Which ASX healthcare shares saw the biggest gains in February?

ASX healthcare shares struggled to make headway in February. Here are the 2 companies that managed to come out on top.

| More on:
Medical staff wear hero capes, indicting strong shar [price performace for healthcare shares

Image source: Getty Images

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

Strong performing ASX healthcare shares came few and far between in February. The S&P/ASX Health Care Index (ASX: XHJ) was down 3% for the month, compared to the 1% increase in the ASX 200.  

From respiratory devices, vaccine producers to hospitals and hearing aids, most large cap ASX healthcare shares finished last month in the red. 

With the top end of town struggling, here are the 2 ASX healthcare shares that topped their peers in February.

1. Starpharma Holdings Ltd (ASX: SPL

The Starpharma share price pushed 37% higher from $1.50 to $2.08 last month. This follows a series of positive announcements from the dendrimer product (DEP) developer. 

The first in a string of announcements came on 9 February where the company provided an update on its AZDo466 product. The update highlights AstraZeneca's intention to expand the ongoing clinical program for AZD0466 to include a multi-centre global Phase 1 study. AZD0466 leverages Starpharma's DEP technology to improve the characteristics and therapeutic index of anti-cancer agents. 

Just four days later on 12 February, the company announced a research agreement with global pharmaceutical giant Merck & Co. Merck & Co is one of the world's largest pharmaceutical companies, generating US$48 billion in revenue in 2020. 

The final positive announcement for the month came on 23 February where the company provided an update on its Viraleze antiviral nasal spray

Viraleze is an antiviral nasal spray that is also shown to be 99.99% effective against COVID-19 and stop infection when applied to cells before and after exposure to the virus. The update reveals that Viraleze has been successfully registered for sale in Europe.

2. Rhythm Biosciences Ltd (ASX: RHY

Rhythm is working on a simple, affordable, and effective blood test for the early detection of colorectal cancer, the third-largest cause of cancer-related deaths globally. The company's ColoSTAT technology has the potential to become a screening test for colorectal cancer. 

Rhythm has advised of multiple hospitals joining its ColoSTAT clinical trials in recent months. More recently, on 11 February, the company announced that the Sunshine Coast University Hospital in Queensland will now participate in trials. This brings the total number of participating hospitals to 10. The trials aim to study the safety and effectiveness of the prototype test kits. 

While the ColoSTAT product is in its early days, the company aims to address the global market through mass screening programs. 

The Rhythm share price has delivered some explosive growth in the last 12 months surging from 6 cents to above $1.60 at various points. In February, the company added another 32% to close at $1.55. 

Kerry Sun has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of Starpharma Holdings Limited. The Motley Fool Australia has recommended Starpharma Holdings Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

More on Share Market News

A male ASX 200 broker wearing a blue shirt and black tie holds one hand to his chin with the other arm crossed across his body as he watches stock prices on a digital screen while deep in thought
Share Market News

5 things to watch on the ASX 200 on Thursday

Here's what to expect on the local market today.

Read more »

A young woman smiles as she rides a zip line high above the trees.
Share Gainers

Here are the top 10 ASX 200 shares today

It was a bountiful session for investors this hump day.

Read more »

An excited man stretches his arms out above his head as he reaches a mountain peak.
Record Highs

Breaking: CBA shares hit a new record of $180

CBA shares can't possibly keep rising can they?

Read more »

A happy young couple celebrate a win by jumping high above their new sofa.
52-Week Highs

Guess which ASX 200 furniture retailer is up 400% in 5 years?

Up 400% over the past five years is not bad for a furniture retailer. Here's why this quiet compounder has…

Read more »

Arrows pointing upwards with a man pointing his finger at one.
Share Market News

Morgans says these ASX stocks can rise 30% to 80%

These shares could be cheap according to the broker. Let's see what it is saying.

Read more »

Two people shaking hands in the boardroom on a merger.
Mergers & Acquisitions

What did Macquarie make of the Brickworks and Soul Patts merger?

Macquarie sees simplification, scale, and upside… but it also has a warning..

Read more »

A cool young man walking in a laneway holding a takeaway coffee in one hand and his phone in the other reacts with surprise as he reads the latest news on his mobile phone
Mergers & Acquisitions

PointsBet share price surges 11% on improved takeover offer

The bidding war for PointsBet shares continues apace today.

Read more »

A man has a surprised and relieved expression on his face. as he raises his hands up to his face in response to the high fluctuations in the Galileo share price today
Broker Notes

Leading broker tips 50%+ upside for IDP Education shares

The team at Macquarie thinks this beaten down stock could be a buy.

Read more »