It has been a positive start to the new financial year for the S&P/ASX 200 index. In afternoon trade the benchmark index is 0.4% higher at 6,646.6 points.
Four shares that have climbed more than most today are listed below. Here’s why they have stormed higher:
The AVITA Medical Ltd (ASX: AVH) share price is up 5% to 44 cents. This morning the regenerative medicine company released positive results from an open-label feasibility study of its RECELL System for the treatment of diabetic foot ulcers (DFUs). The study found that 100% of the patients experienced a reduction in DFU wound size following treatment with Spray-On Skin Cells, with an average wound size reduction of 83% at week 26. Furthermore, 50% of the patients had DFU wounds heal completely, with a median time to healing of 14 weeks.
The Bubs Australia Ltd (ASX: BUB) share price has risen 6% to $1.19. Last week the infant formula and baby food company’s shares rocketed higher after it announced a strategic channel partnership with Kidswant. The deal sees the company’s baby food products hit the shelves of 275 Kidswant stores in key shopping areas across 123 cities throughout China. Management expects the annual retail sales performance of its products through Kidswant to reach RMB30 million (~A$6.25 million) in FY 2020.
The Kogan.com Ltd (ASX: KGN) share price has climbed 4.5% to $4.97. This morning payments company Splitit Ltd (ASX: SPT) announced an agreement with the ecommerce company which will see its buy now, pay later platform made available to Kogan.com customers in the coming days. This will be the third such platform on the Kogan website.
The Paragon Care Ltd (ASX: PGC) share price has jumped 8.5% to 45 cents after the healthcare equipment provider announced the sale of its legacy capital business to Cabrini Health. Investors appear pleased with the deal as it had been acting as a drag on the company’s financial performance. In 2018/2019 the divested business made a pre-tax loss of $4 million to $5 million.
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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia has recommended BUBS AUST FPO, Kogan.com ltd, and Paragon Care Limited. 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.