Insights

The Pro Medicus (ASX:PME) share price is surging 5% on Thursday

This ASX biotech share is having a strong day of trade
The post The Pro Medicus (ASX:PME) share price is surging 5% on Thursday appeared first on The Motley Fool Australia. –

The Pro Medicus Limited (ASX: PME) share price is surging higher on Thursday. Shares in the Aussie biotech group have climbed more than 5% in a sharp rebound from Wednesday’s session.

At the time of writing, the Pro Medicus share price is up 4.05%, trading at $54.71.

What’s with the Pro Medicus share price today?

Today’s share price move hasn’t been sparked by any news or announcements from the Aussie healthcare group. In fact, Pro Medicus hasn’t released any ASX announcements at all since September 2.

However, that hasn’t stopped investors piling into the company’s shares and bidding up the Pro Medicus share price on Thursday.

It’s possible today’s moves are a rebound after shares in the ASX healthcare informatics group slumped lower yesterday. The company’s shares have been under pressure amid broader weakness in the healthcare and technology sectors.

While yesterday had signs of profit-taking after year to date gains above 50%. Any fears of extended losses have subsided for now, however, as momentum has returned to the healthcare group’s shares on Thursday.

A rising tide?

There is also the old ‘rising tide raises all ships’ adage that could be at play. The S&P/ASX 200 Index (ASX: XJO) has added 1.82% at the time of writing in a good day for Aussie investors.

Strong investor sentiment could be playing its part with the Pro Medicus share price roaring back to life after a disappointing day of trade on Wednesday.

It’s yet another day of gains in what is shaping up to be a good year for shareholders. Despite somewhat stagnating earlier this year, the company’s value has been steadily climbing since May.

Steady gains appear to have been supported by new contract signings including an 8-year, $14 million deal with The University of Vermont.

Foolish takeaway

It looks like the good times just keep on rolling for the Pro Medicus share price. Shares in the ASX biotech have now more than doubled in the last 12 months with gains of 104%.

The post The Pro Medicus (ASX:PME) share price is surging 5% on Thursday appeared first on The Motley Fool Australia.

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More reading

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Motley Fool contributor Ken Hall has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and has recommended Pro Medicus Ltd. The Motley Fool Australia owns shares of and has recommended Pro Medicus Ltd. 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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