ASX 200 healthcare share Clarity Pharmaceuticals Ltd (ASX: CU6) is the strongest gainer of the S&P/ASX 200 Index (ASX: XJO) on Tuesday.
Clarity Pharmaceuticals shares rocketed 13.8% to an intraday high of $2.89 in early trading today.
The ASX 200 healthcare share has since retraced a little and is currently trading at $2.825, up 11.2%.
So, what's driving the Clarity Pharmaceuticals share price higher today?
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ASX 200 healthcare share leads the market on Tuesday
Clarity Pharmaceuticals is a clinical-stage radiopharmaceutical company.
It designs and develops diagnostic imaging tools and treatments for children and adults with various types of cancer.
There is no official news from the company today to explain its share price rise.
The last time we heard from Clarity Pharmaceuticals was on 5 March when it released two positive announcements.
Clarity announced the completion of the Dose Escalation Phase of the SECuRE trial.
The SECuRE trial is testing one of the company's lead products, SAR-bisPSMA, which treats and monitors prostate cancer.
The company said 68% of participants receiving varying doses had shown a reduction in Prostate-Specific Antigen (PSA) levels.
Almost 80% of these patients had received just one dose.
The Safety Review Committee (SRC) has now recommended that the trial progress to the Cohort Expansion Phase (Phase II).
The second announcement related to a new supply agreement for copper-64 isotope.
The agreement is with The University of Queensland's Institute for Bioengineering and Nanotechnology.
The new supply will be used to expand the manufacturing capability of the diagnostic 64Cu-SARbisPSMA product for the Phase III CLARIFY and AMPLIFY trials and the SECuRE theranostic trial.
Investors responded positively with the ASX 200 healthcare share climbing 3.37% on the day of the announcements.
What's next for the ASX 200 healthcare share?
Like most ASX 200 stocks, this healthcare company has lost value since the Australian share market peaked on 14 February.
US tariffs are creating fear and uncertainty in global markets, with the US now officially in a market correction.
The ASX 200 is not far behind.
The Clarity Pharmaceuticals share price has fallen 15% since 14 February, while the ASX 200 has dropped 7.7% over the same period.
On the whole, healthcare shares have demonstrated above-average resilience during the sell-off.
The S&P/ASX 200 Health Care Index (ASX: XHJ) has fallen only 4.5% over this period.
While Clarity Pharmaceuticals has underperformed its healthcare peers, brokers view the stock favourably for the long term.
The current consensus rating on Clarity Pharmaceuticals shares among brokers on CommSec is a 'strong buy'.
Of the four analysts rating the ASX 200 healthcare share, three say it's a strong buy, and one says it's a moderate buy.
