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PainChek Limited (ASX:PCK), a company that ultimately produces an app best used for monitoring residents in aged care homes, has surged over +50% in the last week alone to 8cps; bringing YTD gains to +175%. The fairly sleepy microcap health player, with 2B shares on issue, has suddenly popped out of the blue.
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This finance journalist is aware of certain online communities – outside HotCopper – where one, prima facie, may conclude the stock is being pumped. And it should be noted volumes aren’t too drastic – Monday trades saw just north of 4M shares trade hands, versus 2B on issue (so, 0.2% of shares.)
But then the story gets more interesting when one wonders if online commenters – pumpers or true believers, not really the point anymore – may or may not be onto something before the rest of the market.
That’s because since November last year, PCK has been angling for an FDA approval relating to its’ PainChek Adult App’ – but since then, the market has been overlooked, fairly sleepy, and its most recent news related to a pilot trial in Scotland.
But. What did the company highlight as a reason for its trading halt on Tuesday? You can probably tell where I’m going with this. PCK has notified the market of an upcoming regulatory announcement from the FDA.
That isn’t exactly confirmation of any kinda of approval – the FDA can at times be a hard-to-please beast, with some companies (notably Telix) this year even suggesting the efficiency of the regulator has declined – but it’ll surely be enough to keep PCK on the radar throughout Week 41.
PCK last traded at 8cps.
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