Australia's ImpediMed gains on Canaccord's PT raise

ImpediMed

24/07/2023 05:35

** Shares of Australia's ImpediMed  IPD.AX  rise as much as
5% to A$0.21
    ** Analysts at Canaccord Genuity raise PT on the technology
firm which provides medical software services to A$0.25/share
from A$0.20/share  
    ** Brokerage expects co to ramp up commercialisation of its
offerings in the second-half of FY24
    ** However, IPD announced Q4 results earlier in the day
which missed brokerage's estimates
    ** Co reported "comfortable" cash position of A$45.7
million($30.74 million), which it said should be sufficient to
fund the commercialisation activities
    ** Two of four analysts rate the stock "buy" or higher, one
"hold" and one "sell"; their median PT is A$0.20 – Refinitiv
data
    ** Stock has risen 159.5% so far this year, as of last close


($1 = 1.4865 Australian dollars)

 (Reporting by Rishav Chatterjee in Bengaluru)
 ((Rishav.Chatterjee@thomsonreuters.com;))