Pacific Edge falls under $1

Pacific Edge’s share price on the NZX has fallen below $1 for the first time in nearly a year.

Yesterday, the Dunedin cancer diagnostics company’s share price fell by 7% to trade at $0.95, the first time it had dropped below $1 since April last year.

Following its capital-raising in September last year, it reached a high of $1.56 a share, but has gradually fallen ever since.

The company’s share price on the ASX also dropped below $A1 for the first time last week.

It listed with a price of $A1.60 in late September last year and had also gradually fallen.

Craigs Investment Partners broker Peter McIntyre said Pacific Edge was considered a growth stock on the NZX and growth companies globally had typically been weaker over the past three to four months as interest rates had risen.

Investors, both retail and institutional, were also "grappling" with high inflation.

That meant as risk came off the market and more conservative investing came into play, companies such as Pacific Edge, which had a "terrific run" last year, were performing more weakly, Mr McIntyre said.

The market was also looking for the company to release some good numbers on its revenue at its next results announcement, he said.


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