share price jumps on record revenue growth appeared first on The Motley Fool Australia.

More reading

• Why the Pilbara Minerals (ASX:PLS) share price is up 9% this Thursday
• Here’s why the Cogstate (ASX:CGS) share price is up 5% today
• The BHP (ASX:BHP) share price up 3% on Thursday
• Iluka Resources (ASX:ILU) share price jumps 7% on quarterly results
• Why the Service Stream (ASX:SSM) share price is heading south 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. owns shares of and has recommended Next Science Limited. 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 Cogstate Limited (ASX: CGS) share price is flying 4.53% high in trade today.

Shares in the biotech company have received a boost after releasing a business update earlier today.

Here’s what the company announced and why investors are jumping for shares in Cogstate.

Cogstate shares rise on business update

Earlier today, Cogstate released a business update and cash-flow statement for the quarter ending 30 June 2021.

Cogstate highlighted a record revenue result for FY21 of $32.7 million, a 44% increase from the prior corresponding period (pcp).

For the fourth quarter, the company recorded total revenue of $10 million, up 30% on pcp and 14% higher than the prior quarter.

In its investor briefing, Cogstate highlighted that revenue from clinical trials was the main driver for the quarter and financial year.

Clinical Trials revenue in the fourth quarter was $8.8 million, up 25% on pcp. Cogstate noted a substantial increase in new clinical trial sales contracts and an increased level of trial activity through the period.

Cogstate also highlighted a strong balance sheet, with $22.4 million net cash at 30 June 2021.

The company also cited its US$2.44 million loan from Citibank under the Paycheck Protection Program (PPP).  

Cogstate also provided earnings guidance for the full-year. The company expects to record a profit before tax in a range of $5.2 million to $5.7 million. This figure includes the gain related to the PPP loan forgiveness.

Profit before tax from ordinary operations, excluding the PPP loan forgiveness, is expected to be in the range of $2.8 – $3.3 million.

Cogstate expects to release audited financial reports on Wednesday 25 August 2021.

Snapshot of the Cogstate share price

Cogstate is a neuroscience technology company that specialises in brain health assessments, with the aim of advancing the development of new medicines and clinical insights.

The company’s technologies allow for rapid and reliable computerised cognitive tests, which are designed to replace traditional costly and error-prone paper assessments.

In early June, shares in Cogstate received a boost after the U.S. Food and Drug Administration (FDA) has granted Accelerated Approval for its aducanumab treatment targeting Alzheimer’s disease.

The Cogstate share price has surged more than 38% since the start of the year.

At the time of writing, the Cogsate share price is trading more than 4.5% higher for the day at around $1.50. Shares in the biotech company were up more than 5% earlier, having hit an intra-day high of $1.52.

The post Here’s why the Cogstate (ASX:CGS) share price is up 5% today appeared first on The Motley Fool Australia.

More reading

• Why the Cogstate (ASX:CGS) share price is surging 23% today

Motley Fool contributor Nikhil Gangaram 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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