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AIM WINNERS & LOSERS: UK NICE backs Genedrive test; Corero renews deal

3rd Apr 2024 10:47

(Alliance News) - The following stocks are the leading risers and fallers on AIM in London on Wednesday.

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AIM - WINNERS

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Genedrive PLC, up 57% at 5.90 pence, 12-month range 2.56p-34.90p. The molecular diagnostics company announces that the UK's National Institute for Health & Care Excellence has recommended in draft guidance that Genedrive's CYP2C19-ID test should be used as the point-of-care test of choice for ischemic stroke and transient ischaemic attack patients. Chief Executive Officer James Cheek comments: "We are delighted to receive this recommendation from NICE for our CYP2C19 point of care pharmacogenetic test. The NHS has done significant work on both strokes and mini strokes, with campaigns for face, arms, speech and time, and promoting changing lifestyles to prevent a stroke. This guidance is just the next step in stroke management, ensuring that if you have a stroke, specifically related to a disruption of the blood flow, that the medicine given has a positive effect....With MT-RNR1 getting a NICE EVA conditional recommendation last year, further funding applied for to achieve a full recommendation this year, a strategy in place to achieve US Food & Drug Administration approval and sales being realised from new customers in 2024 we feel there is growing momentum within the group's POC pharmacogenetic testing strategy."

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Corero Network Security PLC, up 15% at 10.36p, 12-month range 5.50p-10.65p. The cybersecurity provider specialising in distributed denial-of-service protection solutions wins a contract renewal worth over USD2 million over three years with an unnamed US-based software-as-a-service provider, expanding its partnership and marking one of Corero's "largest" single transactions to date. Corero says the deal reinforces its strong customer retention track record, while "significantly" enhancing the customer's distributed denial-of-service protection infrastructure. This ensure the "security and service availability of the SaaS provider's worldwide operations and reinforcing its resilience against the burgeoning range of cyberthreats". Corero Chief Executive Officer Carl Herberger comments: "We are committed to providing cutting-edge, reliable DDoS protection solutions to support our customers' growth and operational security and will continue to explore new business and mandate expansion opportunities as we aim to both broaden and strengthen our client portfolio."

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AIM - LOSERS

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Peel Hunt Ltd, down 5.1% at 120.00p, 12-month range 78.00p-142.00p. The investment bank expects a full-year loss as increasing costs offset a modest rise in revenue. In a trading statement for the year to March 31, Peel Hunt says revenue is expected to be consistent with market expectations at around GBP85.5 million, up 3.9% from GBP82.3 million last year. This growth comes despite equity capital markets "remaining challenging" throughout the financial year. Looking ahead, the firm expects market trading volumes to remain low until there are meaningful signs of recovery in the UK economy and fund outflows reverse. It notes whilst initial public offering activity in the UK remains muted, there has been more activity in Europe and sentiment towards IPOs is improving in the UK, with investors increasingly willing to engage in relation to high quality companies.

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By Greg Rosenvinge, Alliance News senior reporter

Comments and questions to [email protected]

Copyright 2024 Alliance News Ltd. All Rights Reserved.

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