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The Amcor CDI (ASX: AMC) share price opened over 6% higher this morning following release of the company’s half-year results. At the time of writing, Amcor shares have dropped back slightly and are swapping hands for $15.17 apiece.

Amcor develops and produces packaging for food, beverage, pharmaceutical, medical, home and personal care, and other products. The company employs approximately 47,000 people and does business in over 40 countries.

What’s moving the Amcor share price today?

Amcor reported a GAAP (generally accepted accounting principals) net income of $417 million for the six months ended 31 December 2020. Compared to the previous corresponding period (PCP), this is a 65% increase.

Amcor’s GAAP earnings per share (EPS) gained a whopping 71% compared to the PCP. EPS for the period was a massive 26.5 cents per share. Adjusted EPS came in at 33.3 cents per share.

The company’s quarterly dividend also jumped up to 11.75 cents per share, compared to 11.5 cents in the fourth quarter of 2019.

As a result of these achievements and other influences, Amcor has raised the outlook for adjusted EPS growth to 10–14% in constant currency terms. The previous estimate was 7–12%.

The company further notes a pre-tax synergy benefit of approximately $70 million following the Bemis acquisition. Bemis, a US-based plastic supplier and manufacturer, was acquired through an all-stock transaction in June 2019.

Volume growth in all geographic regions

Amcor advised that all geographic regions delivered volume growth. Volumes in North America grew ‘in the mid single digit range’. This was driven by strength in the meat, frozen food, liquid beverage, pet food, home and personal care end markets as well as speciality cartons.

In Europe, overall ‘low single digit’ volume growth was driven by higher volumes in cheese, snacks, coffee, pet food, and ready meal end markets.

Flexible packaging volumes grew at ‘mid single digit rates’ across Asian emerging markets. China and India both experienced double digit growth which was offset by lower volumes across South East Asia. Overall Latin America volumes also grew in the ‘low single digit range’ for the period.

CEO comments

Weighing in on Amcor’s half-year results and the company’s position for the rest of FY21, CEO Ron Delia said:

Amcor’s investment case remains as strong as ever. We are well positioned to continue generating growth from attractive consumer and healthcare end markets, our leadership and scale in emerging markets and our extensive innovation capabilities. With annual free cash flow of more than $1 billion, we have substantial capacity to create value for shareholders by reinvesting in the business, pursuing acquisitions, and returning capital through a compelling and growing dividend and share repurchases

The Amcor share price has lost more than 9% over the past year. On current prices, the company has a market capitalisation of $23.78 billion.

More reading

• Why Amcor, Carsales, Rent.com.au, & Temple & Webster are surging higher
• ASX 200 up 1.1%: Amcor jumps, South32 sinks, Virgin Money UK rockets
• 5 things to watch on the ASX 200 on Wednesday
• 2 reliable blue chip ASX share to buy
• Why the Amcor (ASX:AMC) share price is having a rough start to 2021

Motley Fool contributor Gretchen Kennedy has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended Amcor 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 AnteoTech Ltd (ASX: ADO) share price has returned from its trading halt and rocketed higher on Wednesday.

In afternoon trade, the nanotechnology company’s shares surged a massive 95% higher to a record high of 19.5 cents.

Why did the AnteoTech share price rocket higher?

Investors have been scrambling to buy AnteoTech shares on Wednesday following the release of an announcement relating to one of its customers, Ellume.

According to the release, as we covered here this week, Ellume has signed a US$230 million (A$300 million) agreement with the U.S. Department of Defense (DOD) for its Emergency Use Authorization (EUA) COVID 19 at home test.

Ellume’s COVID-19 test is the first at-home test to gain US FDA emergency approval, with the company revealing that it has an accuracy rate of approximately 95%.

Where does AnteoTech come into the equation?

This is a big positive for AnteoTech as Ellume integrates the company’s AnteoBind technology into its proprietary quantum dot diagnostics platform. Management notes that AnteoBind uses coordination chemistry and multipoint binding to optimise an assay’s conjugation performance. This leads to better tests and better results.

The company advised that it has been working closely with Ellume over recent months to ensure it is able to supply the required volumes of AnteoBind. Pleasingly, management is confident that it has the capacity to fulfil requirements.

Ellume and AnteoTech have a supply contract which has been in place since 2016 and is due for renewal in late 2021.

What next?

Management is expecting Ellume’s requirement for AnteoBind to increase modestly over the coming months as it begins to supply the US markets. This is expected to lead to further modest increases in sales volumes and revenue for AnteoTech in FY 2021.

AnteoTech’s CEO, Derek Thomson, commented: “We are delighted to be involved with Ellume’s success and we congratulate the company on their announcement. Ellume was the original seed customer in AnteoTech’s strategy to demonstrate the value that AnteoBind can bring to assay development and it is pleasing to see that strategy now delivering market recogition.”

The company is currently working on its own rapid COVID-19 test, the Antigen Rapid Test, which also uses the AnteoBind technology. It is hoping to be able to give an accurate result within 15 minutes of taking the test.

It is, however, unclear how long it will take to be developed, trialled, and ultimately commercialised if all goes to plan.

More reading

• If only Ellume was an ASX share! Why it’s making big news today

Motley Fool contributor James Mickleboro 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 Field Solutions Holdings Limited (ASX: FSG) share price has rocketed today. This follows the company’s latest government funding award. At the time of writing, the Field Solutions share price is sitting at 69 cents, up 9.5%.

What did Field Solutions announce?

The Field Solutions share price is on the run after announcing it has been selected for a government funding program.

According to its release, the company advised that it has been awarded $2.1 million in government funding. The funds were approved under the third round of the Digital Farm Grants Program by the Western Australia Government’s Department of Primary Industries and Regional Development.

The Digital Farm Grants program is aimed at improving business and agricultural productivity through linking NBN in rural Western Australia. The state government desires to see expanded mobile coverage to support farming businesses in accessing smart farming technologies and practises.

Field Solutions revealed that the funds received will be allocated towards building its infrastructure in rural areas across Western Australia. This includes extending its network assets across the Grainbelt region. The Grainbelt region covers over 3,000 properties and businesses that have limited internet access.

The project is expected to commence in May this year, with revenues to flow sometime in H1 FY22. The company estimates that over a 10 year period, it will accumulate revenues of roughly $27 million.

CEO commentary

Field Solutions CEO, Andrew Roberts, touched on a number of points, saying:

The awarding of the Digital Farm Grant has reinforced our decision to deliver services in WA.

The WA market is well suited to our fixed wireless infrastructure approach to serve rural, regional and remote communities and business.

We are currently expanding our network across southern and central Queensland. Once complete, our total surface area covered will be over 81,000 squared kilometres. This project in Western Australia will extend our network adding 8,000 squared kilometres to our coverage.

Our immediate focus is on the successful delivery of these new networks, however, concurrently we will be offering our complete suite of products, taking advantage of our nationwide network.

About the Field Solutions share price

The Field Solutions share price has risen over 270% in the last 12 months. This reflects a positive investor sentiment.

Although its shares reached a 52 week low of 1.8 cents, the Field Solutions share price strongly rebounded.

Based on the current price of its shares, the company has a market capitalisation of around $39 million.

More reading

• Here’s why the Field Solutions (ASX:FSG) share price is up 20% today

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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In afternoon trade the S&P/ASX 200 Index (ASX: XJO) is on course to make it three consecutive days of strong gains. At the time of writing, the benchmark index is up 1% to 6,831.4 points.

Four ASX shares that are climbing more than most today are listed below. Here’s why they are surging higher:

Amcor CDI (ASX: AMC)

The Amcor share price is up over 5% to $15.16. Investors have been buying the packaging company’s shares following the release of a solid half year update. Amcor posted a 16% increase in adjusted earnings per share to 33.3 U.S. cents for the six months. This stronger than expected performance led to management upgrading its earnings per share growth guidance. It now expects growth of between 10% and 14% in constant currency.

Carsales.Com Ltd (ASX: CAR)

The Carsales share price is up 5.5% to $21.12. This has been driven by the release of a bullish broker note out of Goldman Sachs this morning. According to the note, Goldman Sachs has upgraded the auto listings company’s shares to a buy rating with a $22.60 price target. Its analysts believe recent weakness in the Carsales share price has created a buying opportunity. Especially given its attractive valuation and solid medium term growth prospects.

Rent.com.au Ltd (ASX: RNT)

The Rent.com.au share price is rocketing a further 27% higher to 16.5 cents on Wednesday. Investors have been fighting to get hold of the rental listings company’s shares after Bevan Slattery became a shareholder. The well-respected tech investor grabbed $2 million worth of shares from a $2.75 million placement at 5 cents per new share.

Temple & Webster Group Ltd (ASX: TPW)

The Temple & Webster share price has bounced back from yesterday’s decline and is up 4.5% to $11.02. Investors have been buying the online furniture and homewares retailer’s shares after Goldman Sachs responded positively to its half year update. Although the company fell short of its estimates, the broker believes it remains very well-positioned for strong growth in the coming years. It has retained its buy rating and put a $12.45 price target on its shares.

More reading

• ASX 200 up 1.1%: Amcor jumps, South32 sinks, Virgin Money UK rockets
• Where next for the Temple & Webster (ASX:TPW) share price?
• Carsales (ASX:CAR) share price on watch following broker upgrade
• 3 reasons why the Temple & Webster (ASX:TPW) share price could be a buy
• 5 things to watch on the ASX 200 on Wednesday

James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of Temple & Webster Group Ltd. The Motley Fool Australia owns shares of and has recommended Amcor Limited. The Motley Fool Australia has recommended carsales.com Limited and Temple & Webster Group Ltd. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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Shares in ASX-listed cannabis company Creso Pharma Ltd (ASX: CPH) are on a wobbly ride this morning. After lifting to a high of 22.5 cents in early trade, the Creso Pharma share price rollercoastered back to its opening price of 21 cents. Its shares are now trading up 2.4%, at the time of writing.

This follows the company’s announcement of 4 new purchase orders in excess of a quarter million dollars.

What are the details?

Creso Pharma advised its wholly-owned Canadian subsidiary, Mernova Medicinal Inc, has secured 4 new purchase orders for its quality indoor grown cannabis. Worth a total of CA$242,842 (AU$248,682), the company will sell the cannabis under its Ritual Green brand.

The Canadian government-owned retail cannabis monopoly in New Brunswick, Cannabis NB, made its first order from Creso’s Mernova. This is the first sale Mernova has made in the province.

The company has also received two more purchase orders from the Nova Scotia Liquor Corporation for a total value of CA$104,200. Creso revealed this included Mernova’s first ever order for its new highly potent Black Mamba strain, an Indica variety with more than 20% THC content.

The other purchase order, from the Yukon, is valued at CA$43,842.

Management commentary

Addressing the latest sales success, Mernova managing director Jack Yu said:

To receive our first PO [purchase order] from the province of New Brunswick, as well as additional POs from the NSLC and the Yukon, is a great way for Mernova to start the year, and shows that 2021 should be promising for us…

These latest POs show that our Ritual Green brand products continue to gain traction, and that we are developing a reputation for quality. Product sales on a province-by-province basis are progressing well, and we look forward to the imminent launch of our Ritual Sticks, and Ritual Black brands. We are just getting started.

The company reported that it is continuing to explore its expansion opportunities in the Canadian market, with a number of territories on its radar.

Creso Pharma share price snapshot

Creso Pharma has been a star performer over the past months, though with a lot of volatility.

The Creso share price is up 18% so far in 2021, compared to the 2.1% gain on the All Ordinaries Index (ASX: XAO). Creso shares really surged in late November last year with the share price up 607% since 24 November.

More reading

• Why Blackmores, Creso Pharma, Pilbara Minerals, & Zip shares are pushing higher
• Here’s why the Creso Pharma (ASX:CPH) share price is rocketing 18% higher
• Why Bingo, Creso Pharma, Domino’s, & Tyro shares are zooming higher today
• Why the Creso Pharma (ASX:CPH) share price is smoking the market today
• Afterpay and Creso Pharma were among the most traded shares on the ASX last week

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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At lunch on Wednesday, the S&P/ASX 200 Index (ASX: XJO) is on course to record another solid gain. The benchmark index is currently up 1.1% to 6,839 points.

Here’s what is happening on the market today:

Amcor deliver solid half year results

The Amcor CDI (ASX: AMC) share price is charging higher today after releasing its half year results. The packaging company delivered a 16% increase in adjusted earnings per share to 33.3 U.S. cents for the six months ended 31 December. This stronger than expected performance led to the company upgrading its FY 2021 earnings per share growth guidance to between 10% and 14% in constant currency.

Silver shares sink lower

A number of mining shares with exposure to silver are dropping lower today. Chief among them is the South32 Ltd (ASX: S32) share price which has fallen 4.5% today. Investors have been selling their shares after the silver price crashed back down to earth after the Reddit short squeeze started to unwind.

Carsales share price races higher

The Carsales.Com Ltd (ASX: CAR) share price is racing higher today after being the subject of a bullish broker note. According to a note out of Goldman Sachs, its analysts have upgraded the auto listings company’s shares to a buy rating with a $22.60 price target. Goldman believes recent weakness in the Carsales share price has created a buying opportunity for investors. It commented: “Despite consensus earnings upgrades since vaccines emerged, CAR multiples have compressed to the extent it now trades at a 21% 12mf EV/EBITDA discount to AU classified peers, its greatest level in recent history.”

Best and worst ASX 200 performers

The best performer on the ASX 200 on Monday has been the Virgin Money UK CDI (ASX: VUK) share price with a 15% gain. This follows the release of its first quarter trading update on Tuesday. The worst performer has been the South32 share price with a 4.5% decline following the weakness in the silver price.

More reading

• ASX coal stocks increasingly isolated with rise of start-ups like MGA Thermal
• Carsales (ASX:CAR) share price on watch following broker upgrade
• 5 things to watch on the ASX 200 on Wednesday
• 2 ASX 200 shares to buy for dividends
• ASX 200 jumps 1.5%, RBA doubles QE, Afterpay soars

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended Amcor Limited. The Motley Fool Australia has recommended carsales.com 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 Fonterra Shareholders’ Fund (ASX: FSF) share price will be in focus after the dairy co-operative this morning advised lifting its farmgate milk price range for New Zealand farmers. Despite the positive news, Fonterra shares have remained flat so far in morning trade.

Why has the co-op raised its milk price forecast?

The Fonterra share price has failed to respond to this morning’s announcement advising the co-op has raised its expected farmgate milk price for the 2020-2021 season from NZ$6.70–7.30 (AU$7.05–7.68) per kilogram of milk solids (kgMS) to NZ$6.90–7.50 per kgMS.

The company said the midpoint range, which is what farmers receive, had increased to NZ$7.20 per kgMS.

Explaining the roughly 3% increase in the milk price outlook, Fonterra’s CEO Miles Hurrell pointed to strong demand for dairy. Global Dairy Trade (GDT) prices have continued to increase since Fonterra revised its milk price in early December.

According to Hurrell:

In particular, we’ve seen strong demand from China and South East Asia for whole milk powder (WMP) and skim milk powder (SMP), which are key drivers of the milk price.

This lift in our forecast Farmgate Milk Price is good news for New Zealand farmers. It would see the Co-op contribute almost $11 billion to the New Zealand economy through milk price payments this year, which helps support the wellbeing of rural communities.

New Zealand exports some 95% of its milk production, with Fonterra playing a large role in collecting the milk. That lack of domestic competition for supply means there is no set market price for dairy.

For this reason, Fonterra calculates a farmgate milk price. This enables total returns to be distributed between payments for milk and returns on the share capital invested by shareholders.

With a nod to various uncertainties remaining in the year ahead, Hurrell added:

Now that we’re through the peak of the 2021 milking season, the impact of any changes in global market dynamics is reducing and our view of the season is firming up. However, we are continuing to keep a close eye on a number of factors. These include New Zealand weather conditions, expected challenges from further waves of COVID-19 and increasing milk production in the Northern Hemisphere.

Fonterra is due to announce its half year results on 17 March, when the Co-op will also offer updated full year earnings guidance.

Fonterra share price snapshot

The Fonterra share price has remain unchanged by today’s announcement. This compares to a 1.9% gain on the All Ordinaries Index (ASX: XAO).

Over the past 12 months, however, Fonterra shares are up 10.4%, easily outpacing the All Ords 0.9% gain in that same time.

Based on the current Fonterra share price of $4.25, the co-op pays a 0.9% dividend yield, unfranked.

More reading

• LiveTiles (ASX:LVT) shares placed in trading halt
• Where next for the Temple & Webster (ASX:TPW) share price?
• Why the Paradigm (ASX:PAR) share price is jumping higher today
• Why the GenusPlus (ASX:GNP) share price is surging 7% today
• Why the Sky Network (ASX:SKT) share price will be on watch today

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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Shares in LiveTiles Ltd (ASX:LVT) are in a trading halt this morning following an announcement from the company.  Let’s take a look at the announcement and what that means for the LiveTiles share price. 

What did LiveTiles announce?

Earlier today LiveTiles released an announcement informing investors that securities in the company have been placed in a trading halt.

According to the company’s announcement, LiveTiles requested an immediate trading halt. This request was in response to an article published in The Australian Financial Review overnight.

LiveTiles informed investors that shares in the company will remain in a trading halt until the commencement of trading on the 5^th of February 2021 or following the release of another announcement from the company.

What prompted LiveTiles to enter a trading halt?

Securities in LiveTiles were placed in a trading halt in response to an article published in The Australian Financial Review.

The article, which was published overnight, speculated a potential buyout of LiveTiles by offshore private equity funds. According to the article, LiveTiles has engaged Credit Suisse’s investment bankers as defence advisers, after receiving approaches from specialist software buyout funds.

Despite the interest, the article acknowledged that no formal process was underway, with LiveTiles reportedly exploring options.

According to the article, LiveTiles has received attention from private equity funds given the company’s struggling share price. In the past 12 months, the LiveTiles share price has fallen more than 16% to around 20 cents. Meanwhile, the ASX all-tech Index is up 40% for the period.

How has the LiveTiles share price performed?

LiveTiles is a global software company that allows users to create intelligent workplace experiences. The company’s cloud-based software management systems allow clients to use popular online software tools like Microsoft 365, Google Drive, communications through Slack and use Expensify for financial reporting.

Late last month LiveTiles released a positive update for the second quarter. The release was highlighted by a 10.2% increase in annualised recurring revenue (ARR) of $58.1 million. The software company generated $64.7 million in ARR at December 31 from more than 1100 customers and reported $19.2 million cash on hand.

At the time of writing, shares in LiveTiles are still in a trading halt after closing yesterday’s trading session at 20.5 cents per share.

More reading

• Why Bigtincan, Bubs, LiveTiles, & Treasury Wine shares are storming higher
• Why the LiveTiles (ASX:LVT) share price is avoiding the market selloff
• What’s in store for the ASX tech sector in 2021?
• How to invest in ASX shares in a post-COVID world 

Nikhil Gangaram has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of LIVETILES FPO. The Motley Fool Australia has recommended LIVETILES FPO. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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The Temple & Webster Group Ltd (ASX: TPW) share price is back on form again on Wednesday after dropping lower yesterday following its half year update.

In morning trade, the online furniture and homewares retailer’s shares are up 5% to $11.10.

What happened in the first half?

As I covered here yesterday, Temple & Webster delivered very strong growth during the first half of FY 2021.

The company reported a 118% increase in revenue to $161.6 million and a 556% jump in earnings before interest, tax, depreciation and amortisation (EBITDA) to $14.8 million.

This was driven by the doubling of its active customers to 678,000, higher repeat use, a 6% increase in the average spend per active customer, and operating leverage. In respect to the latter, over the last 12 months the company’s fixed costs as a percentage of sales decreased from 11.6% to 7.5%.

A chat with management

I spoke to management following the release and CEO, Mark Coulter, appeared very pleased with half.

He pointed out that while the shift to online shopping during the pandemic has undoubtedly benefited the company, Temple & Webster was a high growth company before COVID and is expected to remain one post COVID. 

This is due to the tailwinds the company is experiencing from the structural shift to online shopping and favourable changes in demographics. In respect to the latter, tech-savvy millennials are now entering its core demographic.

In addition to this, Mr Coulter took me through the company’s private label business and the incredible amount of work that goes into it. Private label sales accounted for 25% of total sales during the half, up from 18% a year earlier. Management is now aiming to grow this to 30% of sales.

And finally, while customer acquisition costs are trending higher, this is being comfortably offset by the increasing revenue per user the company is generating thanks to a higher repeat customer rate.

Is the Temple & Webster share price in the buy zone?

According to a note out of Goldman Sachs, it believes the Temple & Webster share price is in the buy zone right now.

Although its half year result fell short of the broker’s revenue and earnings expectations, it has started the second half stronger than the broker was expecting.

It explained: “TPW’s 1H21 result was below our forecasts, largely driven by a higher cost base than our assumptions. This results in downgrades to our forecasts but, in our view, the investment case for TPW remains largely unchanged.”

Though, it has warned that uncertainty could make its shares volatile in the near term. It said: “We acknowledge there will be elevated uncertainty as to how TPW cycles strong comparative bases through calendar 2021. This could drive a higher level of volatility in its share price over the very-near term.”

Nevertheless, the broker remains positive on the investment opportunity here, commenting: “We remain attracted to the structural tailwind of online commerce penetration and note that TPW has a leading position within its category which itself has a significant room for further online commerce growth. This should deliver well above market revenue growth and solid operating leverage over our forecast period,” it added.

Goldman Sachs has a buy rating and $12.45 price target on its shares.

More reading

• 3 reasons why the Temple & Webster (ASX:TPW) share price could be a buy
• ASX 200 jumps 1.5%, RBA doubles QE, Afterpay soars
• Why Bubs, Huon, Temple & Webster, & Unibail-Rodamco-Westfield are dropping lower
• Why the Temple & Webster (ASX:TPW) share price is sinking 5% lower today
• Why Afterpay, ResMed, Temple & Webster, & Worley shares are dropping lower

James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of Temple & Webster Group Ltd. The Motley Fool Australia has recommended Temple & Webster Group Ltd. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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It has been a positive day of trade for the Paradigm Biopharmaceuticals Ltd (ASX: PAR) share price.

In morning trade, the biopharmaceutical company’s shares jumped 8% higher to $2.70.

Why did the Paradigm share price jump higher?

The catalyst for the jump in the Paradigm share price this morning was the release of an announcement in relation to its Zilosul product.

The company is currently undertaking a treatment program for osteoarthritis (OSA) under the Therapeutic Goods Administration (TGA) Special Access Scheme (SAS).

This morning Paradigm released further data from the program, which revealed positive results for its Zilosul product in treating OSA.

After 89 SAS treated patients, the pain reducing effects of Zilosul in subjects with knee OA shows a very consistent reduction in pain of nearly 50%. This is a slight improvement on the data it had at the 76-patient mark. At that point, the mean reduction in pain stood at 47.3%.

In addition to this, the company advised that the drug remains well tolerated across SAS and Paradigm’s other development programs.

Management commentary

Paradigm’s Chief Executive Officer, Paul Rennie, was pleased with the data.

He said: “It has been pleasing that as we have had additional patient data reported, we have seen consistent reduction in WOMAC pain with each group of patients with average WOMAC pain reduction across the 89-patient cohort being just under 50%.”

“We are seeing consistent clinically meaningful reduction in pain and improvement in joint function in OA patients who have failed to respond to other medications,” he added.

Looking ahead, Mr Rennie advised that the company is now focused on submitting its Investigational New Drug Application (IND) to the US Food and Drug Administration during the current quarter and recruiting for key trials.

“It is very important as Paradigm moves into its Pivotal Phase 3 clinical trial (PARA-002) that we are seeing real world evidence in subjects with knee OA responding in such a positive manner,” he concluded.

More reading

• Why the GenusPlus (ASX:GNP) share price is surging 7% today
• Why the Sky Network (ASX:SKT) share price will be on watch today
• Tesla finally recalls 134,951 vehicles for defective touchscreens
• Why the Botanix (ASX:BOT) share price is rocketing 31% higher today
• 3 forgotten ASX stocks left behind in the car sales recovery

Motley Fool contributor James Mickleboro 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 Paradigm (ASX:PAR) share price is jumping higher today appeared first on The Motley Fool Australia.

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