The market may have managed to push a touch higher today, but that is nothing compared to some of the gains being made at the small end of the market.
Three small caps that have stood out with strong gains today are listed below. Here's why they are on the rise:
The Brainchip Holdings Ltd (ASX: BRN) share price is up 6.5% to 16.5 cents. The leading neuromorphic computing company's shares had sunk lower this week following the release of a business update, but this latest gain means they have almost recovered in full now. Brainchip's update revealed quarterly cash receipts of $300,000 and a cash balance of just under $12 million, with cash outflows expected to be $2.6 million in the next quarter. Looking ahead, management advised that it has a sales pipeline that continues to grow and now includes over 500 leads, 55 qualified opportunities and 16 design wins.
The Resapp Health Ltd (ASX: RAP) share price is up almost 11% to 15.5 cents after the digital health company announced the completion of enrolment in its Smartcough-C-2 study. The study is evaluating the efficacy of the ResAppDx smartphone application for the diagnosis of childhood acute respiratory disease using cough sounds and has enrolled a total of 1,470 patients at three hospitals in the United States. The study has now entered the data verification phase in which final quality assurance, clinical and radiologic adjudication will be conducted for the remaining patients. Following data verification, the independent analysis team will prepare top-line results, which are expected later this month. The ResAppDx certainly will be an exciting and in-demand piece of technology if it works successfully this time around.
The Zenith Energy Ltd (ASX: ZEN) share price has risen 5.5% to $1.18 following the release of two positive announcements. The first one was that Incitec Pivot Ltd (ASX: IPL) has awarded Zenith with a one-year extension of its manage, operate and maintain contract at its Phosphate Hill Power Station facilities in Mount Isa. The second was a 10-year contract with Chevron Australia for the provision of power generation services to supply electricity and build, own, operate, maintain and upgrade equipment for a power station at the WA Oil Operations on Barrow Island.
