At the time of writing, the PYC share price has climbed 5.65% to $1.215, building on a 14% gain over the past week.

The latest rise keeps the stock well above last week's pullback low of $1.05 and suggests buying momentum is rebuilding.

Here's what investors are focusing on.

Lead ADOA program moves into its next study phase

According to the release, PYC has been cleared to move its lead ADOA drug candidate, PYC-001, into the next trial stage. This followed a safety committee review of early patient data from the 60-microgram dose.

The company can now begin testing repeated 60 microgram doses in patients. This will sit alongside the 10 and 30 microgram groups already being studied in the Myrtle trial.

The trial targets Autosomal Dominant Optic Atrophy (ADOA), a rare inherited eye condition that gradually causes vision loss.

There are currently no approved treatments for the disease.

Management said new data from the study is expected across 2026 and 2027, which gives investors a clearer timeline for the next major updates.

Why this milestone is getting attention

Clinical biotech stocks are often valued on steady trial progress and reduced development risk, not short-term revenue.

The key point here is that the program is moving into higher dosing levels without safety issues serious enough to delay the study.

That keeps the trial on schedule and can support sentiment ahead of future efficacy data.

Because this is a first-of-its-kind RNA therapy targeting the OPA1 mutation, each successful step helps support the program's progress into larger studies.

A OPA1 mutation is a genetic fault that damages the optic nerve over time, leading to progressive vision loss in people with ADOA.

The company is already funded into 2030 following its February capital raise, which should ease concerns about another raise in the near-term.

Foolish Takeaway

PYC's latest gain looks linked to another positive step in its lead blindness program.

The company is still pre-revenue, so future trial results are likely to remain the biggest driver of the share price.

In my view, steady safety progress is a good sign that the lead study is moving the right way. It also helps reduce some of the usual risks around early-stage biotech trials.

With more data expected through 2026, the shares could continue responding to each clinical update.

The post This ASX biotech stock just jumped again as its lead drug trial moves ahead appeared first on The Motley Fool Australia.

Let's see what the broker is saying about these speculative stocks.

Immutep Ltd (ASX: IMM)

Immutep is a clinical-stage biopharmaceutical company focused on developing novel LAG3 immunotherapy for cancer and autoimmune disease.

Its shares were sold off this month after its lead drug, Efti, failed the futility analysis in its global Phase 3 trial in non-small cell lung cancer. Bell Potter notes that this "is a bitterly disappointing and surprising outcome considering the strength of the company's prior Phase 1 and Phase 2 lung cancer data."

As a result, it has downgraded its shares to a speculative hold rating with a 7 cents price target (from 65 cents). It said:

We downgrade to a Hold recommendation and $0.07 valuation. We tentatively estimate IMM will end up with ~$60m of cash (4c/sh) following wind-down of the global Phase 3 trial and other Efti development activities, assuming no repayments to Dr Reddy's are necessary.

In addition to cash, IMM retains the earlier-stage IMP761 asset which it will continue to progress for treating autoimmune conditions. The early stage of IMP761's development (no data in patients) leads us to exclude any material contribution from our valuation at this time.

Oneview Healthcare PLC (ASX: ONE)

Another ASX healthcare stock that Bell Potter has been looking at is Oneview.

Its Care Experience Platform (CXP) is a unified set of digital tools in a single bedside solution that connects patients, families, and care teams with services, education, and information during hospital stays.

Bell Potter is positive on the company's growth outlook and has put a speculative buy rating and 45 cents price target on its shares. It said:

There is no change to our earnings estimates but we have reduced our DCF valuation by c.10% to $0.45/sh following FX appreciation and share count adjustments. We assume c.20% annual growth in live endpoints from FY26e-FY28e to drive our FY28e U. EBITDA breakeven expectation.

Given ONE's track record, this is no small feat. In the face of improving thematics and the need for hospitals to utilise efficiency tools to plug the operating impact of nurse shortages, we remain cautious ahead of more consistent performance on conversion and financial performance.

PYC Therapeutics Ltd (ASX: PYC)

Finally, PYC is a clinical-stage biotechnology company that is developing multiple drug candidates for rare inherited diseases.

Bell Potter notes that "following a Type D meeting with the FDA, PYC provided key elements of the Phase 3 trial design for its novel drug candidate, VP-001."

And thanks to its recent $600 million capital raise, PYC has the benefit of >$700 million in cash, with runway into at least 2030 according to the broker. As a result, Bell Potter believes the company is "incredibly well capitalised to execute over the next several years on its clinical development programs without having to come back to investors for additional capital."

For this reason, it has put a speculative buy rating and $2.30 price target on its shares. It said:

There are no changes to our BUY (spec.) recommendation or $2.30/sh valuation. The catalysts most likely to drive enthusiasm include additional RP11 readouts from the Phase 1/2 trial (expected Q4 CY26), clinical data in patients in the PKD trial (CY27 to CY28), and any potential licensing partnerships for the ophthalmology programs.

The post How does Bell Potter rate these ASX healthcare stocks? appeared first on The Motley Fool Australia.

It is a clinical-stage biotechnology company developing multiple drug candidates for rare inherited diseases. 

The company has its HQ, lab facilities, and majority of staff based in Perth, WA, as well as personnel based in the US for clinical, regulatory, and manufacturing functions.

This past years gain hasn't come without volatility, as the healthcare stock has fluctuated considerably.

In just the past 6 months, it has swung between $0.80 per share and $1.70 per share.

However a new report from Bell Potter indicates it could be set to rise significantly in the next 12 months, supported a successful capital raise and healthy balance sheet.

Here's what the broker had to say. 

Why this healthcare stock is a speculative buy

Bell Potter pointed out in yesterday's report that  PYC Therapeutics are conducting one of the largest single capital raises for an Australian pre-revenue biotech, raising $600-653m at $1.50/share relative to the $933m market cap prior to the transaction (prior close was $1.60/share). 

Bell Potter said the transaction provides over four years of runway for the company to advance all four of its rare disease drug candidates through clinical development into CY30.

With the benefit of 4+ years of cash runway now at hand, the company has updated its latest development timeline expectations.

The broker also pointed out the company has a healthy balance sheet position of >$700m cash, 

According to the report, PYC Therapeutics can take a more stepwise approach to its clinical development activities than perhaps it would have otherwise.

We have updated our model for the capital raise and revised development timelines in line with the latest expectations. Previously assumed licensing income is pushed out considering the formidable cash position. PYC has always adopted an ambitious, multi-asset strategy, and now it has the balance sheet capacity to execute for several years.

Healthy upside in tact 

Based on these factors, Bell Potter has maintained its speculative buy recommendation on this ASX healthcare stock. 

It also has a 12 month price target of $2.30 per share. 

From yesterday's closing price of $1.495, this indicates an upside of 54%. 

Elsewhere, the average one year price target from 4 analysts via TradingView is $3.70. 

That indicates an even greater upside of nearly 150%.

The post The cutting edge ASX healthcare stock that could rise 50% appeared first on The Motley Fool Australia.

Four ASX shares that have failed to follow the market higher today are named below. Here's why they are falling:

Hot Chili Ltd (ASX: HCH)

The Hot Chili share price is down 3.5% to $1.87. This follows news that the gold developer has raised $40 million at a discount of $1.65 per new share. The company notes that upon completion of the capital raise, it will be well funded in 2026 to deliver strong growth and development milestones for the Costa Fuego copper-gold project, which is located in the coastal range of Chile. Hot Chili's managing director, Christian Easterday, said: "We are delighted by the overwhelming support received from new and existing institutional investors, as well as our top three major shareholders, in the Placement. The strong participation from these groups highlights the confidence in our strategy to continue driving Hot Chili's re-rate into a rising copper market."

Jumbo Interactive Ltd (ASX: JIN)

The Jumbo share price is down 6% to $9.91. Investors have been selling this online lottery ticket seller's shares despite it delivering a strong half-year update this morning. The company revealed that revenue is expected to rise 29% to $85.3 million in the first half, after total transaction value (TTV) increased 15.7% to $524.7 million. Underlying EBITDA is expected to be $37.5 million for the first half. This will be up 22.6% from $30.6 million in the prior corresponding period. This strong performance was achieved despite the broader lottery environment being relatively weak.

PYC Therapeutics Ltd (ASX: PYC)

The PYC Therapeutics share price is down 6% to $1.50. This has been driven by the completion of an institutional placement. The precision medicine company has attracted strong support from new investors and existing institutional shareholders. This saw PYC receive commitments for a total of $537 million at an offer price of $1.50 per new share. The financing has extended its cash runway through to 2030. This will allow PYC to deliver important human safety and efficacy data for all four of its drug development programs.

Xero Ltd (ASX: XRO)

The Xero share price is down 13% to $83.05. Investors have been selling this cloud accounting platform provider's shares following a brutal selloff in the tech sector on Wednesday amid AI disruption concerns. This has seen the S&P/ASX All Technology Index sink over 6% this afternoon. Not even a number of bullish broker notes have been able to stop Xero shares from crashing. One of those was from Macquarie Group Ltd (ASX: MQG), which has retained its outperform rating with an improved price target of $233.80.

The post Why Hot Chili, Jumbo, PYC, and Xero shares are sinking today appeared first on The Motley Fool Australia.

With PYC's value sitting at $944.8 million at the close of trade on Friday, the raise will grow the size of the company by 69.2% in one fell swoop.

New backers brought on board

The biotechnology company said on Monday that $128 million would be raised via an institutional placement to specialist life sciences investors, "led by RA Capital Management and including Perceptive Advisors, Driehaus Capital Management, MPM BioImpact, Rock Springs Capital, and RTW Investments''.

The remaining $525 million will be offered to existing shareholders as an entitlement offer, with the money to be raised at $1.50 per share, compared with the company's last trading price of $1.60 per share.

The company's shares have almost doubled over the past year, increasing from lows of 84 cents over the period.

PYC said in addition to the institutional placement it had received binding commitments for about $560 million in new shares, which it could choose to allocate as part of the capital raising, including if there is a shortfall in the entitlement offer.

Pipeline funded for coming years

The company said following the raise, it would be funded through to calendar 2030, "with clinical trial progress and important near-term human efficacy data expected in all four of its drug development programs''.

The four drug trials to be funded with the new money were looking into treatments for polycystic kidney disease, Phelan-McDermid Syndrome, retinitis pigmentosa, and autosomal dominant optic atrophy.

PYC Chief Executive Officer Dr Rohan Hockings welcomed the support from new and existing shareholders.

We are grateful for the support of both existing and new investors in this financing round. We look forward to seeing the extent of the impact of each of these drug candidates with disease-modifying potential in areas of major unmet patient need as we move the pipeline towards regulatory approval.

Existing shareholders would be eligible to take up three new shares for every five shares they owned.

The company added:

PYC has entered into a binding underwriting agreement with multiple existing large shareholders in the company to subscribe for up to $200m worth of new shares in the event that the entitlement offer results in the creation of a shortfall. The underwriting shareholders have agreed to not take up some of their entitlement under the institutional entitlement to make shares available to new investors.

PYC shares remained in a trading halt on Monday morning.

The post Massive capital raise to progress drug trials announced appeared first on The Motley Fool Australia.

Generally speaking, companies move through phases from drug discovery to phase I, II, and III clinical trials, and then on to commercialisation.  

Investors who get on board early can make gains of 10 and even 20-fold, although there's always the risk that trials will fail, and send a company's shares south in a rapid fashion.

On the other hand, if companies continue to perform and successfully commercialise their products, the upside can be huge.

This one's a market darling

One of the best performers among Australian biotech shares over the past year has been 4DMedical Ltd (ASX: 4DX), whose share price has increased from lows of 22.5 cents to $4.58 currently.

4DMedical is currently right in that sweet spot of moving from cash burn to revenue generation, with several key contract wins in recent months after it secured a key US Food and Drug Administration approval in August.

Since that time, the company has secured contracts with four of the most respected academic medical centres in the US to use its CT:VQ technology for lung scans.

It will be interesting to see how quickly these contract wins translate into material revenue for the company, which reported a net loss of $30 million in its last financial year.

4DMedical founder and Managing Director Andreas Fouras said just this week that the company had "unstoppable momentum", which appears to flag further good news in the near term.

Despite its major gains over the past year, I think this is a company to watch closely.

Up and coming

A company at an earlier stage of development is heart drug company Nyrada Inc (ASX: NYR), which has also had huge share price gains over the past year.

The company just today announced it had been granted ethics approval to start a Phase II clinical trial of its heart attack drug Xolatryp.

Nyrada shares are up almost 20-fold over the past year, but the company is still valued at a modest $336.2 million.

Ethics approval for the trial is a positive for the company and pushed the shares briefly to a new 12-month high of $1.43.

It will take another nine to 18 months for this particular trial to be concluded. For investors with the right risk appetite, getting in at this stage before positive results potentially emerge could be a winning move.

And finally, there's PYC Therapeutics Ltd (ASX: PYC), which has more than doubled in value over the past year to $982.8 million.

PYC is progressing a drug candidate called PYC-003, which seeks to address the underlying cause of polycystic kidney disease, with that program currently at the Phase I stage.

The company said it expects to update shareholders on the Phase I trial this year.

PYC is also aiming to develop drug candidates for use in treating retinitis pigmentosa, other forms of vision loss, and the neurodevelopmental disease PMS.

Once again, for investors with the right risk profile, this might be one to keep an eye on.

The post These three biotechs show how the sector can produce huge outsized gains, but are they still good value? appeared first on The Motley Fool Australia.

Four ASX shares that have failed to follow the market higher today are listed below. Here's why they are falling:

Elders Ltd (ASX: ELD)

The Elders share price is down 3% to $7.11. This follows the release of a trading update this morning which appears to have fallen short of the market's expectations. Commenting on its performance, managing director and CEO, Mark Allison, said: "Elders noted negative impacts from dry conditions to our Retail business, most pronounced in South Australia and Western Victoria. These impacts continued through April and May as drought conditions persisted." And while trading conditions improved in the fourth quarter, this was not enough to offset the impact from challenging conditions in the third quarter. This offset news that the ACCC has approved the acquisition of Delta Agribusiness.

Larvotto Resources Ltd (ASX: LRV)

The Larvotto Resources share price is down 3% to 82.5 cents. This morning, this gold explorer released drilling results from the Hillgrove Antimony-Gold Project in New South Wales. While the market wasn't overly impressed, Larvotto's managing director, Ron Heeks, was pleased with them. He said: "It is very encouraging to see our drilling program at Eleanora-Garibaldi continuing to produce high-grade drill results. Ongoing drilling is set to generate consistent news flow and strong momentum through the remainder of 2025."

PYC Therapeutics Ltd (ASX: PYC)

The PYC Therapeutics share price is down 3% to $1.17. This is despite the biotechnology company releasing an update this morning. PYC revealed that the Safety Review Committee (SRC), which is monitoring the single ascending dose (SAD) study of PYC-001, has reviewed the 4-week safety/tolerability data for the third and final patient cohort. The good news is that it has confirmed that there are no safety concerns in any of the three doses assessed in this study. As a result, the company is now preparing to progress into a global Multiple Ascending Dose (MAD) study. PYC-001 aims to treat a blinding eye disease called Autosomal Dominant Optic Atrophy (ADOA). It affects 1 in every 35,000 people and there are currently no approved treatment options.

Regis Resources Ltd (ASX: RRL)

The Regis Resources share price is down 3% to $6.06. This may have been driven by profit taking from some investors after strong gains this year. For example, despite today's weakness, this gold miner's shares are up 130% since the start of the year thanks to the booming gold price.

The post Why Elders, Larvotto, PYC, and Regis Resources shares are falling today appeared first on The Motley Fool Australia.

Four ASX shares rising more than most today are listed below. Here's why they are climbing:

Newmont Corporation (ASX: NEM)

The Newmont share price is up 5% to $124.90. This follows a strong gain by the gold miner's NYSE shares on Friday night. In addition, this morning, the team at UBS retained its buy rating on the company's shares with an improved price target of $140.00. This implies potential upside of 12% for investors over the next 12 months. UBS has named Newmont as its preferred large cap ASX gold stock and sees it as a great way to gain exposure to the booming gold price.

Northern Star Resources Ltd (ASX: NST)

The Northern Star share price is up 7% to $22.18. Investors have been buying Northern Star and other ASX gold stocks today following a rise in the gold price on Friday and a strong session for peers on Wall Street. The buying has been so strong on the local market that the S&P/ASX All Ordinaries Gold index is up a sizeable 6.1% at the time of writing.

PYC Therapeutics Ltd (ASX: PYC)

The PYC Therapeutics share price is up 14% to $1.02. The catalyst for this has been the surprise news that the clinical-stage biotechnology company has reappointed Dr. Rohan Hockings as its managing director just days after he resigned. According to the release, Dr. Hockings has committed to guide the company through its critical upcoming human efficacy window, which is expected by the end of 2027. PYC Therapeutics has also revealed that Dr. Michael Rosenblatt and Jason Haddock have resigned from their roles as non-executive directors with immediate effect. The company stated: "PYC will continue to build out both its Board and Executive management team over coming months as it progresses its pipeline of drug candidates into late-stage clinical development. The Company is preparing for a period of substantial growth and these changes will support the progression of multiple concurrent clinical development programs."

Reece Ltd (ASX: REH)

The Reece share price is up 12% to $11.62. This has been driven by news that the plumbing parts company is undertaking an off-market share buyback. Reece plans to purchase $250 million of shares, but could increase this to $400 million. CEO Peter Wilson said: "Despite the challenging near-term outlook, we remain optimistic for the long-term. We have a history of investing through the cycle to build a stronger business and will maintain financial flexibility to fund future growth opportunities. Depending on the outcome of this buy-back, we may explore further capital management options including a potential on-market buy-back."

The post Why Newmont, Northern Star, PYC, and Reece shares are charging higher today appeared first on The Motley Fool Australia.

Four ASX shares that are falling more than most today are listed below. Here's why they are dropping:

Flight Centre Travel Group Ltd (ASX: FLT)

The Flight Centre share price is down 3% to $12.08. This has been driven by the travel agent giant's shares going ex-dividend this morning for its latest payout. Last month, the company declared a fully franked final dividend of 29 cents per share, which was down slightly year on year. This will be paid to eligible shareholders next month on 16 October.

Inghams Group Ltd (ASX: ING)

The Inghams share price is down 4.5% to $2.54. This has also been driven by the poultry producer's shares going ex-dividend this morning. Last month, Inghams released its FY 2025 results and declared a fully franked final dividend of 8 cents per share. This was flat on the prior corresponding period. It will now be paid to eligible shareholders at the start of next month on 1 October.

New Hope Corporation Ltd (ASX: NHC)

The New Hope share price is down 6.5% to $4.28. This may have been driven by a broker note out of Macquarie Group Ltd (ASX: MQG) this morning. In response to the coal miner's FY 2025 results, the broker has downgraded New Hope's shares to an underperform rating with a reduced price target of $3.80. Macquarie commented: "Downgrade to Underperform: Whilst we see merit in a yield maximisation strategy, we downgrade to Underperform on a weaker production outlook and earnings outlook. Valuation: Our target price has decreased 5% to A$3.80ps due to a lower Malabar valuation and weaker short term earnings outlook."

PYC Therapeutics Ltd (ASX: PYC)

The PYC Therapeutics share price is down 27% to 88.7 cents. Investors have been selling the clinical-stage biotechnology company's shares after it announced the sudden exit of its CEO, executive director, Dr Rohan Hockings. He will be replaced temporarily by chairman Alan Tribe as its managing director. Mr Tribe commented: "I would like to thank Rohan for his significant contributions to the Company and wish him well in the future. There will now be a robust search to select a successor who can lead the future growth and development of the Company for its Shareholders." The company also stressed that Tribe will "ensure that each drug development programme remains on track and is progressing in line with expectations, timelines and budgets."

The post Why Flight Centre, Inghams, New Hope, and PYC shares are sinking today appeared first on The Motley Fool Australia.

That's because in early trade, its shares are down a whopping 29% to 86.5 cents.

Which ASX All Ords stock is crashing?

The stock taking a major hit today is PYC Therapeutics Ltd (ASX: PYC).

It is a clinical-stage biotechnology company that is aiming to create a new generation of RNA therapies to change the lives of patients with genetic diseases.

The ASX All Ords stock notes that it utilises its proprietary drug delivery platform to enhance the potency of precision medicines within the rapidly growing and commercially proven RNA therapeutic class.

Its drug development programs target monogenic diseases, which are the indications with the highest likelihood of success in clinical development.

What's happening today?

Investors have been rushing to the exits after the ASX All Ords stock made a shock announcement which revealed that its CEO and executive director, Dr Rohan Hockings, has resigned.

According to the release, Dr Hockings has given two months' notice and is currently expected that he will leave the company by 16 November 2025. No reason has been given for the sudden exit.

PYC has moved quick to announce the appointment of chairman Alan Tribe as its managing director.

It notes that since joining the company's board in 2018, Mr Tribe has brought his extensive corporate and commercial experience and has worked closely with executive management. As a result, he is well versed in the company's operations.

In addition, it highlights that there will be no changes to his current terms of engagement or remuneration. However, he will now be based in the company's Perth office on a full time basis.

But this will only be a temporary fix and the ASX All Ords stock will shortly commence the search for a permanent managing director.

And while the market appears concerned that this change could derail its progress, PYC advised that "Alan Tribe has met with the executive and leadership teams across the four clinical programmes to ensure that each drug development programme remains on track and is progressing in line with expectations, timelines and budgets."

Commenting on the change, Mr Tribe said:

I would like to thank Rohan for his significant contributions to the Company and wish him well in the future. There will now be a robust search to select a successor who can lead the future growth and development of the Company for its Shareholders.

The post Guess which ASX All Ords stock is crashing 29% on shock news appeared first on The Motley Fool Australia.

That's because Bell Potter believes that investors could almost double their money in 12 months if everything goes to plan.

Which speculative ASX stock?

The stock in question is PYC Therapeutics Ltd (ASX: PYC). It is a small cap clinical-stage biotechnology company developing multiple drug candidates for rare inherited diseases.

Bell Potter notes that this week the company has released some data relating to its second drug candidate, PYC-001.

It is aiming to treat Autosomal Dominant Optic Atrophy (ADOA), which is a genetic vision disorder with no approved treatments.

The good news is that the early data is promising for the speculative ASX stock. Bell Potter said:

Safety continues to be very clean with no drug-related adverse events. Regarding efficacy, average visual acuity (number of letters/lines that can be read) was better in treated eyes compared to untreated eyes at both 4 weeks (n=8) and 24 weeks (n=3). Furthermore, 2/3 patients monitored for 24 weeks achieved a ≥10 letter improvement from baseline after receiving the lowest 3µg dose, a clinically meaningful benefit in a short timeframe that wasn't evident in the untreated eye.

Bell Potter acknowledges that it is still early days, but feels this is a very positive start. It adds:

Our view: Strong early data validating broader platform. This is an early-stage readout but undoubtedly a positive one. The trend is clear: vision is improving from baseline in the treated eye, while the untreated eye shows no or little change. And this is after just a single dose. The encouraging ADOA data backs up strong data from PYC's first drug candidate in RP11, showing PYC's peptide-targeted RNA platform has applicability across multiple diseases.

Big return potential

According to the note, Bell Potter has retained its speculative buy rating and $2.30 price target on this ASX stock.

Based on its current share price of $1.26, this implies potential upside of approximately 83% for investors between now and this time next year.

Commenting on its recommendation, which it notes is only suitable for investors with a high risk tolerance, the broker said:

There are no changes to our $2.30 valuation or BUY (speculative) recommendation. PYC is executing on its ambitious yet expeditious multi-product strategy, and the result is a constant flow of clinical data over the next ~12 months. Upcoming clinical catalysts: (1) RP11 Phase 1/2 updates in Q4 CY25; (2) more ADOA Phase 1/2 clinical data in CY26; (3) PKD single- and multi-dose Phase 1/2 readouts in CY26.

The commercially appealing PKD kidney program has also reported very clean safety data in volunteers, and we expect strong industry interest in the near-term in light of recent transactions (e.g. Regulus/Novartis in PKD and ongoing RNA interest in Avidity).

The post Guess which speculative ASX stock could rocket 80% appeared first on The Motley Fool Australia.

PYC, which is valued at about $720m, is developing a drug candidate, PYC-003, which addresses the underlying cause of polycystic kidney disease (PKD).

The company recently presented data from an ongoing Phase 1a/1b trial of the drug, which the company said had the objective of evaluating the safety and tolerability of PYC-003.

"PYC will continue to update shareholders on progress within this high-velocity clinical development program on each of the milestones outlined in this announcement," the company said.

Analysts at Wilsons Advisory have an overweight rating on the stock, with a price target of $3, more than 130% higher than the current share price.

We maintain our overweight rating on PYC with a risked price target of $3.00/share. PYC has presented initial safety data from their ongoing phase 1a trial. We are inching our way closer to the initial efficacy data, coming from ph1b in 2026.

Wilsons said competition in the sector was starting to heat up, but PYC was still a top pick.

Although details of the competitor programs remain scarce in these early stages, we remain confident in PYC-003 addressing the root cause of the disease, giving it the potential of a best-in-class asset. As PYC and Novartis/Regulus progress their programs we expect to see other major players entering the field, as well as the potential for M&A to increase. We are already seeing early clinical trials from GSK, Vertex and AbbVie. 

Wilsons notes that polycystic kidney disease has proven difficult to treat, with several companies discontinuing their research programs and only one compound currently approved by the US Food and Drug Administration (FDA) to date.

This is a large addressable market greater than $15 billion in a difficult to treat indication indicative of a market with high longevity that can become winner takes all/most due to the high barrier of entry.

Wilsons sees the value of PYC-003 alone at $1.95 per share.

The post This Australian biotech could more than double in value appeared first on The Motley Fool Australia.

Many analysts have suggested this should be a good year for ASX small-cap shares because they tend to do well when interest rates are on the way down, as they are all over the world.

Let's check out some buy recommendations from a few brokers published on asx.com.au.

Analysts rate these 4 ASX small-cap shares a 'buy'

Bannerman Energy Ltd (ASX: BMN) 

The Bannerman Energy share price is currently $3, down 0.66%. 

Canaccord Genuity has a speculative buy rating on this ASX small-cap uranium share. Its 12-month price target is $4.33. 

Canaccord is positive on Bannerman due to the on-time and on-budget construction progress at its Etango-8 uranium project. There is also an anticipated 3.5% annual growth in uranium demand through to 2035 amid more small modular reactors being built worldwide.

The broker says: 

With a cash balance of $81.1mn the company can easily fund these early works ($95.7mn at end of SepQ). Sourcing a strategic partner remains the largest hurdle. BMN is still evaluating and progressing various funding sources, including project/corporate debt as well as potential offtake and joint venture opportunities with strategic counterparties who can add value to the Etango Project.

Opthea Limited (ASX: OPT) 

The Opthea share price is $1.09, down 0.46% at the time of writing. 

Canaccord Genuity has a buy rating on this ASX small-cap healthcare share with a 12-month price target of $1.25.

The broker is looking forward to a data update for the Phase III Coast study of OPT-302, which it expects the eye diseases biotech to release in April.

The broker says:

OPT-302 is unique and differentiated, in our view, on safety and efficacy metrics, and we see the upside opportunity for peak sales of US$1b and upside to >$3/share, pending clinical, regulatory and commercial success.

PYC Therapeutics Ltd (ASX: PYC) 

The PYC Therapeutics share price is $1.27, down 2.31% at the time of writing. 

Canaccord Genuity has a buy rating on this ASX small-cap biotech share with a 12-month price target of $2.40.

The broker notes that a US competitor recently announced positive Phase 1b study data for another gene therapy targeting autosomal dominant polycystic kidney disease (ADPKD).

The broker says:

While the asset is a competitive threat to PYC's, we note the ADPKD market is very large and there is room for multiple players.

We also think that PYC may have a differentiated mechanism because it directly targets the gene responsible for cyst formation in the kidney …

Nuix Ltd (ASX: NXL) 

The Nuix share price is $4.74, down 0.63%. 

Moelis Australia has a buy rating on this ASX small-cap tech share with a price target of $6.09. 

Moelis responded to Nuix's 1H FY25 update, which stated it was expecting 8% to 9% growth in Annualised Contract Value (ACV) compared to the previous corresponding period, down from an earlier 15% target for FY25. Nuix also noted that increased expenses will lower its earnings before interest, tax, depreciation, and amortisation (EBITDA) and cash flow for 1H25. 

Moelis said: 

… NXL is trading at a meaningful discount to our $6.09 target price and therefore we change our rating to Buy, however we highlight the need for further detail at the forthcoming 1H25 result to enhance our confidence.

The post Experts reveal 4 ASX small-cap shares to buy now appeared first on The Motley Fool Australia.

Four ASX shares that have failed to follow the market higher today are listed below. Here's why they are falling:

Australian Ethical Investment Ltd (ASX: AEF)

The Australian Ethical share price is down 2.5% to $5.17. This follows the release of the fund manager's quarterly update. Investors have been selling shares despite Australian Ethical continuing to see growth in funds under management (FUM) with another quarter of positive net flows and investment performance. This led to the company reaching the milestone of $13 billion FUM during the quarter. Managing Director, John McMurdo, said: "I'm delighted that our continued commitment to our growth strategy has enabled us to achieve new milestones over the period, with $13.26 billion in FUM reflecting 27% growth for the financial year to date." It seems that some investors were expecting even stronger growth from the fund manager.

PYC Therapeutics Ltd (ASX: PYC)

The PYC Therapeutics share price is down 3.5% to $1.12. This morning, this clinical-stage biotechnology company revealed that the US Food and Drug Administration (FDA) has granted it a Rare Pediatric Disease (RPD) designation for its VP-001 drug development program. This program aims to address the underlying cause of a blinding eye disease in childhood known as Retinitis Pigmentosa type 11 (RP11). This development may have already been priced in by the market.

Resolute Mining Ltd (ASX: RSG)

The Resolute Mining share price is down over 3% to 39.2 cents. This appears to have been driven by a pullback in the gold price on Friday night. It isn't just Resolute Mining that is falling today. A number of gold miners are starting the week in the red. As a result, the S&P/ASX All Ords Gold index is down over 1% at the time of writing.

Star Entertainment Group Ltd (ASX: SGR)

The Star Entertainment share price is down almost 6% to 13.2 cents. Investors have been selling this struggling casino and resorts operator's shares following the release of its quarterly update. Star revealed that revenue was down 15% quarter on quarter in the second quarter to $299 million. And while EBITDA was negative at $8 million for the second quarter excluding significant items, this was an improvement on the $18 million EBITDA loss it recorded in the first quarter.

The post Why Australian Ethical, PYC, Resolute, and Star shares are falling today appeared first on The Motley Fool Australia.

Here are two ASX healthcare small-cap shares that brokers are backing for future growth.

Experts rate 2 ASX healthcare small-cap shares

Let's see what these brokers have to say.

PYC Therapeutics Ltd (ASX: PYC)

PYC is a clinical-stage ASX biotech in the gene therapy space.

This ASX healthcare small-cap share was trading at $1.74, up 2.96% at the market close on Thursday. PYC shares have risen by an astonishing 1,640% in the year to date.

Canaccord Genuity has a buy rating on PYC Therapeutics shares with a 12-month price target of $2.40. This implies a potential 38% upside for investors.

In a recent note, Canaccord discussed PYC's update to its existing VP-001 Phase I/II dataset for Retinitis Pigmentosa 11, or RP-11. This rare disease causes blindness and has no currently available treatments.

Canaccord analysts Elyse Shapiro and Madeleine Williams said the data update was "broadly positive".

The analysts said:

Net-net, we view the consistency in benefit across LLVA (low luminance visual acuity), and reduced number of scotomas (blind spots) as a positive sign that VP-001 is having a positive impact on functional outcomes.

Patient numbers are low to attribute statistical significance, and the study wasn't powered for this, but the error bars indicate that the data has demonstrated a statistically significant improvement at some, and is extremely close, at certain timepoints, which is very impressive to us.

Shapiro and Williams said there were known immunogenic issues associated with gene therapy for the retina. However, they have confidence in VP-001's safety profile.

We continue to look forward to additional data updates for the high dose segment (75 mcg), and longer-term outcomes from the extension study.

PYC Therapeutics shares were among 8 ASX All Ords stocks upgraded to strong buy ratings last month by analysts on the CommSec trading platform.

4DMedical Ltd (ASX: 4DX)

This company is a medical technology company in the field of lung imaging and ventilation analysis.

This ASX healthcare small-cap share closed at 52 cents, down 5.50% on Thursday and down 28.4% in 2024.

The latest note on 4DMedical from Ord Minnett, published on asx.com.au last week, shows the broker has a speculative buy rating with a share price target of $1.10.

This implies a potential 111.5% upside for investors.

4DMedical presented ongoing clinical trial results of its ventilation and perfusion technology, CT:VQ, at the Radiological Society of North America Annual Meeting in Chicago yesterday.

CT:VQ is an advanced imaging solution that provides an alternative to traditional Nuclear VQ scans, which require the use of radioactive isotopes and other expensive infrastructure.

4DMedical hopes to submit CT:VQ for approval with the US Food and Drug Administration in mid-2025.

The post 2 ASX healthcare small-cap shares to buy now: brokers appeared first on The Motley Fool Australia.

AMP Ltd (ASX: AMP) Head of Investment Strategy and Economics, Dr Shane Oliver, said markets were now in a "seasonally strong period of the year".

He commented:

Our overall assessment remains that the trend is still up, including for Australian shares, but expect a more volatile and constrained ride.

Dr Oliver said the market was buoyed last month by Republican Donald Trump's decisive presidential election win in the United States.

Many of Trump's policies are seen as business-friendly, including his promise to lower US corporate taxes from 21% to 15% and to deregulate parts of the US tech sector.

He also plans to introduce tariffs on all nations, which partly contributed to a divergent performance across global markets last month.

Dr Oliver noted that the S&P 500 Index (SP: .INX) rose by 5.73% and ASX All Ords shares rose by 3.29%.

But Eurozone shares fell 0.1% and Japanese shares fell 2.2%, partly due to concerns over how the new tariffs may affect exports.

Meantime, various brokers made adjustments to their ASX stock ratings.

Here are eight ASX All Ords shares that market analysts on the CommSec trading platform upgraded to a consensus strong buy rating last month.

8 ASX All Ords shares lifted to 'strong buy' status

Syrah Resources Ltd (ASX: SYR)

The Syrah Resources share price closed at 22 cents on Tuesday, down 2.22%.

It's interesting that market analysts on CommSec raised the ASX All All Ords graphite stock to a strong buy rating while in the same week it was also one of the most shorted stocks on the market.

My colleague Seb recently discussed whether Syrah Resources shares are cheap following a 67% fall in 2024.

GQG Partners Inc (ASX: GQG)

The GQG Partners share price closed at $2.09 yesterday, up 3.47%.

Goldman Sachs has a buy rating on the stock with a 12-month share price target of $3. This implies a potential 44% upside for investors in 2025.

In a new note, analysts Julian Braganza and Brian Kim discussed the impact of the Adani saga:

GQG shares fell 19% following news that US prosecutors have charged senior Adani executives, including the chairman, in connection with an alleged bribery scheme.

GQG, which holds stakes in Adani entities through its funds, said they are monitoring the situation and assessing if any actions will be taken on their portfolios.

GQG noted that in aggregate in excess of 90% of client assets are invested in issuers unrelated to Adani Group, implying at most ~10% of FUM is exposed to Adani.

The ASX All Ords financial share is up 24% in the year to date.

PYC Therapeutics Ltd (ASX: PYC)

The PYC Therapeutics share price closed at $1.69 on Tuesday, up 0.6%.

PYC released a new investor presentation on its Polycystic Kidney Disease Program last week.

Canaccord Genuity has a buy rating on PYC shares with a 12-month share price target of $2.40. This implies a potential 42% upside for investors in 2025.

The ASX All Ords healthcare share is up 1,590% in the year to date (yep, you read that correctly!)

Gold Road Resources Ltd (ASX: GOR)

The Gold Road share price closed at $2 on Tuesday, down 1.96%.

Goldman Sachs has a buy rating on the stock and raised its 12-month share price target to $2.35.

In a new note, the broker said there was a potential positive for Gold Road if De Grey Mining Limited (ASX: DEG) shareholders approve the proposed takeover by Northern Star Resources Ltd (ASX: NST).

Gold Road owns about 17% of De Grey Mining shares and holds neighbouring leases to De Grey's Hemi gold project.

Goldman said the deal could potentially add about $800 million to Gold Road's already net cash balance sheet.

The broker added:

Furthermore, we see potential support for GOR to re-rate on its own fundamentals, with the stock currently trading at a significant discount to peers…

The ASX All Ords gold share is up 2% in the year to date.

Smartpay Holdings Ltd (ASX: SMP)

The Smartpay share price closed at 62 cents on Tuesday, up 0.81%.

The company released its FY25 half-year report last month.

The ASX All Ords financial share is down 56% in the year to date.

Dexus Industria REIT (ASX: DXS)

The Dexus Industria real estate investment trust (REIT) closed at $7.21 on Tuesday, up 0.42%.

UBS has a buy rating on the property stock with a 12-month share price target of $8.86.

This implies a potential upside of 23% for investors.

The ASX All Ords REIT is down 5% in the year to date.

Australian Agricultural Company Ltd (ASX: AAC)

The Australian Agricultural Company share price closed at $1.38 yesterday, down 0.72%.

Australian Agricultural Company released its FY25 half-year results on 15 November.

This ASX All Ords agriculture share is steady in the year to date.

Macquarie Technology Group Ltd (ASX: MAQ)

The Macquarie Technology share price closed at $87.94 on Tuesday, up 0.18%.

The company held its annual general meeting last week.

This ASX All Ords technology share is up 30% in the year to date.

The post 8 ASX All Ords shares upgraded to 'strong buy' ratings in November appeared first on The Motley Fool Australia.

Novonix Ltd (ASX: NVX), PYC Therapeutics Ltd (ASX: PYC), and Strike Energy Ltd (ASX: STX) have all surged by more than 12%.

Despite no price-sensitive announcements from any of these companies today, several updates might explain some of the buying activity.

Let's take a closer look.

ASX All Ords shares rally

Novonix has jumped by more than 15% today and is currently trading at 64 cents per share.

The ASX All Ords share is also up more than 17% over the past week after hitting lows of 52 cents apiece on September 23.

Shares in the battery technology company have been heavily sold, and the company's FY24 results added to the pressure.

Revenues slumped by 30%, leading to a net loss of nearly $30 million, with the company burning through $26 million of cash for the year.

Novonix also presented its investment case, long-term outlook and current financial position at the H.C. Wainwright 26th Annual Global Investment Conference earlier this month.

Here, it covered the entire value proposition for investing in the company, providing details on its battery technology.

This may or may not have stirred up some buying activity in the ASX All Ords share.

PYC shares jump

PYC Therapeutics shares have climbed nearly 13% and now trade at 17.5 cents at the time of writing.

This extends gains over the past month to an eye-watering 59% after the company received approval to commence trials on its drug candidate in August for the potential treatment of a rare, irreversible eye disorder.

The ASX All Ords share popped since then and has since raced to new 52-week highs today.

Meanwhile, the company presented at the E&P Healthcare Conference today. Whilst not price-sensitive in any way, it appears the market is still responding positively to the information shared at the event.

PYC Therapeutics has been developing therapies targeting genetic eye diseases. Investors attending today's conference were treated to the latest in the company's trial data, clinical programs, and future plans.

The biotech stock is up 185% in the past year.

Strike Energy lifts higher

Strike Energy shares caught a bid on Monday following the company's update on its Walyering gas field.

The trend has continued into this current session. The ASX All Ords share is up 12.5% on the day to fetch 22.5 cents per share at the time of writing.

Strike also announced it has already generated $64 million in gross sales revenue from Walyering, achieving payback on the project earlier this year.

Some of the recent buying may be put down to institutional investors putting money to work.

JPMorgan has become a substantial holder in Strike. As of September 20, JPMorgan filings show the banking giant holds a 5.11% voting power in Strike, representing 146.4 million ordinary shares.

ASX All Ords shares takeaway

Investors are buying these ASX All Ords shares en masse today, driving double-digit returns. While there's nothing price-sensitive to mention, investors still have plenty to consider with each.

Meanwhile, the S&P/ASX 200 index (ASX: XJO) is up 0.85% at the time of writing.

The post 3 ASX All Ords shares rocketing over 12% on Thursday appeared first on The Motley Fool Australia.

Four ASX shares that have failed to follow the market higher today are listed below. Here's why they are falling:

Actinogen Medical Ltd (ASX: ACW)

The Actinogen Medical share price is down 54% to 3.5 cents. Investors have been selling this biotechnology company's shares following the release of phase 2a trial topline results from its XanaCIDD trial. This trial was testing its Xanamem product in patients with cognitive dysfunction and major depressive disorder (MDD). While the company achieved clinically meaningful and persistent improvement in depression measured by the key secondary endpoint of MADRS, it failed with its primary endpoint of improving the "attention composite." Management has blamed this failure on an unexpectedly large improvement in the placebo group.

Aurizon Holdings Ltd (ASX: AZJ)

The Aurizon share price is down 7.5% to $3.35. This has been driven by the release of the rail freight operator's full year results this morning. Aurizon deliver a solid result on paper. Its revenue was up 9% to $3.8 billion and its underlying earnings before interest, tax, depreciation and amortisation (EBITDA) increased 14% to $1.6 billion. This allowed it to declare a final dividend of 7.3 cents per share, which lifted its total dividend to 17 cents per share for FY 2024. This is up 13% year over year. However, investors may have been disappointed with its guidance. Management is guiding to group EBITDA in a range of $1.6 billion to $1.7 billion. The low end would be flat year on year.

Beach Energy Ltd (ASX: BPT)

The Beach Energy share price is down 11% to $1.27. This follows the release of the energy company's full year results. Beach reported a 9% increase in sales revenue to $1.8 billion but an 11% decline in underlying net profit to $341 million. Also catching the eye was an update on its oil reserves. Management advised that it has completed an audited 2P reserves revision at its Enterprise field, resulting in a reduction of 11.5 MMboe. Its CEO, Brett Woods, said: "Disappointingly, over recent weeks we have observed pressure decline at Enterprise which is consistent with a smaller reservoir than originally estimated. We have moved rapidly to assess the impact."

PYC Therapeutics Ltd (ASX: PYC)

The PYC Therapeutics share price is down 4.5% to 10.5 cents. This morning, this clinical-stage biotechnology company released a further update on its drug candidate, VP-001, which is currently progressing through multiple concurrent clinical trials in patients with a blinding eye disease called Retinitis Pigmentosa type 11 (RP11). Management revealed that two out of three RP11 patients in a recent cohort had enhanced retinal sensitivity across the entire macula at three months of follow up when compared to baseline. Investors may have been looking for stronger results.

The post Why Actinogen, Aurizon, Beach Energy, and PYC shares are sinking today appeared first on The Motley Fool Australia.

Which companies are we talking about?

I'm glad you asked!

Despite slipping today, the PYC Therapeutics Ltd (ASX: PYC) share price is up 18.2% since last Friday's closing bell.

The Capitol Health Ltd (ASX: CAJ) share price has flown even higher, up 20.0% for the week.

And Pantoro Ltd (ASX: PNR) is also amply rewarding shareholders this week, with shares up 18.8% over the five trading days.

Here's why investors have sent the ASX All Ords stocks flying higher.

What's boosting these ASX All Ords stocks?

The last price-sensitive news out of PYC Therapeutics was back on 7 June.

At the time the clinical-stage biotechnology company reported on promising progress with its drug discovery program. That program is directed towards a severe neurodevelopmental disorder, Phelan McDermid Syndrome, which is caused by a loss of one functional copy of the SHANK3 gene.

Investor interest in the ASX All Ords stock was stirred when PYC Therapeutics said it had successfully restored the deficient protein and would now progress towards human trials, expected to start in 2025.

"This is a big step forward in this body of work. This is the data that the clinicians have been asking us to generate before we push into the clinic" PYC's CEO Rohan Hockings said on the day.

Which brings us to the second ASX All Ords stock leading the charge this week, diagnostic imaging provider Capitol Health.

The Capitol Health share price gained 10.2% on Monday and another 9.3% on Tuesday after the company reported its board had accepted a takeover offer from Integral Diagnostics Ltd (ASX: IDX).

With the takeover offer representing a premium of some 33% to last Friday's closing price, investors sent the stock soaring.

Commenting on the proposed acquisition, Capitol Health managing director Justin Walter said:

Today's proposed merger announcement with Integral, represents an exciting opportunity for all our valued radiologists, technicians, and staff to be part of Australia's largest pure-play publicly listed imaging company.

Ian Kadish, Integral CEO added, "The merger would create a scalable platform that would unlock significant value for stakeholders of both Integral and Capitol, including patients, doctors and shareholders."

Which brings us to the third ASX All Ords stock shooting the lights out this week, Pantoro.

Shares in the Western Australian gold producer and explorer are marching higher for the fourth consecutive day today following the company's growth announcement.

With a growth budget of $25 million, the miner said it could double the size of its exploratory drill campaign following initial drilling results. Management flagged 85,000 meters of combined diamond and reverse circulation (RC) drilling over four key targets in FY 2025 at the company's Norseman project.

Commenting on the growth plan that put the ASX All Ords stock in the top gainers list this week, Pantoro managing director, Paul Cmrlec, said:

This is a very exciting period in the development of the Norseman goldfield. For the first time we are in a position to re-develop the Norseman Mainfield with an outstanding balance sheet position, and operations generating strong cashflow.

The post Why these three ASX All Ords stocks are leading the charge higher this week appeared first on The Motley Fool Australia.

Four ASX shares that are rising more than most today are listed below. Here's why they are climbing:

IDP Education Ltd (ASX: IEL)

The IDP Education share price is up 4.5% to $15.16. Bargain hunters have been buying the language testing and student placement company's shares after they were sold off again this week following a poor update. Analysts at Goldman Sachs think investors should be snapping them up while they are down. This morning, the broker reiterated its buy rating with a trimmed price target of $21.75. This implies potential upside of over 40% for investors from current levels.

Novonix Ltd (ASX: NVX)

The Novonix share price is up almost 8% to 69.5 cents. This morning, this battery materials company returned from a trading halt after denying that it is planning to launch a capital raising in the near future. Management stated that its capital position is strong and one is not required. It said: "NOVONIX Limited refers to the article published in the Australian Financial Review speculating that NOVONIX will undertake a capital raising. NOVONIX wishes to advise that it has considered its position and is not undertaking an equity capital raising at this time and that its capital position remains strong."

PYC Therapeutics Ltd (ASX: PYC)

The PYC Therapeutics share price is up 10% to 11 cents. Investors have been buying the clinical-stage biotechnology company's shares after an update on its drug discovery program, which is directed towards a severe neurodevelopmental disorder known as Phelan McDermid Syndrome (PMS). It notes that PMS is caused by a loss of one functional copy of the SHANK3 gene, resulting in insufficient SHANK3 protein expression in brain cells known as neurons. This morning, PYC revealed that it has been able to restore the missing SHANK3 protein. The company will now progress towards initiating the studies required to enter human trials. This is anticipated to commence in 2025.

Regis Resources Ltd (ASX: RRL)

The Regis Resources share price is up 3.5% to $1.92. Investors have been buying Regis Resources and other ASX gold shares today after the precious metal charged to a two-week high overnight on rate cut hopes. This has led to the S&P/ASX All Ordinaries Gold index outperforming on Friday afternoon with a 1.7% gain.

The post Why IDP Education, Novonix, PYC, and Regis Resources share are racing higher appeared first on The Motley Fool Australia.