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The U.S.-listed shares of Advanced Health Intelligence Ltd.
AHI,
rocketed 156.8% on heavy volume Wednesday, after the Australia-based provider of personalized health care services to smartphone users announced its first partnership with a e-script medicine management company in the Middle East. Trading volume ballooned to 18.7 million shares, already more than double the full-day average of 8.1 million shares. The company said it signed a letter of intention (LOI) with Dubai-based Pharmak Pharmacy LLC, in which Pharmak will integrate Advanced Health’s Biometric Health Assessment (BHA) to help deliver its e-script offering to all Pharmak partners. The companies expect to launch the offering in January 2024, and Pharmak is expecting to achieve minimum e-script order volume in 2024 of 100,000 a month in the United Arab Emirates (UAB) and 100,000 more in Saudi Arabia. Advanced Health’s stock entered the Wall Street spotlight on June 9, when it blasted 603.2% higher on volume of 130.8 million shares despite no news reported, and the company not responding to a request for comment. Since closing at $2.18 on June 9, then rising another 10.1% the next session, the stock had plunged 69.2% amid a five-day losing streak through Tuesday. It has soared 80.5% year to date through Tuesday, while the iShares MSCI Australia exchange-traded fund
EWA,
has tacked on 4.8% and the S&P 500
SPX,
has gained 14.3%.
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