Two capital raisings and one brutal reset set the tone, even as several companies posted clean growth or strong clinical updates. Radiopharmaceuticals kept delivering good news, but investors still punished supply-chain and cash needs fast.
- Botanix Pharmaceuticals (ASX:BOT) fell -46.67% as investors digested a large equity raise and repriced the stock
- Adherium (ASX:ADR) slid -40.00% despite fresh funding to expand its US remote monitoring push
- Nyrada (ASX:NYR) dropped -26.58% as loss-making biotechs stayed out of favour
- Austco Healthcare (ASX:AHC) gained 23.81% on strong earnings growth and a debt-free balance sheet
- Clarity Pharmaceuticals (ASX:CU6) rose 22.73% after trial data showed much higher prostate cancer lesion detection than the current standard
Botanix Pharmaceuticals (ASX:BOT) sank -46.67%, Adherium (ASX:ADR) slid -40.00%, and Nyrada (ASX:NYR) dropped -26.58% to lead the week’s biggest moves by magnitude. The common thread was simple: investors focused on cash needs and near-term uncertainty, not long-term product stories.
Capital raisings: when “more cash” still means “more shares”
Botanix raised about A$45 million to buy active ingredient, add backup suppliers, and keep growing Sofdra. Investors still marked the stock down hard. The key worry is dilution in plain English: new shares spread the company across more owners, so each existing share represents a smaller slice. The price also gapped down and then kept falling after trading reopened. That usually means sellers stayed in control and early buyers did not step in fast. Adherium also raised money (A$6.7 million completed, with retail still to come) to expand its Hailie SmartInhaler remote monitoring service in the US. The shares fell anyway. The gap down then went nowhere after reopening. That can happen when a stock is very small and a funding price becomes the new reference point. Investors also tend to wait for proof that more patients and insurer contracts are landing, not just planned.Radiopharmaceuticals: strong data and filings kept buyers interested
Clarity Pharmaceuticals (ASX:CU6) jumped 22.73% after head-to-head trial results showed Cu-64 SAR-bisPSMA found far more signs of returning prostate cancer than Ga-68 PSMA-11. In everyday terms, the scan picked up more suspicious spots, in more patients. That matters because it can change treatment plans. Clarity said patient management changed in 44% of cases after its imaging. Telix Pharmaceuticals (ASX:TLX) added 19.06%3.61%Providers and lab groups: results were solid, but cost pressure is real
Austco Healthcare (ASX:AHC) climbed 23.81%10.24%-10.97%-6.61%Medtech and diagnostics: distribution wins help, but timing still bites Several smaller names delivered “nuts and bolts” progress that matters, even if it did not always lift the share price. Alcidion (ASX:ALC) rose 5.00%2.16%-2.38%Bottom Line?The next clear catalysts on the calendar are Clarity Pharmaceuticals’ Cu-64 SAR-bisPSMA data presentation at the 2026 European Association of Urology Congress, and Ramsay Health Care’s (ASX:RHC) planned Ramsay Santé separation process targeted for completion in Q4 2026, subject to approvals.
Questions in the middle?
- Botanix (ASX:BOT): Will Sofdra’s prescription growth keep rising fast enough to offset dilution from the A$45 million raise?
- Adherium (ASX:ADR): How many US patients will it add in 2026, and when will major insurers sign contracts that pay based on health outcomes?
- Telix (ASX:TLX) and Clarity (ASX:CU6): Will regulators and clinicians treat the new imaging data as “nice to have”, or will it change standard hospital ordering habits?