These 3 ASX healthcare shares have been out-of-form over the past month. We take a look at what could be weighing them down.
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Despite the healthcare leading the gains in the S&P/ASX 200 Index (ASX: XJO) yesterday, there are some healthcare shares that have been out-of-form over the last month.
It can sometimes be useful to take a look at which shares are bucking a sector-wide trend. This can assist in pinpointing which are valuable opportunities and which could be underperformers.
In saying that, let’s take a look at 3 ASX healthcare shares that have been sluggish over the past 30 days.
ASX healthcare shares feeling off
Pro Medicus Ltd (ASX: PME)
Shares in the health imaging software provider have now been following a downward trend for nearly a month. Following the announcement of several new contract signings for its software, the company released its 2021 half-year results.
The company’s results were reasonable with growth across all metrics. However, the market might be apprehensive to buy at these prices due to the founders selling down their holdings following the release. Both Dr. Sam Hupert and Mr. Anthony Hall sold 1 million shares each. This represented 4% of their respective shareholdings.
The Pro Medicus share price has fallen 6.3% in the last month. Whereas the company’s shares have appreciated by 62% in the past 6 months.
Volpara Health Technologies (ASX: VHT)
The Volpara Health share price has been under pressure since February. The New Zealand-based healthcare software provider of breast imaging services has fallen nearly 15% over the last month.
Despite the company’s revenue growth and expansion through acquisition, this ASX healthcare share has continued to sell-off. Most recently, Volpara announced the signing of its highest value contract to date. The deal with CRA Health is worth US$400,000 per year in annual recurring revenue (ARR) terms.
It is possible that the market wasn’t overly impressed with the announcement considering CRA Health was acquired by Volpara recently. Hence, the payment from CRA is more so internal money shifting.
Noxopharm Ltd (ASX: NOX)
This ASX healthcare share has certainly seen better days. The Noxopharm share price has dropped by 27% in the past month of trading.
The clinical-stage drug development company has been in a state of decline since it reported half-year results. Being in the early stages of drug development, Noxopharm reported a hefty $6.7 million loss on the bottom line for the half.
Unfortunately for Noxopharm, this result was released around the time when investors began being more cognisant of valuations. As a result, it appears not even news of the company’s Veyonda drug moving to its final stage of the clinical trial has been able to turnaround the market’s sentiment.
On a positive note, the Noxopharm share price has gained 106% in the last 6 months.
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Mitchell Lawler owns shares of Pro Medicus Ltd. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and recommends Pro Medicus Ltd. and VOLPARA FPO NZ. The Motley Fool Australia has recommended Pro Medicus Ltd. and VOLPARA FPO NZ. 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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