MARKET REPORT: Shares in prostate test firm more than double

Shares in biotech firm Oxford BioDynamics (OBD) soared as the firm launched its ‘highly accurate’ prostate cancer test in the UK and the US.

The AIM-listed group jumped 156.5pc, or 16.35p, to 26.8p after announcing it has brought forward the launch of the test to coincide with Prostate Cancer Awareness month.

It means men being screened for prostate cancer will be able to access the test, which was shown earlier this year to be 94pc accurate. This was much higher than the blood test used by the NHS and doctors elsewhere, which has an accuracy rating of around 55pc.

OBD said the test will offer an alternative for patients to the more invasive procedures to confirm a cancer diagnosis such as a prostate biopsy, which can carry health risks.

The announcement followed results from a study in February which showed the prostate cancer test had ‘significant potential’ to accurately and rapidly deliver results for patients and doctors. The company added that the test will be available immediately to both US and UK patients, with results initially being processed through its American facility.

Shares in biotech firm Oxford BioDynamics (OBD) soared as the firm launched its ‘highly accurate’ prostate cancer test (stock image)

It said it expected to be able to process tests from its lab in Oxford early next year, shortening waiting times for results.

‘There is a clear need in everyday clinical practice for a much more accurate blood test that can screen men for prostate cancer and accurately identify those at risk, while sparing those who up to now would be subject to unnecessary, expensive, and invasive procedures,’ said OBD boss Jon Burrows. ‘It feels wholly appropriate that the early launch of the test coincides with Prostate Cancer Awareness month.’

With concerns about the global economy and outlook for interest rates still on traders’ minds, the wider stock market struggled for direction, with the FTSE 100 inching up 0.02pc, or 1.73 points, to 7625.72 and the FTSE 250 falling 0.4pc, or 78.66 points, to 18336.65.

Shares in RS Group jumped 5.5pc, or 39p, to 749p on speculation it has attracted takeover interest. The rise valued the FTSE 100 firm, which distributes electrical products and components, at almost £3.4bn.

Analysts at Morgan Stanley gave Barclays a lift by upgrading the stock to ‘overweight’ from ‘equal-weight’ and raised the target price to 230p from 190p. Shares gained 3.9pc, or 6.04p, to 159.68p.

But wealth manager Close Brothers went the other way after annual profits more than halved. They fell 52pc to £112m in the 12 months to the end of July.

The company was hit by high provisions at troubled lending arm Novitas and lower income from trading division Winterflood. Shares lost 1.9pc, or 16p, to 836.5p.

There was some much-needed respite for Ladbrokes and Coral owner Entain following a hefty sell-off in the previous session. Having fallen 13pc on Monday after warning that tough online gaming rules and a string of punter-friendly football results were taking their toll, the stock edged up 3.2pc, or 29.4p, to 947.4p yesterday.

Hygiene and beauty group PZ Cussons, the maker of Imperial Leather and Carex, reported a 10.7pc rise in annual revenues to £656.3m but profits dipped 4.2pc to £61.8m. It said trading since the start of the new financial year in June ‘has been in line with expectations’. Shares dropped 5.1pc, or 8.2p, to 151.8p.

Van rental firm Redde Northgate said demand continued to outstrip supply in the UK and Ireland as it made a strong start to the financial year. The update came ahead of its AGM, which saw more than 13pc of investors rebel over pay. Shares added 1.5pc, or 5p, to 339.5p.