AIM WINNERS & LOSERS: Hutchmed notes phase 2 trial; Tricorn drops 25%

Wed, 28th Jul 2021 10:58

(Alliance News) - The following stocks are the leading risers and fallers on AIM in London on Wednesday.

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AIM - WINNERS

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Hutchmed (China) Ltd, up 9.0% at 585.08 pence, 12-month range 337.00p-656.00p. Alongside AstraZeneca PLC, the Hong Kong-based pharmaceutical company kicks off a phase 2 trial of Orpathys in some cancer patients. A first patient was dosed on Tuesday. The trial will probe the effectiveness of Orpathys in sufferers of advanced or metastatic MET amplified gastric cancer, - cancer formed in the lining of the stomach - or adenocarcinoma of the gastroesophageal junction, cancer of the oesophagus which connects a body's mouth to the stomach. Metastatic cancer refers to when the disease spreads to other parts of the body.

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Staffline PLC, up 9.1% at 63.50p, 12-month range 23.24p-82.38p. The recruitment and training firm rises in a positive read-across from mid-cap peer FDM Group Holdings PLC. FDM's pretax profit for the six months to June 30 falls 3.3% to GBP20.5 million from GBP21.2 million. The London-based firm posted revenue of GBP131.3 million, down 6.5% from GBP140.5 million. However, recruitment and training levels ramped up significantly in the first half to meet growing client demand, FDM says. Its stock was 3.0%.

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Empire Metals Ltd, up 7.8% at 2.59 p, 12-month range 1.70p-5.73p. The resource exploration and development company says the third phase of reverse circulation drilling of Eclipse gold project in Australia shows "encouraging results". Drilling confirms the existence of "additional mineralised zones".

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AIM - LOSERS

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Tricorn Group PLC, down 25% at 3.77p, 12-month range 3.16p-9.00p. The Worcestershire-based tube parts manufacturer hits this 12-month low on Wednesday as it warns that, while it is working within its lending facilities, it may soon need to operate outside of them as cost pressures ramp up. Tricorn notes global supply chain disruption as well as pressure on operating costs, margins and working capital. What's more, some overdue debts from customers are still outstanding. "Whilst the group's principal lending bank is expected to remain supportive, certain restrictions on these facilities are being imposed," Tricorn cautions, adding that these curbs will be eased in the event of an injection of funds.

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Total Produce PLC, down 16% at 177.92p, 12-month range 85.75p-235.00p. The fresh produce firm says the initial public offering price for joint venture company Dole PLC has been cut to between USD16 and USD17 per share from USD20 to USD23 previously. Total Produce says its shareholders will own just over 57% of Dole post-IPO, down from just shy of 62%.

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By Eric Cunha; ericcunha@alliancenews.com