ResApp eyes worst day in 2-years on poor COVID-19 data confirmation study

Raptor Metals

21/06/2022 02:44

** Shares of Australian digital healthcare services provider
ResApp  RAP.AX  plunge as much as 31.4% to A$0.120, on track for
their sharpest single-day pct drop since March 2020
    ** Co receives independent results from the data
confirmation study of its COVID-19 algorithm in relation to the
revised scheme of arrangement with Pfizer Australia  urn:newsml:reuters.com:*:nASX8M1J7L
    ** Co had previously entered a revised scheme implementation
deed with Pfizer which stated that the results of the data
confirmation study would decide the consideration payable to
RAP's shareholders  urn:newsml:reuters.com:*:nFWN2Y1000
    ** Based on the latest data, ResApp shareholders to receive
A$0.146 per share, related to Pfizer's proposed acquisition of
ResApp
    ** RAP says data confirmation study showed co's COVID-19
algorithm achieved a sensitivity of 84% and a specificity of
58%, significantly lower than the results of RAP's pilot study
    ** Shares hit their lowest level since May 30 
    ** More than 8.6 mln shares change hands as compared with
the 30-day average volume of ~3.3 mln shares  
    ** Stock up 169.2% this year, as of last close, vs a 12.6%
decrease in the S&P/ASX 200 index  .AXJO  

 (Reporting by Roushni Nair in Bengaluru)
 ((Roushni.Nair@thomsonreuters.com;))