Stocks of the Hour: Austal, INOVIQ, Australasian Metals

Austal’s (ASX:ASB) US business has been awarded a contract valued up to US$3.3 billion for the design and construction of up to 11 offshore patrol cutters for the United States Coast Guard. The first vessel has been contracted by the US Coast Guard, with options for a further 10 vessels. Construction is expected to start next year. Shares are trading 22.8 per cent to $2.21.

Cancer diagnostics company INOVIQ (ASX:IIQ) has unveiled news that the United States Patent and Trademark Office has approved a patent application. This patent is for Inoviq’s SubB2M-based diagnostics pipeline for the monitoring of breast and ovarian cancers. CEO Dr Leearne Hinch says, “we are extremely pleased that we have been granted this important US patent protecting our SubB2M technology that is being developed and validated for initial commercialisation for monitoring of breast and ovarian cancers in the USA”. Shares are trading 14.1 per cent to 45 cents.

Australasian Metals (ASX:A8G) has identified high-grade tantalum mineralisation and lithium signatures at the Barrow Creek lithium project in the Northern Territory. The company said that it has completed follow up soil sampling to expand the potential footprint of mineralisation. Shares are trading 35 per cent higher at 27 cents.