How are these penny healthcare stocks faring on NZX?

Health has become a global priority. Countries have increased their health budgets after witnessing the worst attack of the pandemic in 2021. In New Zealand it has also been named a priority sector in Budget 2022. Consequently, companies are increasing their spending due to the ‘increase in demand. Many companies, including those in the small-cap space, did well during this time. However, investors should do their research well before investing in penny stocks

Against that background, let’s see how these penny stocks are performing on the NZX

Cannasouth Limited (NZX:CBD)

CBD is a biopharmaceutical company dedicated to medical cannabis. It has recently signed an agreement with a German company, WEECO Pharma GMBH, to supply New Zealand cannabis flower to Europe. WEECO is a major importer of medicinal cannabis in Germany. The agreement runs for three years, and according to the pact, WEECO has the right of first refusal for each new cultivar developed by CBD.

On August 5, the stock was trading up almost 5% at NZ$0.390, at the time of writing.

Source: © 2022 Kalkine Media®

Bliss Technologies Limited (NZX:BLT)

BLT is a New Zealand probiotic company. Post- On July 21, at the Annual Meeting of Shareholders, BLT announced that it would conduct a review of the company’s strategy after fiscal year 22. In fiscal year 22, it achieved results for below expectations. With this overhaul, the company plans to refocus on its core business for global B2B partners to drive scale and profits. It plans to limit its operations to B2B, Business-to-Business by establishing partnerships with proven industry operators.

On August 5, the shares were trading at NZ$0.034 at the time of writing.

Rua Bioscience Limited (NZX:RUA)

RUA is a company that produces high quality cannabis medicines. On July 26, it signed an agreement with a European medical cannabis distributor, Motagon, as a preferred supplier of medical cannabis products. According to the agreement, the companies will reach supply agreements for each product and territory and then the necessary regulations will be worked out to launch Rua and Motagon medicines in these territories. This tie-up with Motagon gives RUA access to the high-value European market.

Pacific Edge Limited (NZX: USA, ASX: USA)

PEB is a medical device company that has been making strides on the NZX lately. On July 27, at its ASM, it announced that its test volumes had accelerated in the US market. For FY23, it plans to grow its North American market and has several initiatives lined up for the APC region.

The company reported 13% growth in test volume in 1QFY23. It processed a record 7,055 tests in its laboratories in the 3 months ending in June. PEB grew by 13% compared to the previous quarter, but by 32% in PCP.

On August 5, at the time of writing, the stock was trading at NZ$0.520.

bottom line: Healthcare penny stocks are generally rising due to the worldwide healthcare push.

Source link

You May Also Like

About the Author: SteveSossin

Welcome! I keep up on all the latest cbd and thc news!