It would appear that every week we witness a serious multibagger re-rate in a previously unloved minnow. Indeed, some of the biggest risers this year have been and continue to be companies described as “bust” or “a zero.”
This week one of the stars plays to upset the bears has been Iconic Labs (ICON), the new media and technology group. It has certainly divided investors in the recent past. But the stock rose another 51%, feeling the benefit of the company’s announcement last week to rejig its finances, as well as delivering a new contract and updating on the JOE Media Business.
With COVID-19 plays of all shapes and sizes back on the front foot, it was not surprising that Tiziana Life Sciences (TILS) was back in the limelight for the second day running in the wake of announcing the planned spin off of its breast cancer diagnostic StemPrintER. This would offer shareholders in Tiziana one shares of StemPrintER, the market leader by 40% in terms of accuracy. Some traders suggested that know the terms of the spin off were out in the open, Tiziana stock would be free to return to the best levels of the year towards 300p. It closed 7% higher at 145p.
Shares of Bahamas Petroleum (BPC) were finally responding to a positive reappraisal after the recent merger with Columbus Energy Resources. The stock was up 33% as speculation regarding drilling news being imminent spread on the bulletin boards. Given the sharp rise for Bahamas shares it would be thought that an announcement would have to be released sooner rather than later.
Although it is perhaps the case that broker notes do not have the impact they used to have, in the case of Eco Atlantic Oil & Gas (ECO), positive attention from Peel Hunt did seem to do the trick for the bulls with a 20% share price rise. In particular, the call of 100p as a potential target did catch the eye, with the rationale being that at least one or both of the group’s Guyana wells could be significant to be a company maker. Indeed, even the run up to finding out the results might be enough to make a turn on.
Stock market newbie Pensana (PRE) continues to re-rate strongly, with the latest rise for the shares being a 15% move to 68p. This came as investors looked forward to next month’s banking feasibility study, after giving the thumbs up to a significant upgrade to the Longonjo Mineral Resource by a factor of 2.3 times. This was described as making it a “world class asset” in terms of the rare earth space.
Intellectual property group Tekcapital (TEK) saw its share price rise by 27%, as one of its star products, MicroSalt was in focus. This came in the aftermath of the company announcing a US distribution deal, something which may be a positive contribution to health given the way that MicroSalt can help users reduce their salt intake with time.
IQ-AI (IQAI) was feeling the benefit of fresh positive consideration of last week’s news regarding IB Trax, its brain cancer response assessment. The result has been a 15% rise to take the stock up to its highest close since December at 6.2p.
(The opinions expressed here are those of the author, a columnist for Share Talk.)
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