Why the Clinuvel (ASX:CUV) share price has rocketed 50% in a month

The Clinuvel Pharmaceuticals share price has had a fantastic 30 days.

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Monadelphous share price rio tinto A small rocket take off from a laptop, indicating a share price surge

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The Clinuvel Pharmaceuticals Limited (ASX: CUV) share price is having a great month on the ASX.

The company’s stock was seemingly boosted significantly by its financial year 2021 earnings and has managed to hold onto its gains.

Right now, the Clinuvel share price is $41.05, having gained 50.7% since this time last month and 0.8% since its previous close.

Let’s take a closer look at what Clinuvel reported within its financial year 2021 results.

What’s been driving Clinuvel on the ASX lately?

The Clinuvel share price has been performing exceptionally well since it released its annual results for financial year 2021.

Over the financial year just been, Clinuvel received a record $48.5 million of revenue and $24.7 million of profit after tax.

That represents respective increases of 43% and 63% on those of the previous financial year.

Clinuvel also announced a 2.5 cent dividend, in line with its dividend from the previous financial year. Though, Clinuvel’s dividends have historically been unfranked.

Over the 12 months ended 30 June 2021, Clinvuel implemented a long-term strategy for the development and commercialisation of its novel drug technology.

It also outlined its plans to increase its operations in countries including the US, Israel, and those in Europe in its results.

On the day it released its financial year 2021 earnings, the Clinuvel share price gained just 3.1%. However, it gained another 38.3% over the following 6 sessions.

Clinuvel share price snapshot

The Clinuvel share price’s recent 50% gain has added to its strong performance on the ASX.

Right now, Clinuvel’s stock is 80% higher than it was at the start of this year. It is also trading for 74% more than it was this time last year.

At its current share price, the company has a market capitalisation of around $2 billion. It has approximately 49 million shares outstanding.

Should you invest $1,000 in Clinuvel Pharmaceuticals right now?

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Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. 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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