MIDAS SHARE TIPS: What a lifesaver! Health tester Renalytix gives investors a 50% boost
- We recommended the healthcare company's shares in June
- At that point they traded at £2.40, they're now up to £3.64
Tips for the year apart, one of our top performers of 2019 was healthcare company Renalytix. The shares were recommended on these pages on June 16 at £2.40 and have since shot up to £3.64, a gain of more than 50 per cent.
Renalytix has devised a way of testing diabetes sufferers to see whether they are likely to develop chronic kidney disease in later life.
In the US alone, 40 million people suffer from chronic kidney disease and the cost of treatment amounts to some £90billion a year.
The Renalytix product, KidneyIntelX, tests diabetes sufferers to see if they are likely to develop chronic kidney disease so they can put in a plan for preventative care saving money longterm
Using the Renalytix product, KidneyIntelX, doctors can assess who is most at risk and can offer them preventative care, improving lives and saving huge amounts of money.
Renalytix has benefited from a string of good news over the past six months and just a few weeks ago, the US medical authorities set a price for the test of $950 (£730).
This was far higher than brokers expected and it means that KidneyIntelX should be highly profitable once the product does go on sale.
It still need regulatory approval, but KidneyIntelX is a medical device, not a drug, so the approval process is less onerous and a successful outcome is widely expected.
Midas verdict: Renalytix has done well and shareholders have been rewarded.
Those of a nervous disposition may choose to sell now, just in case the authorities deliver a shock verdict to the business.
But robust investors should keep the faith, especially if they hold Renalytix as part of a diverse portfolio.
More positive news is expected in the short term and in the long term, the business could do extremely well, and change lives for the better.
Other strong performers include bowling operator Ten Entertainment, Scottish gold miner Scotgold and software specialist Blancco, which was recommended just four weeks ago and has risen almost 30 per cent since to £1.71.
Some stocks have disappointed too, including Frontier IP and MaxCyte. Both shares have fallen sharply even though the firms are on track. They should recover.
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