Guess which ASX healthcare share is exploding over 100% today

This healthcare share is catching the eye of investors on Thursday.

| More on:
Three healthcare workers standing together and smiling.

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 Pacific Edge Ltd (ASX: PEB) share price is rocketing higher on Thursday.

At one stage today, the ASX healthcare share was up 158% to 22 cents.

Its shares have pulled back since then but remain up 95% to 17 cents at the time of writing.

Why is this ASX healthcare share rocketing higher?

Investors have been bidding this ASX healthcare share today after it received some good news.

According to the release, Novitas and First Coast have decided to delay the implementation of the Local Coverage Determination (LCD) released in early June that would have seen Medicare coverage of Cxbladder cease in the United States on 17 July.

Cxbladder is a suite of non-invasive, urine-based laboratory tests that have been used by over 4,400 US-based urologists in the diagnosis and management of bladder cancer in more than 100,000 patients.

Pacific Edge advised that the US Department of Health and Human Services Associate General Counsel Janice L Hoffman said:

Details are being worked out but there is a commitment from these two MACs (same parent company) that the LCD will not proceed as is and that the LCD will go through the LCD process again with an open meeting and public comment period.

Pacific Edge's CEO, Dr Peter Meintjes, was pleased with the news. Dr Meintjes commented:

We are confirmed in our position that a more robust procedure that includes open meeting and public comment was needed and thank Novitas for the opportunity to discuss the substance of their evidentiary review of Cxbladder products with them.

We support efforts to ensure the Medicare program only pays for genetic testing services that are analytically valid, clinically valid, and clinically useful. We will update investors as we gain further information on Cxbladder's Medicare coverage status.

Despite today's strong gain, this ASX healthcare share remains down 72% over the last 12 months.

Should you invest $1,000 in Amazon right now?

Before you buy Amazon shares, consider this:

Motley Fool investing expert Scott Phillips just revealed what he believes are the 5 best stocks for investors to buy right now... and Amazon wasn't one of them.

The online investing service he’s run for over a decade, Motley Fool Share Advisor, has provided thousands of paying members with stock picks that have doubled, tripled or even more.*

And right now, Scott thinks there are 5 stocks that may be better buys...

See The 5 Stocks *Returns as of 30 April 2025

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. 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 Scott Phillips.

More on Healthcare Shares

Beautiful young woman drinking fresh orange juice in kitchen.
Healthcare Shares

Guess which ASX 300 stock is jumping 11% on big news

This stock is having a day to remember on Thursday. But why?

Read more »

A group of medical researchers stands side by side with each other wearing white coats in their research laboratory with scientific equipment in the background.
Healthcare Shares

Trump executive order to hit these 3 ASX pharmaceutical stocks

Donald Trump’s new executive order caused these 3 ASX pharmaceutical stocks to crash on Monday.

Read more »

Excited group of friends sitting on sofa watching sports on TV and celebrating.
Healthcare Shares

Guess which ASX 200 stock is jumping 16% on big news

Let's find out what news is getting investors excited this afternoon.

Read more »

A man slumps crankily over his morning coffee as it pours with rain outside.
Healthcare Shares

Why is this ASX 300 stock crashing 18% today?

Investors are rushing to the exits. But why? Let's look into things.

Read more »

Health professional working on his laptop.
Healthcare Shares

Are CSL shares at risk from the Trump tariffs?

How exposed are CSL shares to potential Trump medicinal tariffs?

Read more »

Donor donates blood in medical clinic. Beautiful European woman of 30 years sits in medical chair looking into camera and smiling.
Healthcare Shares

What did CSL have to say at Macquarie's 2025 conference?

Does this business have a healthy growth outlook?

Read more »

smiling health care workers in a medical setting
Healthcare Shares

Sonic Healthcare shares are down more than 40% since 2021. Will its AI initiative be the catalyst for a turnaround?

Could AI spark a recovery for this ASX healthcare stock?

Read more »

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

Why is this ASX All Ords stock jumping 7% today?

This stock is ending the week strongly. Let's find out what is getting investors excited.

Read more »