Stocks of the Hour: Kazia Therapeutics, Westgold Resources & Lake Resources

Company News

by Tim McGowen

The S&P/ASX 200 is currently down 4.7% with all sectors negative on the ALL ords.

In company news, Kazia Therapeutics (ASX:KZA) announced this morning the presentation of new data regarding the activity of paxalisib in two forms of childhood brain cancer with poor prognosis and limited treatment options. Kazia Ceo James Garner commented: “There has been very little progress in the treatment of childhood brain cancer for decades. This new paxalisib data provides much-needed hope for families affected by this devastating disease.” While in the US last night Day One Biopharmaceuticals rocketed up 109% after in unveiled positive initial data for it’s brain tumour drug Tovorafdenib . 
Mr Garner further commented:  “The positive data reported by Day One Biopharmaceuticals for tovorafenib is tremendously encouraging. It demonstrates that the course of childhood brain cancer can be altered, and it shows that investors are prepared to embrace companies that turn themselves to this most challenging group of diseases.”
Shares in Kazia (ASX:KZA) are trading  2.56 per cent lower at $0.76.

Westgold Resources has reported record gold production from its Bryah and Murchison operations in May of 25,100 ounces, up from 23,969 ounces in April. The company said it remains on track to meet its full-year production and cost guidance of 270,000 ounces at an all-in sustaining cost of $1500 to $1700 an ounce.
Shares in Westgold (ASX:WGX) are trading 2.15 per cent higher at $1.19.

Lake resource (ASX:LKE) share price has turned around dramatically mid morning with the stock currently up 3.4 per cent  to $1.45 bouncing off its $1.30 low this morning. The company announced its inclusion in the ASX200 last week with the expectation of around 90 million to be bought by passive index funds ahead of this inclusion on June 20.

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