The Pro Medicus (ASX:PME) share price is surging 5% on Thursday

This ASX biotech share is having a strong day of trade

| More on:
Group of medical professionals high five

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

The Pro Medicus Limited (ASX: PME) share price is surging higher on Thursday. Shares in the Aussie biotech group have climbed more than 5% in a sharp rebound from Wednesday's session.

At the time of writing, the Pro Medicus share price is up 4.05%, trading at $54.71.

What's with the Pro Medicus share price today?

Today's share price move hasn't been sparked by any news or announcements from the Aussie healthcare group. In fact, Pro Medicus hasn't released any ASX announcements at all since September 2.

However, that hasn't stopped investors piling into the company's shares and bidding up the Pro Medicus share price on Thursday.

It's possible today's moves are a rebound after shares in the ASX healthcare informatics group slumped lower yesterday. The company's shares have been under pressure amid broader weakness in the healthcare and technology sectors.

While yesterday had signs of profit-taking after year to date gains above 50%. Any fears of extended losses have subsided for now, however, as momentum has returned to the healthcare group's shares on Thursday.

A rising tide?

There is also the old 'rising tide raises all ships' adage that could be at play. The S&P/ASX 200 Index (ASX: XJO) has added 1.82% at the time of writing in a good day for Aussie investors.

Strong investor sentiment could be playing its part with the Pro Medicus share price roaring back to life after a disappointing day of trade on Wednesday.

It's yet another day of gains in what is shaping up to be a good year for shareholders. Despite somewhat stagnating earlier this year, the company's value has been steadily climbing since May.

Steady gains appear to have been supported by new contract signings including an 8-year, $14 million deal with The University of Vermont.

Foolish takeaway

It looks like the good times just keep on rolling for the Pro Medicus share price. Shares in the ASX biotech have now more than doubled in the last 12 months with gains of 104%.

Motley Fool contributor Ken Hall has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of and has recommended Pro Medicus Ltd. The Motley Fool Australia owns shares of and has recommended Pro Medicus Ltd. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

More on Healthcare Shares

Overjoyed man celebrating success with yes gesture after getting some good news on mobile.
Healthcare Shares

Which small cap ASX share is jumping 10% on strong results

Investors have been bidding this stock higher today. But why?

Read more »

Cropped shot of an attractive young female scientist working on her computer in the laboratory.
Healthcare Shares

Why Macquarie forecasts 30-50% upside for these ASX All Ords healthcare stocks

Macquarie updated its target price on these three ASX All Ords healthcare stocks.

Read more »

A woman jumps for joy with a rocket drawn on the wall behind her.
Healthcare Shares

Guess which ASX 200 stock is jumping 10% on big news

This stock is catching the eye with a strong gain on Thursday. But why?

Read more »

a young woman holds her hand to her ear and leans sideways as if to listen to something that's surprising her as her eyes and her mouth are wide open.
Healthcare Shares

Down 15% since January, are Cochlear shares now a buy?

Let's see what analysts are saying about this blue chip.

Read more »

Green arrow with green stock prices symbolising a rising share price.
Healthcare Shares

Guess which popular ASX 200 stock is up nearly 60% in less than 2 months?

Investors who bought this ASX 200 stock in the recent dip have been strongly rewarded.

Read more »

A senior pharmacist talks to a customer at the counter in a shop.
Healthcare Shares

Are Sigma Healthcare shares a good buy now after the merger with Chemist Warehouse?

Sigma Healthcare shares have soared 154% in 12 months. Can this stellar run continue?

Read more »

Doctor doing a telemedicine using laptop at a medical clinic
Healthcare Shares

Up 34% since April, ASX 300 healthcare stock lifts off again today on new milestone

The ASX 300 healthcare stock has been on a tear since hitting one-year lows in April.

Read more »

Shot of a scientist using a computer while conducting research in a laboratory.
Healthcare Shares

Should I buy the dip on CSL shares?

A leading fund manager gives his verdict on the growth prospects for CSL shares.

Read more »