The stock market tests investors in many ways. Of course, if it did not, we would all be rich. This is even though in current stock market conditions it can sometimes appear that in the small cap space it is difficult to fail. We were reminded of this with a stellar performance to start the week from key technology plays which have continued to soar such as Edtech play Dev Clever (DEV), up 13% in the wake of last week’s publication of a prospectus and in the run up to forthcoming final results to be unveiled on Monday 29 March.
Taking a profit prematurely can still be a problem, even in a situation which might have previously appeared to be a lost cause. In the case of erectile dysfunction specialist Futura Medical (FUM) those who had decided to exit their positions at the end of last week saw the stock shoot up another 46% as the sexual health group announced it had received US FDA Agreement for
Confirmatory Clinical study, FM71 for MED3000. The company said it was on the road to commercializing MED3000 given the news closely followed the positive recommendation for approval from the Notified Body on the European submission for MED3000, and the recently announced Joint Collaboration agreement for the China and South East Asia region.
Apart from taking a profit too soon, there can be the investment error of simply running out of patience with a company. This seemed to be the case with some at long dated income specialist Dukemount Capital (DKE). Here traders apparently forgot we are in the middle of a pandemic and were looking for the next deal “yesterday.” Dukemount said that it has agreed outline terms for a joint venture in the flexibility power sector which will develop two 11KV gas peaking facilities which together will produce around 10MW of power for a total cost of approx. £6.25million. Dukemount believes that this joint venture represents the next steps to meeting its target of growing to a £100m plus business. Given the market cap prior to the announcement of close to £3m, this would represent quite an upgrade to the company, and arguably is a far better outcome than many observers might have anticipated. Shares of Dukemount soared 25%.
Shares of NetScientific (NSCI), the life sciences and sustainability technology investment and commercialisation Group rose 17%. This was after last week’s announcement that its portfolio company, PDS Biotechnology Corporation (Nasdaq: PDSB) unveiled its financial results for the full year ended 31 December 2020. Netscientific added that as a long-term investor in PDS Biotechnology, it was delighted with the company’s breakthrough performance in 2020, despite the operational challenges of the COVID-19 pandemic.
Next generation technology group Pires (PIRI) continued to underline that it is keeping up with the zeitgeist in the form of an update regarding investee company Pluto Digital Assets, which it holds in common with Argo Blockchain (ARB) and Riverfort (RGO). Pires said Pluto holds 2,000,000 OXY tokens, acquired at a price of US$0.10 per token. Currently, OXY tokens are trading at around US$3 per token. It added that YOP, one of Pluto’s other projects, has announced the addition of non-fungible tokens (NFTs) to its launchpad aggregator.
Speaking of NFTs, Richard Poulden, Chairman of Upper Thames Holdings (UPPT), soon to be Valereum Blockchain listed on Aquis, underlined in a ShareTalk interview that his company is not only front and centre in the NFT space, but that the focus of the group in a range of equity, derivative, and debt instruments could be the biggest part of the burgeoning area. Shares of other NFT plays such as Coinsilium (COIN) have multi-bagged as digitised versions of everything from art to bubble gum cards have become part of this new Gold Rush, with Twitter founder Jack Dorsey’s first tweet just selling for $2.9m.
Finally, shares of Omega Diagnostics (ODX) were up a rather miserly 4% considering the significance of its latest news. Here the medical diagnostics company focused on CD4, infectious diseases and food intolerance, said that it has CE-Marked Mologic’s lateral flow antigen test for COVID-19, to be sold for professional-use under Omega’s VISITECT® brand. Omega said the test will provide healthcare professionals with an accurate rapid test for the detection of the nucleoprotein of the SARS-CoV-2 virus in respiratory swabs.
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