It’s a good day on the ASX for the the drug development company
The post The Dimerix (ASX:DXB) share price is up 3% on Thursday appeared first on The Motley Fool Australia. –
The Dimerix Ltd (ASX: DXB) share price is gaining today despite no news having been released by the company.
In fact, the market hasn’t heard anything from Dimerix in more than a week.
Right now, Dimerix’s shares are swapping hands for 35 cents apiece, 2.94% more than they were at yesterday’s close.
Let’s take a look at what might be boosting the drug development company’s stock on Thursday.
What’s boosting Dimerix’s stock today?
The Dimerix share price has well and truly recovered from a major fall last week.
Last Tuesday, Dimerix released a prospectus for a share purchase plan, to the detriment of its share price. Under the prospectus, investors could purchase up to $30,000 worth of new Dimerix shares for 20 cents apiece.
The Dimerix share price plummeted 11.7% to 30 cents following the prospectus’ release. Luckily, it bounced back quickly.
Perhaps Dimerix’s recovery was aided by its announcement that it had begun its phase 3 clinical study in patients with focal segmental glomerulosclerosis (FSGS). The study is named ACTION3.
The company broke the news that it’s filed the first ethics submission for the study last Wednesday. If the submission is approved, the company can begin recruiting patients.
The study is expected to run over 167 sites in 18 countries, with Australia and New Zealand set to be the first out of the gate.
Dimerix will be testing the efficacy and safety of DMX-200 in patients with FSGS who are receiving a stable dose of an angiotensin II receptor blocker.
The company expects to screen the first of the study’s patients in the last quarter of 2021.
Dimerix share price snapshot
Today’s gains have added to the strong recent performance of the Dimerix share price.
The company’s shares are currently going for 45% more than they were at the start of 2021. However, they’re still trading for 50% less than they were this time last year.
Should you invest $1,000 in Dimerix right now?
Before you consider Dimerix, you’ll want to hear this.
Motley Fool Investing expert Scott Phillips just revealed what he believes are the 5 best stocks for investors to buy right now… and Dimerix wasn’t one of them.
The online investing service he’s run for nearly a decade, Motley Fool Share Advisor, has provided thousands of paying members with stock picks that have doubled, tripled or even more.* And right now, Scott thinks there are 5 stocks that are better buys.
*Returns as of August 16th 2021
Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. 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.