ASX health May winners: Sector rises 1.59pc but market volatility remains
The S&P/ASX 200 Health Care Index rose 1.59% in May but remains worst performing sector YTD down 5.65%
Morgans healthcare analyst Iain Wilkie said US President Donald Trump's trade and health policies continue to impact sector
Lumos up 7.4% in May after several positive announcements including largest single purchase order for point-of-care respiratory test
The S&P/ASX 200 Health Care Index rose 1.59% in May, easing from a 2.16% gain in April but still finishing in the green. However, the sector is still not faring well and is the worst-performing year-to-date, down 5.65%.
The sector rose in line with broader markets in May with the S&P/ASX 200 gaining 4.20% as fears around escalating US tariffs and a potential US-China trade war eased, bringing relief to global markets.
Morgans healthcare analyst Iain Wilkie told Stockhead that 2025 had been very volatile for the sector.
"Each month seems to be either up or down and the sector hasn't gained any real momentum at this stage," he said.
Wilkie said US President Donald Trump and his trade and health policies were still impacting the sector.
"It's just uncertainty which is driving everything at the moment," he said.
In May Trump signed an executive order lowering prices of US prescription medicines to bring them in line with other countries, a policy referred to as the 'most favored nation' (MFN).
The MFN policy aims to link US drug prices to much lower prices overseas – what Trump referred to as 'equalizing' prices.
Trump said the order aimed to cut US pharmaceutical prices from between 59% to 90% and sets price targets for drugmakers to meet within 30 days and warns that further action will be taken if they fail to make 'significant progress' toward those goals.
In a release The White House said the US had less than 5% of the world's population and yet funds around three quarters of global pharmaceutical profits.
"There's no clear path on what happens next and consequences pharmaceutical companies may face," Wilkie said.
"But its just created further uncertainty in the healthcare and pharmaceutical sectors in an already uncertain time."
How ASX biotechs performed in May
CODE COMPANY PRICE 1 MONTH RETURN % MARKET CAP
DVL Dorsavi Ltd $ 0.02 36.4% 10.97
IVX Invion Ltd $ 0.11 28.0% 8.47
CC5 Clever Culture $ 0.02 26.7% 33.55
VFX Visionflex Group Ltd $ 0.003 25.0% 8.42
NYR Nyrada Inc $ 0.18 24.1% 37.97
IIQ Inoviq Ltd $ 0.55 23.9% 63.07
OSX Osteopore Limited $ 0.02 21.4% 2.95
PEB Pacific Edge $ 0.09 18.7% 60.89
ICR Intelicare Holdings $ 0.01 14.3% 3.89
MVP Medical Developments $ 0.67 11.7% 75.48
PCK Painchek Ltd $ 0.06 11.5% 106.83
IRX Inhalerx Limited $ 0.03 11.1% 6.40
ALA Arovella Therapeutic $ 0.08 11.0% 88.79
IPD Impedimed Limited $ 0.03 10.0% 66.91
LGP Little Green Pharma $ 0.11 10.0% 34.96
ATH Alterity Therapeutics $ 0.01 10.0% 100.40
DOC Doctor Care Anywhere $ 0.11 10.0% 38.50
AGH Althea Group $ 0.03 8.7% 20.56
ALC Alcidion Group Ltd $ 0.09 8.6% 114.15
HMD Heramed Limited $ 0.01 8.3% 11.38
MDR Medadvisor Limited $ 0.09 8.1% 57.48
RAD Radiopharm $ 0.03 8.0% 65.35
LDX Lumos Diagnostics $ 0.03 7.4% 21.71
AVR Anteris Technologies $ 6.29 6.6% 99.41
AFP AFT Pharmaceuticals $ 2.60 6.1% 272.65
ARX Aroa Biosurgery $ 0.49 5.4% 165.55
UCM Uscom Limited $ 0.02 5.3% 4.76
RHC Ramsay Health Care $ 37.90 5.1% 7,049.83
CVB Curvebeam Ai Limited $ 0.09 4.9% 26.97
REG Regis Healthcare Ltd $ 8.13 4.9% 1,242.92
TRI Trivarx Ltd $ 0.01 4.8% 6.79
ACR Acrux Limited $ 0.02 4.3% 9.79
VLS Vita Life Sciences $ 1.89 4.1% 104.29
PGC Paragon Care Limited $ 0.40 3.9% 662.12
NSB Neuroscientific $ 0.06 3.8% 7.95
CMP Compumedics Limited $ 0.28 3.7% 53.82
SPL Starpharma Holdings $ 0.09 3.4% 38.48
NOX Noxopharm Limited $ 0.07 2.9% 21.04
GLH Global Health Ltd $ 0.08 2.6% 4.63
CMB Cambium Bio Limited $ 0.21 2.5% 3.75
PIQ Proteomics Int Lab $ 0.42 2.4% 59.56
SDI SDI Limited $ 0.85 2.4% 99.25
CSX Cleanspace Holdings $ 0.45 2.3% 34.81
ATX Amplia Therapeutics $ 0.05 2.0% 19.40
MVF Monash IVF Group Ltd $ 0.78 2.0% 301.97
IDX Integral Diagnostics $ 2.43 1.9% 870.95
EZZ EZZ Life Science $ 1.54 1.7% 72.65
IMC Immuron Limited $ 0.07 1.5% 15.67
FRE Firebrickpharma $ 0.07 1.5% 15.05
SHL Sonic Healthcare $ 26.62 1.4% 12,821.98
FPH Fisher & Paykel Healthcare $ 34.59 1.4% 6,585.46
IMR Imricor Med Systems $ 1.67 1.2% 541.55
OCC Orthocell Limited $ 1.27 1.2% 307.31
PME Pro Medicus Limited $ 280.98 0.9% 15,316.67
PAR Paradigm Biopharmaceuticals $ 0.31 0.8% 120.72
CTE Cryosite Limited $ 0.75 0.7% 36.61
CHM Chimeric Therapeutic $ 0.00 0.0% 8.06
IXC Invex Therapeutics $ 0.09 0.0% 6.99
COV Cleo Diagnostics $ 0.35 0.0% 27.74
IDT IDT Australia Ltd $ 0.10 0.0% 45.12
EYE Nova EYE Medical Ltd $ 0.13 0.0% 35.52
OCA Oceania Healthc Ltd $ 0.59 0.0% 427.30
EPN Epsilon Healthcare $ 0.02 0.0% 8.29
TD1 Tali Digital Limited $ 0.00 0.0% 3.30
OIL Optiscan Imaging $ 0.13 0.0% 112.77
PER Percheron $ 0.01 0.0% 10.87
OSL Oncosil Medical $ 1.20 0.0% 13.82
BIT Biotron Limited $ 0.00 0.0% 3.32
EOF Ecofibre Limited $ 0.02 0.0% 7.58
TRP Tissue Repair $ 0.19 0.0% 11.19
IBX Imagion Biosys Ltd $ 0.01 0.0% 2.42
SOM SomnoMed Limited $ 0.59 0.0% 129.66
ANR Anatara Ls Ltd $ 0.01 0.0% 1.07
HIQ Hitiq Limited $ 0.02 0.0% 7.57
ADR Adherium Ltd $ 0.01 0.0% 5.31
PSQ Pacific Smiles Grp $ 1.81 -0.3% 291.73
COH Cochlear Limited $ 271.60 -0.4% 17,779.29
CSL CSL Limited $ 247.16 -0.7% 119,986.49
TLX Telix Pharmaceutical $ 25.98 -0.8% 7,546.94
HLS Healius $ 0.88 -0.8% 635.37
ANN Ansell Limited $ 31.19 -0.9% 4,566.62
SNZ Summerset Grp Hldgs $ 10.21 -0.9% 2,461.11
MYX Mayne Pharma Ltd $ 4.80 -1.0% 376.51
RGT Argent Biopharma Ltd $ 0.09 -1.1% 6.86
PNV Polynovo Limited $ 1.27 -1.2% 870.46
PYC PYC Therapeutics $ 1.20 -1.2% 699.91
BDX Bcal Diagnostics $ 0.08 -1.3% 27.45
NEU Neuren Pharmaceuticals $ 13.85 -1.4% 1,765.00
RMD ResMed Inc. $ 37.58 -1.5% 22,360.10
IME Imexhs Limited $ 0.33 -1.5% 17.70
LTP LTR Pharma $ 0.32 -1.5% 34.71
AHC Austco Healthcare $ 0.31 -1.6% 112.86
RHY Rhythm Biosciences $ 0.06 -1.6% 17.87
ONE Oneview Healthcare $ 0.27 -1.9% 202.31
VHL Vitasora Health Ltd $ 0.04 -2.4% 66.24
MSB Mesoblast Limited $ 1.60 -2.4% 1,560.40
CYC Cyclopharm Limited $ 1.18 -2.5% 131.70
AHX Apiam Animal Health $ 0.39 -2.5% 71.74
EBO Ebos Group Ltd $ 34.69 -2.5% 1,365.85
IMM Immutep Ltd $ 0.28 -2.6% 407.57
VIT Vitura Health Ltd $ 0.07 -2.9% 45.03
CUV Clinuvel Pharmaceuticals $ 10.24 -3.0% 457.13
AVH Avita Medical $ 1.89 -3.1% 123.08
NAN Nanosonics Limited $ 4.39 -3.1% 1,282.02
NUZ Neurizon Therapeutic $ 0.15 -3.3% 68.92
MAP Microba Life Sciences $ 0.15 -3.3% 64.94
BMT Beamtree Holdings $ 0.28 -3.4% 81.15
SIG Sigma Health Ltd $ 3.06 -3.5% 17,428.00
MX1 Micro-X Limited $ 0.06 -3.5% 36.70
CGS Cogstate Ltd $ 1.30 -3.5% 219.41
NC6 Nanollose Limited $ 0.05 -3.8% 15.24
RCE Recce Pharmaceutical $ 0.34 -4.2% 90.39
AYA Artrya $ 0.73 -4.6% 82.43
ACW Actinogen Medical $ 0.02 -4.8% 63.54
DXB Dimerix Ltd $ 0.58 -4.9% 326.72
ACL Au Clinical Labs $ 2.78 -5.1% 395.94
EBR EBR Systems $ 1.09 -5.2% 465.57
NXS Next Science Limited $ 0.07 -5.6% 19.57
EMV Emvision Medical $ 1.68 -5.6% 140.67
AT1 Atomo Diagnostics $ 0.02 -5.9% 10.98
PTX Prescient Ltd $ 0.05 -6.0% 37.85
AGN Argenica $ 0.77 -6.1% 98.63
M7T Mach7 Tech Ltd $ 0.35 -6.7% 84.43
BOT Botanix Pharma Ltd $ 0.35 -6.8% 620.71
ZLD Zelira Therapeutics $ 0.46 -7.1% 5.71
SNT Syntara Limited $ 0.07 -7.1% 105.57
CAN Cann Group Ltd $ 0.01 -7.1% 8.09
TYP Tryptamine Ltd $ 0.03 -8.6% 44.45
NTI Neurotech International $ 0.02 -8.7% 22.04
SHG Singular Health $ 0.30 -9.1% 83.31
ECS ECS Botanics Holding $ 0.01 -9.1% 14.26
GSS Genetic Signatures $ 0.49 -9.3% 110.16
CBL Control Bionics $ 0.03 -9.7% 8.84
ILA Island Pharma $ 0.21 -10.6% 49.05
UBI Universal Biosensors $ 0.04 -10.6% 12.52
EMD Emyria Limited $ 0.03 -10.7% 13.75
TRU Truscreen $ 0.02 -11.1% 13.32
RHT Resonance Health $ 0.04 -11.6% 20.22
RAC Race Oncology Ltd $ 1.21 -12.0% 210.22
4DX 4DMedical Limited $ 0.31 -12.9% 146.64
CYP Cynata Therapeutics $ 0.17 -13.2% 37.28
CU6 Clarity Pharma $ 1.91 -13.8% 535.84
CDX Cardiex Limited $ 0.04 -16.1% 17.87
1AI Algorae Pharma $ 0.01 -16.7% 8.44
TRJ Trajan Group Holding $ 0.77 -16.8% 116.57
IMU Imugene Limited $ 0.01 -17.6% 112.01
MEM Memphasys Ltd $ 0.00 -18.2% 7.93
AVE Avecho Biotech Ltd $ 0.00 -20.0% 12.69
BP8 Bph Global Ltd $ 0.00 -20.0% 2.10
VBS Vectus Biosystems $ 0.05 -21.7% 2.50
CTQ Careteq Limited $ 0.01 -23.1% 2.37
1AD Adalta Limited $ 0.00 -33.3% 1.93
Inoviq (ASX:IIQ) rose ~24% in May and got hit with a speeding ticket by the ASX. The oncology play had no particular news out in May and attributed the increase to publication online of an abstract accepted by the American Society of Clinical Oncology (ASCO) for a poster presentation about results of its EXO-OC test for ovarian cancer.
Inoviq said the result had already been released in December and referred to in subsequent business updates.
"Some shareholders may have missed or misunderstood the significance of our 3 December 2024 ASX release and subsequent related updates noted above and may believe the Abstract contains new or better information, which is materially price sensitive, that is not the case in the company's view.
The company said new information to be delivered in the poster presentation at the ASCO annual meeting on June 1 was "considered price sensitive".
On June 2 Inoviq announced that new data presented at the ASCO meeting showed its EXO-OC test achieved 77% sensitivity at 99.6% specificity for detecting ovarian cancer at all stages.
Clever Culture Systems (ASX:CC5) continued to build momentum in May and was up 26.7% for the month after announcing a positive quarterly update in April, including its second quarter of positive cashflow.
Clever Culture is targeting profitability in FY25 and building a substantial sales pipeline to underpin growth in FY26 for its APAS Independence instruments, which remain the only US FDA-cleared AI technology for automated culture plate reading.
Lumos Diagnostics (ASX:LDX) rose 7.4% in May after several positive announcements including the largest single purchase order to date for its FebriDx test, a rapid point-of-care (POC) diagnostic designed to differentiate between bacterial and non-bacterial acute respiratory infections.
Developer and distributor of cost-saving solutions for hospitals, surgery centres, clinics and healthcare facilities across the US iMedical purchased US$126,000 worth of FebriDx tests.
In May Lumos also expanded Medicare reimbursement coverage in the US for FebriDx. By the end of May Lumos had secured reimbursement from six out of seven US Medicare Administrative Contractors (MACs) representing over 85% of US Medicare payment coverage.
And Australia's biggest private hospital operator Ramsay Health Care (ASX:RHC) rose 5.1% in May after providing a positive update on its 52.8% stake in European hospitals business Santé, with unaudited group revenue for the nine months period ending March 31, up by 5.1%.
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He said he was 'disappointed' in Musk, downplayed the billionaire's financial support for his presidential campaign and posited that Musk developed 'Trump derangement syndrome' after leaving the White House. Musk fired back in real time. Using X, he unleashed a torrent of attacks. He claimed there were references to the president in government documents about Jeffrey Epstein, the sex offender, and indicated his support for the president's impeachment. He also said Trump's tariffs would cause a recession by the end of the year. Loading Later, Trump, using his own social media platform, threatened to cut billions of dollars in federal contracts with Musk's companies. By Thursday evening, Musk signalled he would be open to de-escalating the fight, while the president seemed to have little interest in an immediate reconciliation. White House officials said Trump had no plans to call Musk. 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