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Cannindah Resources Ltd (ASX: CAE) shares have exploded by as much as 180% today to hit a 5-year high. Investors are responding positively to the news the mineral resources company has identified large amounts of copper and gold at its main site.

At the time of writing, shares in the company have retreated slightly and are swapping hands for 7.9 cents each – up 154.84%. By contrast, the All Ordinaries Index (ASX: XAO) is currently down 0.61%.

Let’s take a closer look at what the miner reported.

What did Cannindah Resources announce?

The Cannindah Resources share price is on fire after the miner declared “significant” deposits of copper, gold, and silver at its Mt Cannindah project in central Queensland.

Some of the ore found at the site include:

• an 82m thick breccia containing 2.32% copper
• a 118.3m thick breccia containing 1.99% copper
• a 36m thick breccia containing 8.65g of gold per tonne

The company claims there is approximately 90,000 tonnes of copper, 60,000 ounces of gold, and over 2.5 million ounces of silver. At current commodity prices, these finds have estimated values of US$806 million, $1.04 billion, and $64.5 million, respectively.

To understand how monumental the find is for Cannindah Resources, keep in mind the mining company’s market capitalisation is about $24 million.

The site is 100% owned and operated by Cannindah Resources.

Future prospects of gold, silver, and copper

Both gold and silver are currently coming off five-year peaks from August last year. Trading Economics forecasts the prices of both metals to continue declining in the near future. However, the gold price is still 16.1% higher than this time last year, while silver is 111.7% higher over the same period.

Copper’s commodity price is expected to continue growing this year, and possibly into next year. Many consider copper’s price to be a reflection of the health of the economy. Since economic woes are expected to improve as COVID-19 subsides, its price is improving.

As well, copper is an essential metal in producing climate-friendly technology. The rise in demand for green technology is fuelling a boom in the naturally abundant metal.

Cannindah Resources share price snapshot

This time last year, one share in Cannindah Resources would have cost the average investor 0.8 cents. Since that time, the value of the company has grown by around 890%. A very tidy return on investment for those with enough foresight.

More reading

• Top brokers name 3 ASX shares to buy today
• A2 Milk (ASX:A2M) share price lower amid ex CEO drama
• 4DS Memory (ASX:4DS) share price lifts on patent news
• Afterpay (ASX:APT) share price wobbles on CommBank BNPL news
• Why the QEM (ASX:QEM) share price is shooting 16% higher today

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.

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Many of Australia’s top brokers have been busy adjusting their financial models again, leading to the release of a large number of broker notes this week.

Three broker buy ratings that have caught my eye are summarised below. Here’s why brokers think these ASX shares are in the buy zone:

Goodman Group (ASX: GMG)

According to a note out of UBS, its analysts have upgraded this property company’s shares to a buy rating with an $18.70 price target. The broker made the move largely on valuation grounds after a recent pullback in the Goodman share price. In addition to this, it notes that demand for its developments is strong and its balance sheet gives it the flexibility to capitalise fully on structural tailwinds. The Goodman share price is trading at $17.27 this afternoon.

Metcash Limited (ASX: MTS)

Analysts at Credit Suisse have retained their outperform rating and $4.08 price target on this wholesale distributor’s shares following its strategy update. According to the note, the broker was pleased with the update. It was also happy to see that the business is performing well in the second half and notes that the board intends to lift its payout ratio from 60% to 70%. And while it has reduced its earnings estimates slightly to account for higher than expected costs, it remains positive on its outlook. The Metcash share price is fetching $3.41 on Wednesday.

Telstra Corporation Ltd (ASX: TLS)

A note out of Ord Minnett reveals that its analysts have upgraded this telco giant’s shares to a buy rating with an improved price target of $4.05. According to the note, the broker believes Telstra’s key post-paid mobile business is well-placed to benefit from the 5G rollout. In addition, Ord Minnett expects Telstra to maintain its dividend at the current level. This will mean 16 cents per share fully franked dividends for the next couple of years at least. The Telstra share price is trading at $3.14 on Wednesday afternoon.

More reading

• ASX 200 down 0.6%: Telstra upgraded, Webjet rated as a buy, Westpac update
• Leading brokers just upgraded these ASX shares to “buy” today
• Leading broker says Metcash (ASX:MTS) share price can climb materially higher
• ASX 200 jumps, Pointsbet reveals acquisition, Metcash drops
• Is the Telstra share price (ASX:TLS) a buy today?

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. 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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A2 Milk Company Ltd (ASX: A2M) shares opened higher today but have since retreated. At the time of writing, the A2 Milk share price is trading 0.12% lower at $8.68. This comes as previous CEO Jane Hrdlicka continues to make headlines over her comments published in Good Weekend on 12 March.

The comments were not well received by the current A2 Milk chair, David Hearn, and follow Hrdlicka’s December 2019 shock exit from the company.

CEO drama

According to today’s The Australian Financial Review (AFR), shots are being fired between the previous A2 Milk CEO and current chair David Hearn.

AFR reports that Hearn believes Hrdlicka’s interview contains “falsehoods” and “mistruths”. He wrote a letter to Hrdlicka on Monday this week demanding she retract some of her comments.

When Hrdlicka ignored the request, Hearn then sent the letter to the Sydney Morning Herald on Tuesday 16 March. No public response has been issued to date.

AFR adds that Ms Hrdlicka, however, released the following statement:

The information in the letter contains false statements, is contextually incorrect and designed to inflict maximum damage on me personally. I wrote to Mr Hearn today seeking clarification and further information on a number of matters and have not yet received a reply.

What did the letter say?

AFR further discusses that, in his letter, Mr Hearn raised three “falsehoods”. He claims that Hrdlicka was dishonest about consultants she appointed, why she left A2 Milk and how the company’s IT team is set up.

He points out that Hrdlicka used roughly 80% of a NZ$33 million budget hiring consultants from Bain & Company, where she had previously worked. According to AFR, Hearn said that Bain & Company was hired by Hrdlicka without her having consulted the executive committee.

Hrdlicka disputed these previously made accusations during the Good Weekend interview. 

Mr Hearn concluded his letter advising that Ms Hrdlicka is now in breach of her signed separation deed. If she continues interacting with the media regarding A2 Milk, the letter implies there will be legal ramifications.

A2 Milk share price snapshot

Over the past year, the A2 Milk share price has fallen by around 43% amid ongoing woes surrounding the company’s daigou channel. Year to date, A2 Milk shares have also fallen by nearly 26%.

Based on the current share price, the company has a market capitalisation of around $6.5 billion with 743.4 million shares outstanding.

More reading

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Motley Fool contributor Gretchen Kennedy has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended A2 Milk. 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 rising against the tide of today’s negative ASX market trend following its recent patent approval.

After flatlining all morning then surging 5.4% around midday, the memory storage provider’s shares are now swapping hands for 19 cents apiece, up 2.7% at the time of writing.

Patent update

After digesting the announcement, investors are gearing up momentum, pushing the 4DS Memory share price higher.

In today’s release, 4DS Memory advised that it has been granted an additional patent to add to its portfolio. Approved by the United States Patent & Trade Mark Office, this brings the company’s total number of granted patents within the US to 30.

The new patent is titled Resistive Memory Device Having An Oxide Barrier Layer (patent number 10,950,788).

The company noted that its patents and applications were all developed in-house and were wholly-owned. This gives 4DS peace of mind away from royalty and licencing commitments.

In addition, 4DS Memory has submitted two further patent applications to the US patent office. These patents protect the company’s intellectual property regarding Interface Switching ReRAM for Storage Class Memory near to DRAM.

What did the head of management say?

Commenting on the approval, 4DS Memory CEO and managing director Dr Guido Arnout said:

The granting of the 30th 4DS patent strengthens an already extensive portfolio of patents for Interface Switching ReRAM.

These patents and additional filed applications are strategically important for the commercialisation of 4DS technology going forward.

4DS Memory share price snapshot

The 4DS Memory share price has gained more than 350% in the past 12 months and over 50% year-to-date. The company’s shares hit a high of 28 cents in late January after investor hype grew over the results of its second non-platform lot.

4DS Memory commands a market capitalisation of around $250.5 million at today’s price, with roughly 1.3 billion shares on issue.

More reading

• The 4DS Memory (ASX:4DS) share price plummets 5% today. Here’s why

Motley Fool contributor Aaron Teboneras owns shares of 4DSMEMORY FPO. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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The Afterpay Ltd (ASX: APT) share price took a hit in afternoon trade after news broke that Commonwealth Bank of Australia (ASX: CBA) is launching its own buy now, pay later (BNPL) product.

Following the announcement, shares fell as much as 2.5% before staggering back. At the time of writing the Afterpay share price is up 0.4% to $112.20.

Afterpay’s fiercest Australian challenger yet?

This afternoon’s price movement comes after Commonwealth Bank revealed its new CommBank BNPL product, reported by The Australian Financial Review. The offering will enable its 4 million retail banking customers to pay in four instalments anywhere Mastercard is accepted.

The real crunch factor is merchants won’t need to pay any more than the traditional card fees on CBA’s BNPL product – a significantly lower cost than approximate 4% currently charged by competitors such as Afterpay and Zip Co Ltd (ASX: Z1P).

Commonwealth Bank’s offering will be available for purchasing a broad range of items, including household bills and groceries. At present, the service will accommodate payments between $100 to $1,000 across four fortnightly transactions.

Unlike Afterpay, CommBank will conduct credit checks on its customers. As Commonwealth Bank group executive for retail banking services, Angus Sullivan stated, “We are going to treat it like it is credit.” This is a classification that Afterpay and other buy now pay later providers refute.

Klarna and CBA, it’s complicated

Making everything a tad more complicated, the CommBank BNPL is a separate offering to Swedish-based BNPL, Klarna. In July last year, CommBank invested US$300 million into Klarna and built-in an onboarding for it directly into the Aussie banking app.

Despite growing rapidly in the United States, Klarna hasn’t been able to replicate quite the same success in Australia.

Afterpay share price boils down as competition heats up

The Afterpay share price has certainly felt the pinch from a recent push from competitors. Over the last month, Afterpay’s fall from grace has erased more than 25%. If the tech selloff in February wasn’t enough, the news of Paypal (NASDAQ: PYPL) bringing ‘pay in four’ to Aussie shores added further pressure.

However, to keep it all in context, Afterpay’s share price is still up more than 380% in 12 months. As a result, Afterpay’s market capitalisation has grown to one-fifth of Commonwealth Bank’s $153 billion size.

More reading

• How this week’s Fed meeting could impact ASX 200 shares
• Why Lake Resources, PainChek, Z Energy, & Zip shares are rising today
• ASX 200 jumps, Pointsbet reveals acquisition, Metcash drops
• ASX investors still can’t get enough of GameStop (NYSE:GME) shares
• Flight Centre and Zip were some of the most traded ASX shares last week

Mitchell Lawler owns shares of AFTERPAY T FPO and Commonwealth Bank of Australia. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and recommends PayPal Holdings. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of ZIPCOLTD FPO and recommends the following options: long January 2022 $75 calls on PayPal Holdings. The Motley Fool Australia owns shares of AFTERPAY T FPO. The Motley Fool Australia has recommended PayPal Holdings. 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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QEM Ltd (ASX: QEM) shares are on fire again today after the vanadium and energy company released an investor presentation to the market this morning. At the time of writing, the QEM share price has surged 16.3% higher to 18 cents.

In comparison, the All Ordinaries Index (ASX: XAO) is currently down by 0.76%.

Let’s take a closer look at what might be affecting the QEM share price today.

QEM investor presentation

The company followed its market update of two days ago, which saw the QEM share price rocket by 119% in one day, with an investor presentation today.

In the presentation, the company provided investors with information regarding three key revenue sources. They are:

1. The Julia Creek vanadium and oil shale project
2. The hydrogen production strategy
3. Government funding

Julia Creek project

Located in the North West Minerals Province (NWMP) of Central Queensland, the Julia Creek site is both a vanadium and oil shale mine.

According to The Royal Society of Chemistry, vanadium is a silvery metal mainly used in steel production. It reinforces steel for strength, weather resistance, and increased fuel efficiency. The twenty-third element is also used in ceramic and dye production, and in renewable energy storage.

Elements essential to renewable energy technology, such as lithium and rhodium, have seen their prices boom in recent weeks.

The Australian Government considers vanadium to be a ‘critical mineral’. According to Geoscience Australia, a critical mineral is “…vital for the economic well-being of the world’s major and emerging economies, yet whose supply may be at risk due to geological scarcity, geopolitical issues, trade policy or other factors.”

The Julia Creek site is also home to a large oil shale reserve. Oil shale is sedimentary rock which contains organic matter. It has not yet undergone the process of converting into crude oil in underground wells. The company sees the emerging oil shale industry as an untapped market within Australia.

Hydrogen production strategy

Using solar power, QEM is exploring opportunities to produce ‘green’ hydrogen. The company separates hydrogen from water using a process known as electrolysis.

The hydrogen will be used to power the Julia Creek site, and any surplus electricity would be sold to the Queensland grid. As well, QEM will use the universe’s most abundant resource to hydrogenate raw oil, thus making it more sustainable.

Long term, the company wants to turn the Julia Creek site into a hydrogen hub for the entire NWMP.

Government funding

As a producer of critical materials, QEM advised it is targeting a range of government loans and grants through both state and federal funding agencies. One such agency is the Northern Australia Infrastructure Facility (NAIF).

NAIF is a commonwealth agency designated with boosting economic development in northern Australia through strategic private sector investment. In the last financial year, NAIF made $1.4 billion worth of investments.

Another government agency QEM believes it may be able to access is the Australian Renewable Energy Agency (ARENA).

ARENA supports research and development in renewable energy technology through strategic investments and sharing research with the private sector. Hydrogen production, storage, and use are all within ARENA’s scope.

At the state level, the Queensland Government has several initiatives to boost mineral extraction in the state. The most relevant ones include the NWMP Strategic Blueprint worth $39 million, the Hydrogen Industry Strategy worth $19 million, and the $100 million Resources Community Infrastructure Fund.

QEM share price snapshot

One year ago, the QEM share price was sitting at 7 cents. Since then, it has gained more than 150%. Almost all of these gains occurred over the last couple of days. Only last Friday, shares in the company were trading at 8.2 cents.

However, the QEM share price is still trading half a cent lower than its initial public offering (IPO) price of 18.5 cents.

QEM has a market capitalisation of around $15.5 million.

More reading

• The QEM (ASX:QEM) share price has rocketed 119% today. Here’s why

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.

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EarlyPay Ltd (ASX: EPY) shares are on the rise today after the company provided a business growth and facilities update. At the time of writing, the EarlyPay share price is trading 1.15% higher at 44 cents after earlier posting gains of 5%.

The company provides tailored financing solutions to both small and large businesses across Australia. Let’s take a look at what it reported.

What did EarlyPay report?

EarlyPay shares are moving higher today after the company reported the increase in its new business volumes were continuing during the first two months of the new financial quarter (Q3 FY21). EarlyPay had earlier reported the increase in new business volumes in its half-year financial report (H1 FY21) for the year ending 31 December. That release saw the share price surge 10% on the day.

The company reported that the third quarter tends to be a quieter business period due to holiday disruptions, but this was not the case this year. It reported being on track to increase the number of its Invoice Financing clients by 10% during Q3.

Additionally, Total Transaction Volume increased 10% year on year, which was before COVID-19 impacted the market.

The company credits its online strategy for the growth, reporting more than 90% of all new invoice financing clients used its online platform during Q3 so far, compared to 56% in Q2.

EarlyPay also provided an update on the facility it holds with Greensill, which is now under administration. It said this debt represents “less than 10% of Earlypay’s total loan portfolio and will be transitioned to an existing bank warehouse facility which has ample headroom”.

The company reaffirmed its full 2021 financial year guidance of earnings before interest, taxes, depreciation and amortisation (EBITDA) of $21 million and net profit after tax and amortisation (NPATA) of $8.5 million. It intends to pay a full-year dividend in the range of 1.3 cents per share, fully franked.

EarlyPay share price snapshot

Over the past full year, EarlyPay shares are down by 12%. That compares to a gain of 32% on the All Ordinaries Index (ASX: XAO).

Year to date, the EarlyPay share price is up 16%.

More reading

• Why the Earlypay (ASX:EPY) share price is going nuts

Motley Fool contributor Bernd Struben 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 Corporate Travel Management Ltd (ASX: CTD) share price has been a poor performer on Wednesday.

In fact, in afternoon trade, the corporate travel booker’s shares are the worst performers on the S&P/ASX 200 Index (ASX: XJO).

At the time of writing, the company’s shares are down 6% to $20.90.

Why are Corporate Travel Management’s shares sinking today?

The Corporate Travel Management share price has come under pressure today after it announced that its Chief Executive Officer, Jamie Pherous, has offloaded a large number of shares.

According to the release, Mr Pherous disposed of 1.5 million of the company’s shares via an on-market trade on Tuesday.

The CEO was able to command an average of $21.00 per share sold, which equates to a total consideration of $31.5 million.

While no explanation was given for the sale, the company notes that Mr Pherous remains the company’s largest shareholder even after accounting for this transaction. He is left with a total of 19.24 million shares, which represents a 14.1% stake in the company.

Where next for the company’s shares?

According to recent notes out of several brokers, the Corporate Travel Management share price could be close to peaking.

For example, Credit Suisse has an outperform rating and $22.00 price target, Ord Minnett has a buy rating and $21.90 price target, and Morgans has an add rating and price target of $21.75.

Based on Credit Suisse’s price target of $22.00, there is potential upside of 5% for Corporate Travel Management’s shares over the next 12 months.

What about other travel shares?

Another travel share that was given a buy rating today is Webjet Limited (ASX: WEB). As I mentioned here earlier, Goldman Sachs has initiated coverage on the online travel agent with a buy rating and $7.36 price target.

Based on the latest Webjet share price, this price target implies potential upside of 19% for its shares over the next 12 months. Food for thought for investors.

More reading

• ASX 200 down 0.6%: Telstra upgraded, Webjet rated as a buy, Westpac update
• These were the best performing ASX 200 shares last week
• Why the Corporate Travel Management (ASX:CTD) share price just hit a 52-week high
• ASX 200 unmoved, Flight Centre soars, Afterpay keeps falling
• ASX 200 rises, Afterpay sinks, Vocus jumps

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended Corporate Travel Management Limited and Webjet Ltd. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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Lithium has been all the buzz in 2021, and on the ASX it’s been no different. With the popularity of electric vehicles rising and green energy solutions looking to be the future, many lithium mining companies seem to be riding a continuous wave.

So let’s take a look at which ASX lithium shares have been shooting it out of the park in 2021 year to date (YTD).

The 5 top-performing ASX lithium stocks of the year so far

Lake Resources NL (ASX: LKE) ­– up 338% YTD

2021 has been a great year for the Lake Resources share price, which, at the time of writing, is up 337.5% year to date. Having started out the year at just 8 cents, the company’s shares are currently trading at 35 cents. Lake Resources shares also boast an impressive 52-week return of 1,067%.

Lake Resources has four lithium projects currently underway and the largest lithium lease holding in Argentina, covering 2,000 square kilometres. The company states its operations take place in what is known as the Lithium Triangle – where 40% of the world’s lithium is produced at low cost.

Its flagship Kachi Project has shown potential to become a long-life operation with an annual production target of 25,500 tonnes of battery grade lithium carbonate.  

The company has a market capitalisation of around $355 million with approximately 1 billion shares outstanding.

Hawkstone Mining Ltd (ASX: HWK) – up 260% YTD

The Hawkstone Mining share price has rocketed through 2021. Having started the year at 1 cent, the company’s shares are now trading for 3.6 cents, leaving Hawkstone’s share price with a year to date gain of 260%. Further, it has risen by 620% over the last 12 months.

Hawkstone Mining’s major lithium project is its flagship Big Sandy Project located in Arizona. The company also operates the Lordsburg Project in New Mexico. Hawkstone made the news earlier this month after reporting its Big Sandy project has produced battery-grade lithium.

Aside from Hawkstone’s two lithium two projects, the company also holds gold and copper mines in Idaho and Utah.

Hawkstone Mining has a market capitalisation of around $60 million with approximately 1.6 billion shares outstanding.

Piedmont Lithium Ltd (ASX: PLL) – up 173% YTD 

After starting out the year at 37 cents, the Piedmont share price is trading at $1.01 at the time of writing — a year-to-date increase of 172.97%. The company also boasts a massive 1,343% increase in its share price over the last 12 months.

Piedmont Lithium has only one project on its books but, according to the company, it’s a good one. The Piedmont Lithium Project is in North Carolina, situated near two lithium processing facilities with plenty of nearby power and gas infrastructure. The Project is a source of battery-grade lithium and the company plans to supply it to the electric vehicle and battery storage markets. Piedmont shares rose by more than 80% on one day in September last year after the company announced signing a new deal with Tesla Inc (NASDAQ: TSLA).

Piedmont Lithium has a market capitalisation of $1.48 billion with approximately 1.3 billion shares outstanding.

Sayona Mining Ltd (ASX: SYA) – up 200% YTD

The Sayona Mining share price started 2021 trading for 1.1 cents and is now trading for 3.3 cents, leaving it up 200% year to date. It is also up 371% over the last 12 months.

A self-professed emerging lithium miner, Sayona has mines in Quebec, Canada and Western Australia. In January, the company partnered with Piedmont Lithium so the companies could support each other’s growth in North America. Sayona has since announced a 44% growth of claims at its Quebec project.

Sayona Mining has a market capitalisation of around $117 million with approximately 3.7 billion shares outstanding.

Anson Resources (ASX: ASN) – up 160% YTD

The Anson Resources Ltd share price has a year to date gain of 160%. It started this year trading at 3 cents and has since risen to trade at 7.8 cents at the time of writing. It’s also up by 290% over the last 12 months.

Anson Resources’ crown jewel is its flagship Paradox Basin Brine Project in Utah. The company is developing an industrial scale in-field pilot plant to produce lithium for lithium-ion battery manufactures to use for qualification testing. The company also has claims for a vanadium and uranium mine, also in Utah, as well as a graphite project and a nickel-cobalt laterite project in Western Australia.

Anson Resources has a market capitalisation of around $71 million with approximately 893 million shares outstanding.

More reading

• Why Lake Resources, PainChek, Z Energy, & Zip shares are rising today
• Why the Lake Resources (ASX:LKE) share price is shooting 10% higher today
• Why the Piedmont Lithium (ASX:PLL) share price is zooming 9% higher today
• Why Afterpay, Piedmont Lithium, ResApp, & Santos are charging higher
• Here’s why the Piedmont Lithium (ASX:PLL) share price is jumping 11% 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. owns shares of and recommends Tesla. 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 PainChek Ltd (ASX: PCK) share price is soaring today after the company announced it has received approvals for its latest pain monitoring app update.

At the time of writing, the mobile medical app developer’s shares are up 13% to 7.8 cents per share.

What did Painchek announce?

The Painchek share price is moving after it provided an update this morning noting the company had received CE Mark and Therapeutic Goods Administration (TGA) clearance for its expanded Universal Pain Assessment Solution, or ‘Universal’ application.

According to the release, these clearances will allow the app to be marketed and sold across Europe, the UK, Australia, Canada, Singapore, and New Zealand.

The new ‘Universal’ Painchek app builds upon the company’s existing pain monitoring technology to now allow all patients to be assessed. Previously the app was specifically for people with dementia.

With the latest approval, the company’s market will substantially broaden. The total market for pain monitoring is far larger than the niche market solely serving people with dementia.

What the Universal app adds

Painchek’s Universal app implements the widely established self-reporting standard known as the numeric rating scale (NRS). The company’s existing technology caters to carers for assessing and managing pain levels for patients who cannot verbalise it. However, with the addition of NSR, carers will now also be able to better support those who can self-report.

Painchek CEO Philip Daffas commented on the approval:

Historically, PainChek and NRS have been separate pain assessment processes in terms of function and documentation, as we initially developed PainChek to be used in situations where patients could not reliably verbalise their pain.

We have now improved the process by incorporating the NRS into the PainChek app, combining the benefits of the two pain scales into one universal pain assessment and management solution.

The initial rollout of the Universal app is slated for Australia and the United Kingdom from April. After which, it will continue to be distributed to mainland Europe and other international markets.

Painchek share price checkup

Considering the 52-week range on the Painchek share price, it has been a wild year for Painchek shareholders. Before today, the share had been floating around its 52-week low of 6.2 cents. Whereas, in May last year, the share price hit a high of 18 cents. 

Despite the increased volatility, the shares have returned a meagre 4% to holders over the past 12 months. For comparison, the S&P/ASX 200 Index (ASX: XJO) has notched up a 28% gain before dividends. 

More reading

• Why Lake Resources, PainChek, Z Energy, & Zip shares are rising today
• Why the Painchek (ASX:PCK) share price is edging higher today

Motley Fool contributor Mitchell Lawler 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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