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The Polynovo (ASX:PNV) share price is up 7% this month. Here’s why

Shares in the medical devices company are back on the up.
The post The Polynovo (ASX:PNV) share price is up 7% this month. Here’s why appeared first on The Motley Fool Australia. –

The Polynovo Ltd (ASX: PNV) share price has climbed into the green over the last few weeks.

Whereas the S&P/ASX 200 index (ASX: XJO) has climbed 2% over the past month, Polynovo shares have jumped 7% into the money.

Let’s investigate what is underlining the Polynovo share price of late.

What has Polynovo been up to lately?

Back in July, Polynovo released its FY21 trading update which came in behind analyst estimates. As such, its shares gave away 17% in the days following its FY21 results.

Nonetheless, Polynovo shares reclaimed a 10% gain by the week’s end as some investors with a contrarian mindset may have felt they were unfairly punished.

There has been no other market-sensitive information for the medical devices company lately. In fact, despite the strength on the charts over the last month, the Polynovo share price has struggled this year to date.

To illustrate, Polynovo was rated as The Motley Fool’s “worst ASX 200 healthcare share performer so far in 2021” last week.

Moreover, its share price has lagged the broad index this year to date, posting a loss of 43% versus the index’s gain of 14%.

With that in mind, while its share price has gained 7% in the last month, some might argue this is simply a recovery towards the previous highs of $2.88 back on 25 June.

We can see the same argument exhibited on the chart below.

Polynovo share price – gradual recovery

Source: Google Finance. Google and the Google logo are registered trademarks of Google LLC, used with permission

Polynovo share price snapshot

The Polynovo share price has posted a loss of around 12% over the last 6 months, extending the previous 12 months’ 1.8% dip into the red.

Polynovo shares are trading well off their 52-week high of $4.08 and not too far off their 52-week low of $1.98.

At the time of writing, Polynovo has a market capitalisation of $1.47 billion.

The post The Polynovo (ASX:PNV) share price is up 7% this month. Here’s why appeared first on The Motley Fool Australia.

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More reading

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The author Zach Bristow has no positions in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and has recommended POLYNOVO FPO. The Motley Fool Australia has no position in any of the stocks mentioned. 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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