iX Biopharma’s share price has shown resilience and then power over the past two trading days.

The stock rose 4.9% on Monday, 27 July, to close at 42.5 cents. Yesterday, despite broad market gloom, it surged 21% to close at 51.5 cents for a market cap of S$562 million. 

This strength is part of a much larger recovery. iX has generated a year-to-date return of 278%. 

The principal catalyst arrived in February, when the US government awarded iX a US$40.95 million sole-source contract to develop Wafermine, its sublingual ketamine wafer for acute moderate-to-severe pain.

The programme will fund Phase 3 trials and work towards an FDA Emergency Use Authorisation for US Department of Defense use.

The explanation for the latest resilience appears to be the emergence of OCBC as a substantial shareholder, in a July 27 pre-market filing on the SGX.

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