Facedrive & Immunoprecise: 2 TSXV Rising Stars To Buy

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Healthcare and software stocks have been attracting investors attention since the pandemic outbreak. Such emerging stocks listed on the Toronto Stock Exchange Venture (TSXV), have especially witnessed a booming growth amid the recent lockdowns.

The S&P/TSX Venture Composite has yielded over 16 per cent returns year-to-date (YTD). In contrast, the TSXV Health Care and TSXV Tech indices have returned more than 28 per cent and 50 per cent in the same time period, respectively.

Here are two TSXV stocks from TMX’s Rising Stars stocklist:

 

Immunoprecise Antibodies Ltd (TSXV: IPA)

 

The biotechnology firm develops and supplies custom antibodies to industrial community and research laboratories. On February 19, the company reported that its patented TATX-03 PolyTope antibody cocktail study against the COVID-19 disease was tested on Syrian hamsters. The preliminary results showed the antibody cleared the throat and lungs of infected hamsters.

The stock has zoomed by 390 per cent in the last one year and holds a market of C$ 292.2 million. It has a current price of C$ 17.15 per common share, which is down 34.66 per cent from its 52-week high of C$ 26.25 per piece. However, it is up over 512 per cent against its 52-week low of C$ 2.80 per share.

Immunoprecise posted revenue of C$ 4.8 million for the second quarter of fiscal 2021, a jump of 50 per cent or $1.6 million year-over-year (YoY), against C$ 3.2 million in Q2 FY20.

As of October 31, 2020, the junior biotech company held a cash balance of C$ 16.8 million, a massive surge from $2.6 million as of April 30, 2020.

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Facedrive Inc. (TSXV: FD)

This mid-cap company provides software-backed ride-sharing services to its customers. This tech stock has soared over 949 per cent in one year, with a market cap of C$ 4.048 billion.

The company also made it to TSXV Top 50 and TSXV Top 10 in the technology sector, based on its stock price appreciation and robust market cap.

Facedrive is set to launch Steer electric vehicle (EV) subscription service in Toronto from the first week of this month. This launch is coming up on the back of the ‘people-and-planet first’ initiative. The company acquired Washington DC-based EV service provider, Steer, from Exelorate Enterprises LLC in September 2020.

The Ontario government has also endorsed its TraceSCAN, the COVID-19 contact-tracing wearable device created by Facedrive Health. It will receive C$ 2.5 million funding from the government, as per its exchange filing from February 19. 

This green stock’s previous closing price was C$ 42.50 per share, down over 29 per cent against a 52-week high of C$ 60 per piece. It could accelerate its gaining spree in the wake of the above developments.

The software solutions provider recorded total operating costs of C$ 3.58 million in its third quarter of 2020, up against C$ 1.34 million in Q3 2019.

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