Why the Proteomics (ASX:PIQ) share price is flying 5%

The Proteomics (ASX: PIQ) share price was off to a good start today before falling flat on news it has achieved ISO certification.

| More on:
asx share price fall represented by lady in striped tshirt making sad face against orange background

Image source: Getty Images

After flying 5% higher this morning, it was downhill all the way for the Proteomics International Laboratories Ltd (ASX: PIQ) share price today.

At the market close today, shares in the medical technology company were right back where they started, trading at $1.18. By comparison, the S&P/ASX All Ordinaries Index (ASX: XAO) is 0.02% higher.

Today’s price movement comes as the company announced one of its products received ISO certification.

ISO Certification

In today’s release, Proteomics International advised it has received ISO 13485 certification. ISO certification is an independent process that gives assurance a product or service “meets specific requirements”.

The company said achieving certification would aid it in commercial discussions going forward with global diagnostic companies. It also believes the certification will “widen” the market for its PromarkerD test and make it easier to achieve regulatory approval around the world.

The PromarkerD test is used for the early detection of chronic kidney disease (CKD) in patients with type-2 diabetes. According to Proteomics, clinical studies showed 86% of patients with type-2 diabetes went on to develop CKD within 4 years.

PromarkerD tests are manufactured in Australia under licence. The company is anticipating demand for the product to boom worldwide. Recognising this, Proteomics says it is in discussions with several manufacturers in the northern hemisphere “with the objective of streamlining the future production”. 

Proteomics managing director Dr Richard Lipscombe welcomed the progress, saying:

The ISO 13485 manufacturing standard provides the foundation to regulatory requirements for medical diagnostics and has been adopted by markets including the European Union, Australia, Japan, Canada and, most recently, the United States.

Proteomics share price snapshot

The Proteomics share price has increased 280% over the past 12 months and is up 51% year-to-date. At the same time, it has fallen 13% since achieving its all-time high on Monday.

Proteomics International has a market capitalisation of $129.7 million.

Wondering where you should 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 over ten years has provided thousands of paying members with stock picks that have doubled, tripled or even more.*

Scott just revealed what he believes could be the five best ASX stocks for investors to buy right now. These stocks are trading at near dirt-cheap prices and Scott thinks they could be great buys right now.

*Returns as of January 12th 2022

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.

More on Healthcare Shares

Two researchers discussing results of a study with each other.
Healthcare Shares

After being stuck in the mud for 3 years, are CSL shares a buy today?

Is it buy or sell for CSL today?

Read more »

Group of Imugene scientists cheering in the lab after the company received another patent for HER-Vaxx
Healthcare Shares

Why is this ASX biotech share leaping 14% today?

Human trial success is boosting this ASX biotech share today.

Read more »

young female doctor with digital tablet looking confused.
Healthcare Shares

Nanosonics share price slides lower on business update

Nanosonics shares are falling on Wednesday. Here's why...

Read more »

Man with a sleep apnea mask on whilst sleeping.
Earnings Results

Fisher & Paykel share price exhales following ‘strong’ full-year results

The COVID-19 tailwind is beginning to taper off, but how did Fisher & Paykel perform in FY22?

Read more »

Two healthcare workers, a male doctor in the background with a woman in scrubs in the foreground,, smile towards the camera against a plain backdrop.
Ask a Fund Manager

The best 2 ASX shares money can buy right now: expert

Ask A Fund Manager: Catapult Wealth's Tim Haselum picks a pair of healthcare stocks as the most tempting investments currently.

Read more »

A scientist examining test results.
Healthcare Shares

Why has the CSL share price lagged the ASX 200 over the past week?

CSL shares have been treading lower of late...

Read more »

Nothing to see here, just a storm in a teacup as far as this boy and girl are concerned, sipping tea in their living room.
Healthcare Shares

‘Storm in a teacup’: Why the Imugene share price is lifting 14% today

What did Imugene reveal in its letter to shareholders today?

Read more »

A man flies into the sky over a city building-scape with a rocket jet pack sketched onto his back representing the Imugene share price skyrocketing today
Healthcare Shares

Imugene share price surges 18% to lead the ASX 200 on Thursday

What's behind the meteoric gain for this ASX 200 healthcare stock today?

Read more »