The Somnomed Limited (ASX: SOM) share price closed 2.3% lower today at $2.12.

While the SomnoMed share price has bounced back 67.5% over the past half year, it still remains more than 11% down on this time last year. We take a closer look at what's been impacting the healthcare equipment company's share price.

2020 financial year highlights

The Somnomed AGM presentation from November 2020 draws attention to strong growth in the US and new sales leadership heading up Canada. New key appointments were also announced in Sydney.

Somnomed continued to promote the company's continuous open airway therapy (COAT) technology as a best-in-class treatment for sleep apnea. The company did not offer FY 2021 guidance in its latest report, due to uncertainties created by COVID-19.

Comparing FY19  to FY20, revenue was down 3% and earnings before interest, tax, depreciation and amortisation (EBITDA) took a 5% hit.

Commenting on the company's previous 12-month performance, CEO Neil Verdal-Austin said, "The past 12-months have been a mixed bag of, on the one side an incredible overall performance to March but on the other side, a dramatic and almost reverse of those fortunes in Q4 due to COVID-19."

Why did COVID-19 serve such a harsh blow to the Somnomed share price?

Unfortunately, there are a few middle-men between Somnomed and its customer base. A doctor needs to diagnose a condition, a dentist is then required to fit the COAT device.

During times of lockdowns caused by a global pandemic, people simply can't accommodate these types of services. That means sales go down. 

From a $2.95 close on 20 February 2020 to 91 cents on 06 April 2020, it's very clear that the coronavirus had a fierce impact on the company's shares. 

However, in more positive news, as we move into 2021 Morgans has retained a positive recommendation for Somnomed shares and has increased the target price to $2.55, up from $2.02.

The post What's behind the sleepy Somnomed (ASX:SOM) share price? appeared first on The Motley Fool Australia.

The Rhinomed Ltd (ASX: RNO) share price surged to a six-month high as it takes a leaf out of the Starpharma Holdings Limited (ASX: SPL) playbook.

The Rhinomed share price rallied 84% ahead of the market close to $0.14 after management said it was developing a COVID-19 nasal swab.

In contrast, the All Ordinaries (Index:^AORD) (ASX:XAO) and the S&P/ASX 200 Index (Index:^AXJO) are flip flopping on both sides of breakeven.

Rhinomed share price charges higher on COVID test

Any company involved in a coronavirus test or treatment have seen their share price rocket. The Starpharama share price has also been on a tear after it revealed plans for a nasal spray that works against the virus that causes COVID-19.

Rhinomed's "high yielding" swab that can collect samples from the nose to test for the presence of upper respiratory tract diseases, including influenza and coronavirus strains.

While there are plenty of swabs that are currently available on the market, Rhinomed believes its expertise in making anti-snoring and sleep improvement nasal devices will help it create a superior product.

A better mousetrap?

The company is designing a swab that will be more comfortable to use than standard swabs and can be self-administered.

The new swab will also collect samples from both nostrils at the same time and over a greater surface area.

"The vast majority of existing nasal swabs require a healthcare worker to collect the sample, which places the healthcare worker at a real risk of infection," said the company in its ASX statement.

"The use of healthcare workers and the requisite personal protection equipment (PPE) also comes with significant cost."

Next steps

Rhinomed is exploring manufacturing options. This could include 3D printing solutions, existing offshore manufacturing resources and local manufacturing alternatives.

The swab will be registered in Australia, US and in the European Union as a Class 1 medical device. The company has begun defining the protocol for a clinical trial to be carried out at a leading Melbourne hospital.

RNO share price up investors' nose

But even with the big gain in the stock today, the stock is still nursing a 40% loss in value over the past year.

In contrast, other medical device stocks have performed much better. The RESMED/IDR UNRESTR (ASX:RMD) share price gained 23% while the Somnomed Limited (ASX: SOM) and Nanosonics Ltd. (ASX: NAN) share price dipped around 8% each.

The post Rhinomed (ASX:RNO) share price tries following Starpharma's path to COVID glory appeared first on The Motley Fool Australia.

The Somnomed Limited (ASX: SOM) share price has spiked today after the sleep treatment company reported its earnings to the ASX for the six months to December 31, 2019 (1H20).

Somnomed is a medical company specialising in the treatment of patients suffering from sleep-related disorders such as obstructive sleep apnoea, which the company notes affects up to 9% of women and 25% of men globally. It has over 545,000 patients worldwide and a market capitalisation of $211 million on current prices.

SOM shares closed at $3.30 yesterday but opened at $3.33 this morning and is trending higher since, going for $3.36 at the time of writing – a rise of 2.13%. Earlier this morning, Somnomed's share price touched $3.37, which was a new 52-week high for the company. The Somnomed share price has now risen 106% in the past year.

What did SomnoMed announce today?

Pleasingly for the company, Somnomed announced a 15% increase in revenues to $33.256 million for 1H20, up from 1H19's $28.815 million.

Revenue growth was strongest in the North America region, which saw a 26% increase. European sales saw a 10% rise while the APAC (Asia Pacific, including Australia) region saw an 11% bump.

Earnings before Interest, Tax, Depreciation and Amortisation (EBITDA) came in at $3 million, which is a 130% increase on 1H19's $1.3 million.

Compared with the previous six months (to June 30, 2019), the company has seen its Total Assets rise from $34.8 million to $42.7 million, while Total Liabilities has also increased from $16.9 million to $22.6 million – translating into Net Assets of $20.1 million (up from $17.8 million).

The company (in continuing with its policy in prior years) did not pay a dividend during the period.

Outlook for 2020

Somnomed has reiterated its guidance for FY20, for which it estimates revenues to come in the $67-$69 million range and earnings in the $6.3-$6.7 million range. There is no notice nor indication the payment of a dividend in FY20 will occur.

The company notes that it has nearly 550,000 patients and yet the global addressable market for obstructive sleep apnoea is estimated at roughly 1.36 billion people, with 54 million in the United States of America alone and a further 49 million across France and Germany.

Somnomed is hoping that this large addressable market will provide fertile ground for its new SomnoDent Avant product, which it hopes will prove to be a more comfortable and effective treatment solution for obstructive sleep apnoea.

The post SomnoMed share price rises after reporting positive earnings appeared first on The Motley Fool Australia.

The SomnoMed Limited (ASX: SOM) share price has closed the trading day at a 52-week-high, after surging nearly 6% in today's trading session and closing at $3.23.  The company's share price has made a spectacular recovery in the last 12 months and could be poised for further upside in 2020.

What does SomnoMed do?

SomonMed is a leading provider of treatment solutions for sleep-related breathing disorders. The company's products and technology address various disorders including obstructive sleep apnoea, snoring and bruxism.

Traditional treatment of Obstructive Sleep Apnoea (OSA) involves either surgery or through devices that offer Continuous Positive Airway Pressure (CPAP). Somnomed has pioneered a wide range of clinically proven and researched oral appliances that treat OSA with Continuous Open Airway Therapy (COAT). This therapy is an alternative to other treatment options and has the competitive advantage of being more comfortable and less invasive.

According to SomnoMed, the global addressable market for OSA is approximately $7- $8 billion dollars and growing at a rate of 6% – 8% per annum. SomnoMed currently has operations in the Asia Pacifica Region, North America and Europe.

How SomnoMed performed in the past 12 months?

After struggling in recent years SomnoMed has begun a new journey in the past 12 months with the company overhauling its distribution and sales channels. This turnaround was reflected in the company's share price which has surged nearly 92% in the past 12 months. Signs of recovery were also seen when SomnoMed reported earnings for the full year of FY19.

For the full year SomnoMed saw core business revenues grow 12% to $59 million for the year, whilst underlying EBITDA closed the year 27% higher with a profit of $5 million. For the full year, SomnoMed also saw good progress in overseas markets with sales growth in North America and a 13% revenue growth in Europe.

Outlook

Earlier this week SomnoMed reported its quarterly report for FY20. The report was highlighted by core revenue growth of 19% for the second quarter of $18.7 million. In addition, the company reported record revenue growth of 34% for its core business in Northern America for the three-month period. The European market also saw a 12% growth in revenue, whilst the Asia Pacific Region saw revenue growth of 9% for the second quarter.

SomnoMed recently launched a new signature product called SomnoDent Avant which acts as a digital device. Management is optimistic that this device will be a 'game changer' and allows the company to expand the digital segment and grow its market share as a leading oral appliance company.

For the full year of FY20, SomnoMed provided revenue guidance of between $67 and $69 million, equating to growth between 14% – 17%. EBITDA is also expected to grow between 26% and 34% for the full year to a range between $6.3 and $6.7 million.

The post Why the SomnoMed share price is at a 52-week-high appeared first on The Motley Fool Australia.

Australia's S&P/ASX 200 (Index: ^AXJO)(ASX: XJO) and ALL ORDINARIES (Index: ^AXAO) (ASX: XAO) indices finished higher on Tuesday.

Here's a short recap of the Australian market:

• S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) higher 0.50% to 6,724.60
• ALL ORDINARIES (Index: ^AXAO) (ASX: XAO) higher 0.46% to 6,812.50
• AUD/USD at US 70 cents
• Gold at US$1,417.56 an ounce
• Brent Oil at US$63.61 a barrel

The best-performing ASX 200 share today was the share price of Bellamy's Australia Ltd (ASX: BAL) which went up 4.9%.

The Afterpay Touch Group Ltd (ASX: APT) share price increased by 4.3% today, in a strong day for the buy now, pay later sector. Indeed, the Splitit Ltd (ASX: SPT) share price increased by 15.5% after yesterday's new agreement news.

The share price of OZ Minerals Limited (ASX: OZL) grew by 1.2% after releasing its June 2019 quarter report.

The Kogan.Com Ltd (ASX: KGN) share price has gone up 4.8% after giving a business update for the final quarter of FY19.

The share price SDI Limited (ASX: SDI) fell almost 3% due to its trading update for June 2019.

Healthcare business Somnomed Limited (ASX: SOM) saw its share price soar by 16% as it released its June 2019 update.

Finally, the share price of Regis Resources Limited (ASX: RRL) dropped 1.2% as the gold miner issued its quarterly activities report.

Here are some of today's top stories:    

• 3 ASX income shares raising their dividends like clockwork
• Rio Tinto to become world's largest iron ore exporter, time to buy shares?
• Warning: These 5 shares are being heavily shorted
• Sydney and Melbourne house prices are going higher again

The post ALL ORDINARIES finishes higher Tuesday: 8 shares you missed appeared first on The Motley Fool Australia.

The Somnomed Limited (ASX: SOM) share price opened 6.7% higher at $1.60 today after the sleep treatment medical device business reported an operating cash profit of $798,000 on revenue of $17.95 million for the quarter ending June 30, 2019. For the financial year the company posted an operating cash loss of $6.2 million on revenue of $65.1 million.

The company has been through something of a 'reset' or 'turnaround' year that involved it scrapping some of its third party distribution sales channels to focus on direct sales, with the worse side effects of that decision now starting to cycle out of its accounts. 

The post Is the Somnomed share price a turnaround story? appeared first on The Motley Fool Australia.

SomnoMed Limited (ASX: SOM) shares were stuck in a trading halt today for an unknown reason but the sleep apnea treatment and mouthguard device business did release its financial results for the quarter ending March 31 2019.

For the period it reported an operating cash loss of $2.7 million on operating revenue of $15.9 million, as the business still manages the fallout from its decision to close its Renew Sleep Solutions (RSS) operations in the U.S.

If we back out the loss of revenue from the RSS closures adjusted revenue grew 9% compared to the prior corresponding quarter, but including the RSS losses it dropped 6%.

The stock is down around 33% over the last year on the back of the poor performance of the RSS business that it has decided to close, with the group "realigning" to focus on its two critical sales channels of dentists and sleep physicians.

SomnoMed shares have previously traded as high as $3.93 in January 2018, but sentiment has turned on the back of its recent problems.

The post Is SomnoMed Limited a turnaround story? appeared first on The Motley Fool Australia.

The SomonMed Limited (ASX: SOM) share price tumbled 5% to $1.76 this morning after the sleep apnea treatment business warned a major customer in the USA had collapsed and still owes it US$805,000.

SomnoMed's management admitted there's a "reasonable likelihood" it cannot recover an amount between US$400,000 and US$805,000 which would represent a significant chunk of its forecasted EBITDA between $5 million to $5.5 million for fiscal 2019.

SomnoMed reported that the Texas-based distributor of its products closed down because the economic viability of its business worsened due to changes in "regulations and reimbursement amounts".

The financial hit to SomnoMed is not the end of the world assuming it is a one-off, but the effective closure of a distributor in the U.S.could signal more trouble ahead for investors.

SomnoMed shares are now down around 45% over the past year as this former small-cap market darling shows how small changes in business performance can produce big share price swings.

Another medical device small cap for investors going the other way is Nanosonics Ltd (ASX: NAN), especially after it just revealed strong revenue and profit growth for the half-year ending December 31 2018.

The post Trading update: Here's why the SomnoMed share price is falling today appeared first on The Motley Fool Australia.

Last month Medical Developments International Ltd (ASX: MVP) reported its half-year results for the period ending December 31 2018. Below is a summary of the results with comparisons to the prior corresponding half year.

• Net profit after tax of $132,000, up 3.9%
• Earnings before interest and tax $136,000, down 4.9%
• Revenue of $9.52m, up 22%
• Earnings per share of 0.21c
• Fully franked interim dividend of 2 cents per share
• Cash on hand of $32.3m
• Penthrox (green whistle) sales up 37%
• Penthrox sales in Europe and UK up 375%
• Other medical device sales up 6%

So why has the Medical Developments share price collapsed in half over the past year?

Despite some strong looking headline numbers MVP shares have fallen as the company has struggled so far to get its key Penthrox (emergency pain relief product used by ambulance crews, field medics, etc) product approved in the lucrative U.S. healthcare market.

Today Medical Developments' management team told investors it expects to meet with the U.S. healthcare regulator the FDA in the final quarter of fiscal 2019 to discuss the FDA's "Clinical Hold" status issued in August 2018 on the Penthrox product.

MVP's management will attend the meeting armed with plenty of new data (including safety and clinical trial data) presumably in order to try and agree some sort of roadmap to get the product approved in the US.

Outside the U.S. problems, sales continue to perform well and the company has big plans to expand further into Europe, Asia, and China. In total it expects to launch the product in another 31 countries over the next 12 months.

The company has a market value around $261 million based on a $3.99 share price, which means a lot of growth is still baked into the valuation despite the precipitous valuation falls recently.

Others in the up-and-coming healthcare space to consider include Nanosonics Ltd (ASX: NAN) or even SomnoMed Limited (ASX: SOM).

The post The Medical Developments share price is now down 49% over the past year appeared first on The Motley Fool Australia.

The SomnoMed Limited (ASX: SOM) share price is down 3% to $1.65 today after the sleep related breathing disorder treatment business posted a positive operating cash flow of $1.46 million for the quarter ending December 31 2018. However, for the six-months ending December 31 2018 the group's operating cash loss sits at $4.3 million.

Total "core" revenue of $15.7 million was 13% above the prior corresponding quarter, however, when including its Renew Sleep Solutions (RSS) business total revenue actually fell 3% over the quarter.

The group is now closing its loss-making RSS business in North America in response to its poor performance that has seen the share price collapse in half over just the past year.

SomnoMed's European operations delivered 14% revenue growth in the quarter and in total over the first half it delivered revenues of $28.8 million, up 15%, when excluding the disastrous performance of the RSS business.

SomnoMed is in a similar space to sleep treatment disorder market leader ResMed Inc. (ASX: RMD) that has seen its shares slammed around 20% since handing in a weaker-than-expected quarterly profit report last Friday morning.

The post Why the SomnoMed Limited share price is falling today appeared first on The Motley Fool Australia.

The S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has bounced back strongly from yesterday's selloff and is up over 0.7% to 5,713.3 points in afternoon trade.

Four shares that are climbing more than most today are listed below. Here's why they are storming higher:

The Brickworks Limited (ASX: BKW) share price is up 3.5% to $15.52 on the day of its annual general meeting. Ahead of the meeting the building materials company released a first quarter update and its guidance for the full year. Although its Building Products division has had a poor first quarter, a strong performance from its Property division and the Glen-Gery acquisition are expected to "more than offset a decline in Australian Building Products earnings in 2019."

The Nufarm Limited (ASX: NUF) share price is up almost 3.5% to $5.85. The catalyst for this gain is likely to be a broker note out of Credit Suisse this morning which gave Nufarm an outperform rating with an increased price target of $10.16. The broker is bullish on Nufarm's omega-3 canola development and believes that omega-3 demand will increase significantly due to a supply gap in fish oil.

The Somnomed Limited (ASX: SOM) share price has rocketed 25% higher to 20 cents. This morning the sleep treatment company released its annual general meeting presentation which revealed that the company has decided to close all operations of its RSS subsidiary January 1. This business has been a major drag on its performance this year and shareholders appear to believe it is the right move by management.

The Vocus Group Ltd (ASX: VOC) share price is 2% higher at $3.37. This morning the telco company released a change of director's interests notice which revealed that non-executive director, Bruce Akhurst, has been buying shares on market this month. According to the notice, Mr Akhurst picked up 50,000 Vocus shares for a total consideration of $164,844.87. It appears as though this insider sees a lot of value in its shares at this level.

The post Why these 4 ASX shares are storming higher today appeared first on The Motley Fool Australia.

It certainly has been a positive start to the week for the benchmark S&P/ASX 200 (Index: ^AXJO) (ASX: XJO). In afternoon trade the benchmark index is up 1% to 5,721 points.

Four shares that have climbed more than most today are listed below. Here's why they have started the week with a bang:

The Cann Group Ltd (ASX: CAN) share price is up 3.5% to $2.45 after the cannabis company announced that it has secured a Victorian government tender. According to the release, Cann will supply the Victorian Department of Health and Human Services with cannabis plant extract (resin). This cannabis resin will undergo further purification and processing into a Victorian Government medicinal cannabis product, which will be used to expand its compassionate access scheme for children with severe and intractable epilepsy.

The Mayne Pharma Group Ltd (ASX: MYX) share price has climbed 4.5% to $1.10. The catalyst for this gain is likely to be a positive broker note out of Credit Suisse this morning. According to the note, the broker has retained its outperform rating and lifted the price target on Mayne Pharma's shares to $1.30.

The ResMed Inc (ASX: RMD) share price has continued its positive run and is up a further 3% to $14.68. The sleep treatment company's shares raced higher on Friday following the release of a strong first quarter result. I think this result demonstrated why ResMed is a great buy and hold option for investors.

The Somnomed Limited (ASX: SOM) share price has rebounded 4.5% to $1.65. Unlike ResMed, this sleep treatment company released a disappointing first quarter result on Friday. Unsurprisingly, this led to its shares being heavily sold off. I suspect that investors believe the selling was overdone and has created a buying opportunity today. However, I would suggest investors stick with ResMed for exposure to the growing market.

The post Why these 4 ASX shares have started the week with a bang appeared first on The Motley Fool Australia.

It has been another disappointing day for the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO). After a strong start to the day, the market has given back its gains and more this afternoon. At the time of writing the index is down 0.5% to 5,636.6 points.

Four shares that have fallen more than most today are listed below. Here's why they are ending the week in the red:

The Northern Star Resources Ltd (ASX: NST) share price has tumbled 6.5% lower to $8.72 after a broker note out of Citi revealed that its analysts had downgraded the gold miner's shares to a neutral rating from buy following the release of its quarterly update. The broker has, however, lifted the price target on its shares to $9.25.

The Premier Investments Limited (ASX: PMV) share price has fallen almost 3.5% to $16.30. Almost all of today's decline can be attributed to the retail conglomerate's shares going ex-dividend this morning for its 33 cents per share final dividend. Eligible shareholders can look forward to receiving this dividend in their nominated accounts on November 16.

The Primary Health Care Limited (ASX: PRY) share price is down 5.5% to $2.58 after the company advised that a review of its payroll system found incorrect employee payments. According to the release, the healthcare company's Medical Centres division will compensate certain past and present employees for incorrect payments under the modern awards since July 2011. Total remediation costs of $18 million have been provided for.

The Somnomed Limited (ASX: SOM) share price is down 8.5% to $1.55 following the release of the sleep treatment company's first quarter results. Although Somnomed delivered strong growth from its core business, this was offset slightly by the underperformance of its Renew Sleep Solutions business. The latter saw revenue fall 15% on the prior corresponding period despite a 12% increase in patient numbers.

The post Why these 4 ASX shares are ending the week in the red appeared first on The Motley Fool Australia.

Digital health company in the business of developing smartphone apps for respiratory patients, Resapp Health Ltd (ASX: RAP), has gone into voluntary trading suspension today pending the release of an announcement regarding its Smartcough study results.

Speculative investors have had their eye on Resapp Health for some time and the company reported strong results from its clinical study into sleep apnoea back in September, with its smartphone app delivering surprising results.

The Smartcough study will evaluate the efficiency of a Resapp Health app to diagnose and manage respiratory diseases, including childhood acute respiratory disease, with 1,470 patients involved in the study.

Resapp is working hard to cement its credibility as a viable healthcare technology company, with breathing disorders company Somnomed Limited (ASX: SOM) and respected sleep disorders product manufacturer, ResMed Inc (ASX: RMD), also attempting to tap into the sleep treatment market, albeit via slightly different avenues.

The post Resapp Health Ltd (ASX:RAP) suspends trade on Smartcough results appeared first on The Motley Fool Australia.

The ResApp Health Ltd (ASX: RAP) share price has returned from its trading halt and dropped lower on Thursday.

It sank notably lower in early trade along with the rest of the market but has since clawed its way back and is down just 2% at the time of writing.

What was announced?

This morning the digital health company announced positive results from its prospective, double-blind obstructive sleep apnoea (OSA) clinical study.

According to the release, analysis confirmed that ResApp's machine-learning algorithms were able to accurately identify OSA from a patient's overnight breathing and snoring sounds recorded using only a smartphone placed on a bedside table.

The data from the study shows that its algorithms achieved 84% sensitivity and 83% specificity for identifying patients with an apnoea hypopnea index greater than or equal to 5/h (Patients with mild, moderate or severe OSA) compared to simultaneous gold standard in-laboratory polysomnography scored using the current 2012 AASM scoring criteria.

The area under the receiver operating characteristic curve, which is a standard measure of how well a test distinguishes between two diagnostic groups, recorded a score of 0.9. A value of 1 represents a perfect test.

The CEO and managing director of ResApp, Tony Keating, sees a major opportunity for the company's technology.

He said: "By using an off-the-shelf smartphone, we have the opportunity to deliver a highly-scalable, accurate and easy-to-use screening test for OSA. This has the potential to improve the health of a large portion of the population and significantly reduce the economic burden that undiagnosed OSA causes."

Before adding that: "These clinical study results confirm that our sleep apnoea solution works very well and we now look forward to comparing the performance of our algorithms with home sleep testing, which is the final step before we make a regulatory submission."

What's next?

Management advised that the company is now recruiting patients undergoing home sleep testing and is targeting a regulatory submission for its sleep apnoea screening product by the end of this calendar year.

Should you invest?

I've been very impressed at the way ResApp has transformed itself from being the laughing stock of the ASX to a credible healthcare technology company.

While it is still too soon for me to invest, I'll be eagerly watching on to see how things progress in the coming months and would suggest fellow investors do likewise.

In the meantime, investors can gain exposure to the booming sleep treatment market through the likes of Fisher & Paykel Healthcare Corp Ltd (ASX: FPH), ResMed Inc (ASX: RMD) or Somnomed Limited (ASX: SOM). My pick of the three would have to be ResMed.

The post ResApp Health Ltd (ASX:RAP) shares slide lower despite strong obstructive sleep apnoea study results appeared first on The Motley Fool Australia.

Australia's S&P/ASX 200 (Index: ^AXJO)(ASX: XJO) and ALL ORDINARIES (Index: ^AXAO) (ASX: XAO) indices finished lower on Wednesday.

Here's a short recap of the Australian market:

• S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) lower 0.29% to 6,247.60
• ALL ORDINARIES (Index: ^AXAO) (ASX: XAO) lower 0.21% to 6,341.70
• AUD/USD at US 74 cents
• Gold at US$1,225.65 an ounce
• Brent Oil at US$74.07 a barrel

The best-performing ASX 200 share today was Cimic Group Ltd (ASX: CIM), the contractor business finished up 4.7%.

At the other end of the performance table, pet business Greencross Limited (ASX: GXL) fell by 6.5%, wiping out the gains it has made over the past month.

The Kogan.Com Ltd (ASX: KGN) share price fell by a further 11% after the company's update yesterday wasn't as good as investors expected.

Medical Developments International Ltd (ASX: MVP) shares plunged 19.5% today after the US FDA delayed the Penthrox clinical program.

The Pinnacle Investment Management Group Ltd (ASX: PNI) share price returned to trade today after going into a trading halt for a capital raising and finished higher by 10.2%.

The share price of Nufarm Limited (ASX: NUF) dropped another 4.4% after its market update on Monday disappointed investors.

Annuity company Challenger Ltd (ASX: CGF) fell by 2.86% today.

Finally, Somnomed Limited (ASX: SOM) shares climbed 13.6% higher after it revealed revenue growth of 30% in FY18.

Here are some of today's top stories:

• Here come cheaper internet plans
• Magellan Financial Group Ltd (ASX:MFG) CEO warns shares could crash on this one risk
• Is Kogan.com Ltd (ASX:KGN) still a good investment?

The post ALL ORDINARIES finishes lower Wednesday: 8 shares you missed appeared first on The Motley Fool Australia.

Despite strong gains in the energy and materials sectors, the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has dropped lower on Wednesday. In afternoon trade the benchmark index is down almost 0.4% to 6,243.2 points.

Four shares that have defied the market and pushed higher today are listed below. Here's why they have climbed higher:

The Pinnacle Investment Management Group Ltd (ASX: PNI) share price has surged 9% higher to $6.18. This morning the financial services company announced the successful completion of its institutional placement to raise $60 million at a price of $5.50 per share. The money will be used to by a 35% stake in Metrics Credit Partners and a 40% stake in Omega Global Investors. Ord Minnett appears to believe this was a good move and has upgraded its shares to a buy rating with an improved price target of $6.43.

The Redbubble Ltd (ASX: RBL) share price has continued its run and is up a further 3% to $1.58. This morning Morgans retained its add rating on the company's shares with an improved price target of $1.91 following the release of the ecommerce company's impressive trading update on Tuesday.

The Somnomed Limited (ASX: SOM) share price has stormed over 12.5% higher to $2.40 following the release of its quarterly update. Pleasingly the sleep treatment company had a solid end to the year and expects to report a loss at the lower end of its guidance range in FY 2018. This would mean an EBITDA loss of around $6.6 million.

The Wattle Health Australia Ltd (ASX: WHA) share price has zoomed 10% higher to $1.15 after the health foods and infant formula company received approval for general trade in China for its 1 kilogram retail bag of Pure Australian Grass Fed Milk Powder product. While this is not the CFDA accreditation for its infant formula products many were hoping for, it seems that some investors feel this approval is a step closer to achieving it.

The post Why these 4 ASX shares have climbed higher today appeared first on The Motley Fool Australia.

With the market dropping notably lower today, it will come as no surprise to learn that a number of shares have sunk to 52-week lows.

Three that caught my eye are listed below. Is this a buying opportunity?

The Caltex Australia Limited (ASX: CTX) share price has bounced back now, but earlier today hit a 52-week low of $28.44. The fuel retailer has come under pressure in recent months after the ACCC blocked its attempt to acquire petrol stations owned by Woolworths Group Ltd (ASX: WOW). In addition to this, there is now speculation floating around that Puma Energy might be interested in acquiring these petrol stations. Not only would this bring another player into the market to compete with, but I suspect Puma Energy would be unlikely to contract Caltex to continue supplying these petrol stations. This could hurt its future earnings. So while it shares do look reasonably priced now, I would suggest investors stay clear of Caltex until the new owner of these petrol stations is known.

The Ellex Medical Lasers Ltd (ASX: ELX) share price tumbled to a 52-week low of 55.5 cents on Wednesday. Ellex is a medical device company focused on the development, manufacture and sale of lasers and diagnostic equipment for the treatment of eye diseases. It appears as though investors have been thoroughly disappointed by the sudden deterioration in the company's financial performance. Although Ellex delivered record revenues of $38.2 million in the first half, it posted a net loss after tax of $2.4 million. In the prior corresponding period the company achieved a profit after tax of $1 million. While I think Ellex could be worth considering due to its undemanding valuation and sizeable market opportunity, it may be prudent to wait to see if its financial performance has improved in the second-half.

The Somnomed Limited (ASX: SOM) share price has continued its decline and hit a 52-week low of $2.40 today. This means the sleep treatment company's shares have now lost over a third of their value since the turn of the year. Like Ellex, Somnomed has been impressing on the top line but not on the bottom line. Last week the company advised that in FY 2018 revenue is expected to grow by a sizeable 32% to 34% year-on-year to $65 million to $66.2 million. However, despite the strong top line growth the company expects to post an EBITDA loss of between $6.6 million and $7.4 million. While its decline this year has brought its shares down to an attractive level, I think there are better and less risky options in the sleep treatment industry for investors to choose from.

The post These shares just sank to 52-week lows appeared first on The Motley Fool Australia.

It has been another disappointing day of trade for the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO). In afternoon trade the benchmark index is down a further 0.1% to 6,028 points.

Four shares which have fallen more than most today are listed below. Here's why they have taken a tumble:

The Greencross Limited (ASX: GXL) share price is down almost 5% to $3.98 despite there being no news out of the integrated pet care company. Greencross has come under significant pressure of late after its veterinary businesses underperformed expectations. With short sellers targeting the company, I would suggest investors stay clear of the company until there's a big improvement in its performance.

The LiveHire Ltd (ASX: LVH) share price has tumbled 4.5% to 62 cents. There was no news or broker notes relating to LiveHire today as far as I'm aware. However, I suspect that many investors are concerned with the company's financial performance. In the most recent quarter cash receipts fell 16% to just $454,000. This is despite the company targeting a market worth an estimated US$240 billion per annum.

The Somnomed Limited (ASX: SOM) share price has slumped 11% to a 52-week low of $2.40. This morning the sleep treatment company provided a trading update which revealed that group revenues in FY 2018 are expected to grow by a sizeable 32% to 34% year-on-year to $65 million to $66.2 million. However, despite this strong growth the company expects to post an EBITDA loss of between $6.6 million and $7.4 million.

The Technology One Limited (ASX: TNE) share price has continued its slide and is down a further 4.5% to $4.36. The enterprise software company's shares have come under heavy selling pressure since the release of a weak first-half result. A note out of the Macquarie equities desk today has added to the negative sentiment. According to the note, the broker has downgraded Technology One's shares from an outperform rating to neutral.

The post Why these 4 ASX shares are tumbling lower today appeared first on The Motley Fool Australia.

The benchmark S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has had a mixed start to the week and finds itself down by close to 0.1% at 6,082 points in afternoon trade.

Four shares that have acted as a drag on the market today are listed below. Here's why they have started the week in the red:

The Asaleo Care Ltd (ASX: AHY) share price has fallen 7% to $1.33 after the release of a broker note out of Credit Suisse. According to the note, the broker has downgraded the personal care products company's shares to an underperform (sell) rating with a $1.30 price target. Due partly to rising pulp costs, its analysts have downgraded their earnings estimates for Asaleo Care through to 2020.

The Flinders Mines Limited (ASX: FMS) share price has returned to trade with a 16% decline to 8.4 cents. This morning Flinders Mines announced that it was retracting its production target at the Pilbara iron ore project and provided a summary of its maturation programme findings. In respect to the latter, base case metallurgical processing test work indicates that the project detrital resource material experiences significantly lower yields than non-detrital ores.

The Somnomed Limited (ASX: SOM) share price has tumbled over 7% to $2.53 despite there being no news out of the sleep treatment company. At one stage SomnoMed's shares were down as much as 10.5% to a 52-week low of $2.45. Its shares have come under pressure this year after a weaker than expected first-half result due to the underperformance in its core business in North America and a slower than expected take off trajectory of all Renew Sleep Solutions centres.

The Wattle Health Australia Ltd (ASX: WHA) share price has fallen 27% to $1.65 after returning to trade after a six-week suspension. This morning Wattle Health announced a $77.9 million funding package for the Corio Bay Dairy Group joint venture with Organic Dairy Farmers of Australia. $37.9 million of this will be raised through a 1 for 5 pro rata non-renounceable entitlement offer at $1.25 per share. This is almost 45% lower than the last close price.

The post Why these 4 ASX shares have started the week in the red appeared first on The Motley Fool Australia.