Large cap biotechs received some love in intra-day trade today as investors returned to the market with renewed vigour.
Last week’s sell off appears to be a distant memory as investors look to the large caps for investment opportunities. The All Ordinaries increased by 1.7% to 4,127.4 points, while the S&P/ASX 200 rallied 1.9% to 4,060.7 points.
Stem cell technology developer Mesoblast (ASX: MSB) was a mover today, shifting north 2.9% to A$7.00.
Global pharma Acrux (ASX: ACR) jumped 2.1% to $2.89, while Sigma Pharmaceuticals (ASX: SIP) stayed in the green with a 1.6% increase to $0.65.
Hearing implant developer Cochlear (ASX: COH) rose nearly 1.3% to $53.34. Sleep apnea specialist Resmed (ASX: RMD) moved nearly 0.8% up to $2.57.
Biotherapy developer CSL (ASX: CSL) trailed closely behind with an increase of 0.7% to $30.32.
Meanwhile, moves by the large cap biotechs were also well supported by the upwards momentum of the smaller caps.
PharmAust (ASX: PAA) moved 25% to $0.02 on news wholly owned subsidiary, Epichem, has increased its stake to 51% of a joint venture with Curtin University in Western Australia for the development of an oral treatment for diabetes.
Medical Australia (ASX: MLA) jumped 17.7% to $0.02 on no news, while biomedical research company Biotron (ASX: BIT) rose 14.3% to $0.12.
Drug delivery technology developer OBJ (ASX: OBJ) increased 10.5% to $0.02 followed by Atcor Medical Holdings (ASX: ACG) which moved 6.7% to $0.08.
Analytica (ASX: ALT) and Circadian Technologies (ASX: CIR) were also among the movers today, rising 5.3% and 1.1% respectively to $0.02 and $0.48.