Although the market is in the red today, not all shares have followed it lower.
Three small cap shares which have caught the eye with solid gains are listed below. Here’s why they are climbing higher:
The Botanix Pharmaceuticals Ltd (ASX: BOT) share price was up as much as 9% at one stage today before giving back some of its gains. At the time of writing the dermatology company’s shares are up over 3% to 9.9 cents. Investors have been fighting to get hold of its shares after it revealed an update on its BTX 1503 acne Phase 2 clinical trial. According to the release, one of the first patients enrolled into the clinical trial has demonstrated promising early results and provided a positive testimony. If BTX 1503 is a success I believe it could disrupt the lucrative acne treatment market. This could make it one to watch in the coming months.
The Oklo Resources Ltd (ASX: OKU) share price has surged 5.5% to 28 cents after the gold, uranium and phosphate exploration company announced the initial auger results from its Kouroufing project in Mali. According to the release, the first pass shallow geochemical auger drilling has revealed a 6km gold corridor with extensive anomalies identified. Management believes the initial results demonstrate the potential for further discoveries and advised that multiple walk up drill targets have been identified.
The Rhipe Ltd (ASX: RHP) share price is up over 2% to $1.22 after providing a trading update. The leading cloud channel company announced that it has now sold over 300,000 Office 365 user subscriptions as part of its Microsoft Cloud Solutions Provider public cloud program. In addition to this, it has experienced significant growth in revenue from its Microsoft public cloud infrastructure product, Azure. Total annualised run rate revenues stand at $48 million as of September 10, up 14% since the end of June.
Where to invest $1,000 right now
When investing expert Scott Phillips has a stock tip, it can pay to listen. After all, the flagship Motley Fool Share Advisor newsletter he has run for more than eight years has provided thousands of paying members with stock picks that have doubled, tripled or even more.*
Scott just revealed what he believes are the five best ASX stocks for investors to buy right now. These stocks are trading at dirt-cheap prices and Scott thinks they are great buys right now.
*Returns as of June 30th
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. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.