Pacific Edge surges; NZX 50 falls
The S&P/NZX 50 Index fell 58.25 points, or 0.5%, to 12,574.35. Within the index, 23 stocks fell, 21 rose, and six were unchanged. Turnover was $203.1 million.
Pacific Edge was the best performer by a wide margin. Investors added $100m, or more than a fifth, to the cancer diagnostic firm’s market capitalisation after its Cxbladder test was approved by the biggest healthcare group in the US.
The insurer, United Healthcare, has over 50m members and a 14% share of the nation’s health insurance market. This means more than 110m Americans are covered to use the Cxbladder test by their insurance scheme.
The company’s share price exploded, closing up 21.2% at $1.20 and giving it a market capitalisation of $560m. This is still below the all-time high of $1.57 back in 2014, and marginally below its January peak of $1.23.
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