Azzet reports on three ASX stocks with notable trading updates today.
Botanix Pharmaceuticals tanks after product update
Shares in Botanix Pharmaceuticals (ASX: BOT) were down around 38% at the open after the U.S.-based dermatology company announced an update on the launch of Sofdra, its FDA-approved treatment for primary axillary hyperhidrosis - aka excessive underarm sweating.
It’s unclear why the market appears to have reacted negatively to revelations that since launching Sofdra early in 2025 commercial performance has been encouraging.
Gross sales have reached $25 million, with 16,000 prescriptions filled across 6,700 patients and over 2,300 unique prescribers in June alone.
The refill rate and patient adherence exceed industry benchmarks.
Botanix is expanding its sales force and marketing reach, aiming to accelerate adoption.
Commenting on today’s update, Botanix executive chairman Vince Ippolito told the market that the launch trajectory of “Sofdra is trending in a positive direction, and we expect continued growth.”
“Sofdra’s gross to net (GTN) indicators are tracking positively with month-over-month increases leading to a 23% GTN yield in total by June 10. Sofdra GTN yield is tracking with top U.S. dermatology companies and targeting a 30–40% range,” the company noted.
After raising US$30 million via its venture capital funder, Kreos Capital in early June, Botanix plans to make strategic investments to further accelerate Sofdra's growth.
At launch, the initial regional alignment included three regions, each consisting of nine territories, for a total of 27 territories.
In Q1 FY26, the number of territories was expanded to 33, while further investment has been planned to increase the number of regions to five and the number of territories to 50 in Q2 FY26.
With plenty of cash on hand, the company appears well positioned to continue the roll out of Sofdra and capitalise on any acquisition opportunity that emerges.
Following news of the capital raise last month, the share price jumped 9% to 36 cents.
While the stock is now trading around 50% lower, buyers outweighed sellers heading into lunch today.
Following a ‘please explain’ letter issued by the ASX (12 May) after the share dropped without apparent reason, management denied any suggestions that Sofdra would be materially impacted by a U.S. announcement focused on reducing the costs of pharmaceuticals by instituting a “most favoured nation’s policy”.
Under this policy the U.S. would pay the same price as the nation that pays the lowest price for a drug anywhere in the world.
However, this may have created an overhang for the stock’s share price going forward.
Sofdra is only approved in the U.S. and is not marketed in any other jurisdiction worldwide by the company or any other party.
Botanix Pharmaceuticals has a market cap of $367 million; the share price is down 41% in one year and down 56% year to date.
The stock’s shares appear to be in a long-term bearish trend confirmed by multiple indicators.
Consensus is Strong Buy.
Alkane Resources rises on drilling results
Shares in Alkane Resources (ASX:ALK) were up over 3% at noon after the gold miner released extensive drilling results from its Northern Molong Porphyry Project in NSW, targeting gold-copper mineralisation extensions at Boda 2-3, Kaiser and Driell Creek.
The results confirm the presence of high-grade breccia zones and reinforce the regional scale of mineralisation within the porphyry system.
Two diamond holes at Boda 2-3 (BOD164 and BOD165) confirmed the vertical extent of high-grade hydrothermal breccia, intersecting zones including 6m at 3.08g/t AuEq and 125m at 0.61g/t AuEq, supporting the resource potential.
Other Highlights from BOD164 include:
• 125.1 metres at 0.61 g/t AuEq from 190 metres, including 13 metres at 1.59 g/t AuEq.
• 53.3 metres at 1.21 g/t AuEq from 1,059.7 metres, including 6 metres at 3.08 g/t AuEq.
Exploration confirms mineralisation remains open at several prospects and the company is planning further modelling, deeper drilling, and regional geophysical surveys over the next year to refine targets and expand its resource base.
“This drilling program is part of our ongoing exploration, seeking to find further deposits similar to Boda and Kaiser across the Northern Molong Porphyry tenement package,” said CEO Nic Earner.
“We are also testing further extensions to Boda-Kaiser, of which these latest results are quite encouraging,” he added. “Our scoping study results are very positive, particularly at current metal prices — any further mineralisation discovered will continue to add to the business case.”
Today’s update follows a strong finish to FY25, with Alkane yesterday reporting 70,120 ounces of gold produced at its Tomingley operations, meeting guidance and boosting its cash balance to $68.3 million.
Yesterday’s update follows revelation that the company has secured Australian regulatory approval for its proposed merger with Canada’s Mandalay Resources, which is expected to create a diversified gold and antimony producer with three operating mines.
Alkane is proceeding with plans to turn central west NSW into a major gold-copper production hub.
Alkane has a market cap of $419 million; the share price is up 35% year-to-date and down 8% in the last month.
While the stock’s 200-day moving average is trending upwards and highlights long-term investor interest in the stock, investors, the 20-day moving average is falling as upward momentum wanes.
Consensus does not cover this stock.
DigitalX rallies after capital raise
Shares in DigitalX (ASX: DCC) were up around 10% at noon after the digital asset manager announced a $20.7 million strategic placement backed by Animoca Brands, UTXO Management and ParaFi Capital.
Management told the market that today’s capital raise marks a pivotal moment for the company, reflecting a renewed emphasis on Bitcoin as the ongoing foundation of DigitalX’s digital asset strategy and signaling strong institutional endorsement from leaders in the global digital asset ecosystem.
Investors in the placement also included CEOs of top publicly listed global Bitcoin companies plus executives and founders of major crypto investment funds.
Strategic Investors include:
- Animoca Brands - A global Web3 leader leveraging tokenisation and blockchain to deliver digital property rights to all consumers.
- UTXO Management - A global investment firm dedicated to advancing Bitcoin as the monetary foundation for modern capital markets.
- ParaFi Capital - A leading alternative asset management and technology firm focused on blockchain and digital assets, managing over $1.6 billion.
Notable individual participants also include Simon Gerovich, the President and CEO of Tokyo Stock Exchange-listed Metaplanet Inc, who invested in a personal capacity.
“The backing of these globally-recognised leaders in the Bitcoin space not only provides the capital to expand our Bitcoin holdings but also provides invaluable strategic expertise and access to their networks,” DigitalX Interim CEO Demetrios Christou said.
Having listed as a Bitcoin mining company back in 2014, DigitalX now holds 65 Bitcoin directly and 881,000 units in its Bitcoin ETF (BTXX) equivalent to 193 Bitcoin, worth approximately $43.3 million.
Upon completion of today’s placement, DigitalX’s total assets will exceed $95 million in Bitcoin, digital assets and cash.
Funds raised will enable DigitalX to execute a Bitcoin treasury strategy by expanding on its Bitcoin holdings, reflecting long-term confidence in Bitcoin’s role as the premier store of value as an institutional-grade asset.
DigitalX has a market cap of $108 million; the share price is up 108% in one year and up 26% in the last month.
The stock appears to be in a long-term uptrend confirmed by multiple indicators.
Consensus does not cover this stock.
This article does not constitute financial or product advice. You should consider independent advice before making financial decisions.
