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Summary
- Therma Bright stocks soared nearly 293 per cent on December 8 on its rapid COVID salvia test success.
- WELL Health concluded its acquisition of ExcelleMD Inc. and its subsidiary VirtuelMED Inc., and WELL stocks jumped over 6 per cent on December 8.
- WELL Health stocks have swelled over 375 per cent year-to-date.
Therma Bright Inc. (TSXV:THRM), a medical device tech firm, announced that its preliminary study results for CoviSafe™ rapid test for detecting COVID-19 in saliva achieved a test sensitivity of 80 per cent and an accuracy of over 90 per cent.
The medical company is expecting that the accuracy will be advanced once the final pair of polypeptide reagents is enhanced. The minimum standard for home-use approval of rapid tests is 80 per cent effective that is aligned with both Food and Drug Administration’s (FDA) Emergency Use Authorization and Health Canada’s recent regulations.
Meanwhile, WELL Health Technologies Corp. (TSX:WELL) unveiled a direct-to-consumer online service for the sale and support of COVID-19 SARS-CoV-2 antibody tests in the province of Ontario. WELL also concluded its purchase of all the issued and outstanding shares of ExcelleMD Inc. and its subsidiary VirtuelMED Inc. on December 8, 2020. ExcelleMD is a Montréal-based omnichannel healthcare firm.
In the wake of the above developments, let’s take a look at their stock performances:
Therma Bright Inc. (TSXV:THRM)
Current Stock Price: C$ 0.275
Therma Bright stocks rocketed nearly 293 per cent on December 8 on the back of its CoviSafe™ rapid test strong results. The medical stock has zoomed by 1733 per cent year-to-date.
Its current price-to-cashflow (P/CF) stands at 1002, and the price-to-book ratio is 185.38. The COVID healthcare stock offers a return on assets (ROA) of 171.43 per cent, as per the TMX portal.
Its 10-day average stock trading volume has climbed to 4.15 million units.
The company established a new venture – Torion Biosciences Inc, to develop rapid saliva testing kit CoviSafe™ last month. Therma Bright owns a 50 per cent stake of Torion, and the other half belongs to veteran biotech executives as the primary unitholders of the venture.
WELL Health Technologies Corp. (TSX:WELL)
Current Stock Price: C$ 7.32
This medical stock surged over 6 per cent on the closing of its acquisition of ExcelleMD Inc. and its subsidiary VirtuelMED Inc on December 8. The stock has zoomed by over 375 per cent YTD.
Its 10-day average stock trading volume is 1.15 million units. WELL’s current market cap stands at nearly C$ 1.165 billion.
Its price-to-book ratio is 13.811, and its current debt to equity ratio is 0.18. The present P/CF ratio is 28.10, as per TMX data.
WELL posted a record quarter for the third quarter of 2020 with a revenue of C$ 12.245 million and a gross profit of C$ 5.045 million, secured a 50 per cent and 75 per cent YoY surge, respectively.
The company reported robust third-quarter results, led by an increase in its clinical patient services profits quarter-over-quarter.
