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Race Oncology (ASX:RAC) has received approval for an investigational new drug (IND) from Korea’s health and drug regulator MFDS, with a phase one clinical trial for Race’s RC220 drug of interest now to go ahead in the Republic.
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Government regulators approved chemistry and manufacturing standards, and four sites are ready to go with ethics hurdles ticked off.
The news, predictably, has been received well. RC220 is used alongside existing drug doxorubicin to ultimately protect the heart tissues of patients receiving chemotherapy.
RC220 has been on the company’s radar through 2025, and this latest approval now adds exposure to a large developed Asian market. Cue the share price gain of over +10% intraday Wednesday, north of $3.30/sh.
But the bigger story isn’t this new approval for an RC220 trial, but rather what today’s share price action means for one-month returns. Because over the last 30 days, Race has staged an absolute banger of a rally up +180% MoM, leading to the kind of chart that investors love. Especially if they got in early.
On Wednesday, the price climbed 11% higher on $2.5M worth of trades; defying the overall mood of the day that had definitely been subdued in the face of Australian headline CPI coming in at 3%, a 12-month high, something many punters weren’t expecting.
And the nature of Race’s chart, a stock that has clearly run hard very fast, brings up another question for those maybe more inclined to pessimism.
Or at least, it may trigger one to recall that common saying: What goes up must come down.
RAC last traded at $3.32/sh.
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