Why the Doctor Care Anywhere (ASX:DOC) share price surged to a record high

The Doctor Care Anywhere Ltd (ASX:DOC) share price has continued its positive run and surged to a record high today…

| More on:

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

The Doctor Care Anywhere Ltd (ASX: DOC) share price has been a strong performer on Friday.

In afternoon trade the UK-based telehealth company's shares are up almost 7% to a record high of $1.45.

When the Doctor Care Anywhere share price reached that level, it meant it was up an impressive 81% since listing on the ASX late last year.

ASX shares buy unstoppable asx share price represented by man in superman cape pointing skyward

Image source: Getty Images

Why is the Doctor Care Anywhere share price on fire?

There have been a couple of catalysts for the strong gain by the Doctor Care Anywhere share price.

One is the belief that the company is well-placed for growth over the short and long term thanks to industry tailwinds which are being brought forward by the pandemic.

Doctor Care Anywhere is a growing UK-based telehealth company aiming to deliver high-quality, effective, and efficient care to its patients, whilst reducing the overall cost of providing clinical services.

With the UK in lockdown, demand for telehealth services is expected to be strong in the country. This could lead to a better than expected result from the company in FY 2021.

Another catalyst for this strong share price gain was an announcement in December of a major agreement with one of the world's largest insurance and assistance companies, Allianz.

The new channel agreement with Allianz Partners will see Doctor Care Anywhere provide the insurer's international private medical insurance policyholders and their dependents based in Europe access to digital health services.

What's next for Doctor Care Anywhere?

The company's founder and CEO, Dr Bayju Thakar, is positive on the future and has bold aspirations to become a global industry leader.

Commenting on its IPO, Dr Thakar said: "Whilst today marks an important milestone in Doctor Care Anywhere's journey, we believe it is only the beginning as we look to become a leader in digital health, not just in the UK but globally, by delivering a joined-up and simple patient journey."

"The capital we've raised via the IPO will allow us to better serve our current patients with a broader range of services and to execute on our clear and ambitious growth plans," he concluded.

Motley Fool contributor James Mickleboro 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.

More on Share Gainers

Three brightly coloured objects against a backdrop of blue, indication three winning ASX share prices
Share Gainers

Here are the top 10 ASX 200 shares today

It was a lacklustre session on the ASX this Thursday.

Read more »

a man sits at his desk wearing a business shirt and tie and has a hearty laugh at something on his mobile phone.
Share Gainers

Why Deep Yellow, Develop Global, Resolute Mining, and Santos shares are pushing higher today

These shares are catching the eye on Thursday. But why?

Read more »

A woman's hand draws a stylised 'Top Ten' on a projected surface.
Share Gainers

Here are the top 10 ASX 200 shares today

It was a very unhappy hump day on the markets.

Read more »

A young woman holding her phone smiles broadly and looks excited, after receiving good news.
Share Gainers

Why Ampol, Meteoric Resources, Praemium, and Treasury Wine shares are storming higher

These shares are having a better day than most on hump day. But why?

Read more »

A close up of a casino card dealer's hands shuffling a deck of cards at a professional gambling table with the eager faces of casino patrons in the background.
Share Gainers

Why is everyone buying Tabcorp shares this week?

Here's what is driving the latest price momentum for Tabcorp shares, and what to expect next.

Read more »

A group of people clink wine glasses in an outdoor, late afternoon setting to celebrate the rising Treasury Wine share price
Consumer Staples & Discretionary Shares

Why are Treasury Wine shares rocketing 16% today?

Investors are piling into Treasury Wine shares on Wednesday. But why?

Read more »

A team of people giving the thumbs up sign.
Share Gainers

This ASX 200 stock has jumped 149% in a year, and brokers tip more upside to come

The business has experienced huge demand across both of its two core business segments.

Read more »

Woman sitting at a desk shrugs.
Share Gainers

Up over 70% in a month, is it too late to buy Zip shares?

Zip shares keep climbing higher, is there any more upside left?

Read more »