As the broader ASX healthcare sector slumped in March, several standout stocks climbed higher. Pic: Getty Images

The S&P/ASX Healthcare Index falls ~7% in March on back of war in Middle East
Amplia up ~96% in March after reporting four new confirmed responses from its Phase Ib/IIa pancreatic cancer trial
4D Medical rises 39% after a series of positive announcements and breaking into two key market indices 

 

The S&P/ASX 200 Healthcare Index fell  6.29% in March as the broader S&P/ASX 200 slumped 7.15% as global markets felt the fallout of the US and Israeli war on Iran.

On the back of tensions in the Middle East, which has seen soaring energy prices, rising bond yields and a slump in equities, Aussie investors have also been contending with rising interest rates.

The Reserve Bank of Australia lifted the cash rate at its March meeting by 25 basis points to 4.10% — its second increase of 2026 — while signalling further tightening may be needed if inflation fails to ease.

Latest Australian Bureau of Statistics figures showed the Consumer Price Index rose 3.7% in February and remains above the central bank’s 2-3% target band with those figures recorded pre-war in the Middle East, which is expected to add further pressure to inflation.

The ASX healthcare sector, which dropped ~25% to be the worst performer in 2025, is now down 30.25% YTD to be the second biggest laggard in 2026 behind technology.

 

Source: S&P DJI

 

‘Lack of broad‑based risk appetite for healthcare’

Morgans healthcare analyst Iain Wilkie told Stockhead sentiment remained weak for most of March, driven by macro shocks and a continuation of risk-off environment on longer-dated growth stories rather than stock‑specific de‑ratings and earnings‑related disappointments.

Wilkie said large caps were again a drag with the sectors biggest name blood products and vaccine giant CSL (ASX:CSL) the biggest culprit to the weakness, continuing to fall on softer H1 FY26 earnings and lingering uncertainty around near‑term growth and execution.

He said while nothing fundamentally new emerged in March CSL continued to reset lower, which weighed heavily on index performance and investor sentiment toward healthcare more broadly.

“Broadly, there was a clear lack of broad‑based risk appetite for healthcare,” he said.

Wilkie said higher-multiple names and earlier-stage biotechs largely struggled, with investors turning highly selective and prioritising balance-sheet strength and near-term revenue visibility against a backdrop of rising rates, inflation and heightened risk

“Performance wasn’t universally negative though,” he said.

“A handful of small‑cap names outperformed on very specific company catalysts, particularly where there was tangible progress on commercialisation or regulatory milestones.”

Wilkie said Lumos Diagnostics (ASX:LDX) was a good example, with positive momentum driven by US execution and regulatory developments, though these moves weren’t enough to offset broader sector weakness.

“Overall, I’d characterise March as one where sentiment remained cautious and conviction stayed low,” he said.

“Investors continue to reward delivery and near‑term cash flows, but there’s little tolerance for uncertainty, and large‑cap weakness has set the tone for the sector.

“Until earnings risk clears or the macro backdrop becomes more supportive of growth defensives, healthcare is likely to remain a stock‑picker’s market rather than a sector call.”

 

How ASX healthcare companies performed in March
CODE COMPANY PRICE Month Return % MARKET CAP ($millions) ATX Amplia Therapeutics $ 0.235 95.8 120.6 SDI SDI Limited $ 1.245 40.7 148.0 4DX 4Dmedical Limited $ 5.560 39.0 3,193.4 TLX Telix Pharmaceutical $ 13.660 36.6 4,629.3 HMD Heramed Limited $ 0.050 31.6 55.8 OIL Optiscan Imaging $ 0.105 23.5 109.6 FRE Firebrickpharma $ 0.063 14.5 15.0 ATH Alterity Therap Ltd $ 0.009 12.5 97.9 NAN Nanosonics Limited $ 3.750 9.6 1,137.6 HIQ Hitiq Limited $ 0.014 7.7 9.0 VBS Vectus Biosystems $ 0.150 7.1 8.0 1AI Algorae Pharma $ 0.018 5.9 31.7 SPL Starpharma Holdings $ 0.470 2.2 197.4 RAC Racura Oncology $ 2.520 2.0 458.6 ILA Island Pharma $ 0.370 1.4 116.0 CYC Cyclopharm Limited $ 0.850 0.6 102.7 ENL Enlitic Inc. $ 0.007 – 7.5 ICR Intelicare Holdings $ 0.020 – 14.0 PAR Paradigm Bio. $ 0.260 – 115.7 CTQ Careteq Limited $ 0.007 – 2.0 SNT Syntara Limited $ 0.031 – 50.7 UBI Universal Biosensors $ 0.014 – 4.0 ZLD Zelira Therapeutics $ 0.500 – 5.9 IMC Immuron Limited $ 0.028 – 9.1 NTI Neurotech Intl $ 0.013 – 17.1 BP8 Bph Global Ltd $ 0.002 – 4.7 VFY Vitrafy Life Science $ 1.680 – 1.2 86.0 CUV Clinuvel Pharmaceut. $ 9.890 – 1.2 496.3 VFX Visionflex Group Ltd $ 0.078 – 1.3 6.8 M7T Mach7 Tech Limited $ 0.330 – 1.5 77.6 IDX Integral Diagnostics $ 2.360 – 1.9 878.7 VLS Vita Life Sciences.. $ 2.515 – 2.2 134.3 COV Cleo Diagnostics $ 0.570 – 2.6 80.0 PGC Paragon Care Limited $ 0.185 – 2.6 306.2 NC6 Nanollose Limited $ 0.071 – 2.7 24.3 AHC Austco Healthcare $ 0.350 – 2.8 131.2 CSL CSL Limited $ 140.780 – 2.8 68,323.2 PNV Polynovo Limited $ 0.935 – 3.1 645.9 MVF Monash IVF Group Ltd $ 0.660 – 3.3 257.2 MSB Mesoblast Limited $ 2.160 – 3.6 2,783.2 TRU Truscreen $ 0.014 – 3.6 10.1 AYA Artryalimited $ 3.270 – 3.8 500.0 CTE Cryosite Limited $ 1.150 – 4.6 56.1 AHE Adheris Health Ltd $ 0.02 – 5.0 12.1 CGS Cogstate Ltd $ 2.170 – 5.2 371.0 EBO Ebos Group Ltd $ 18.540 – 5.3 3,836.4 PKP Peak Processing Ltd $ 0.017 – 5.6 19.7 EMD Emyria Limited $ 0.050 – 5.7 40.3 CQT Conneqt Health Ltd $ 0.033 – 5.7 20.2 IIQ Inoviq Ltd $ 0.330 – 5.7 46.5 PCK Painchek Ltd $ 0.160 – 5.9 33.4 SIG Sigma Health Ltd $ 2.650 – 6.0 30,480.8 BMT Beamtree Holdings $ 0.150 – 6.3 43.6 ACL Au Clinical Labs $ 2.080 – 6.3 391.7 OCA Oceania Healthc Ltd $ 0.650 – 6.5 470.8 ALC Alcidion Group Ltd $ 0.098 – 6.7 131.6 CBL Control Bionics $ 0.056 – 6.7 22.7 GLH Global Health Ltd $ 0.067 – 6.9 3.9 LGP Little Green Pharma $ 0.097 – 7.6 29.7 ACR Acrux Limited $ 0.01 – 7.7 4.5 RHC Ramsay Health Care $ 39.010 – 8.4 8,969.6 DVL Dorsavi Ltd $ 0.027 – 8.6 32.1 IBX Imagion Biosys Ltd $ 0.021 – 8.7 10.3 RAD Radiopharm $ 0.021 – 8.7 75.0 RHT Resonance Health $ 0.041 – 8.9 19.6 SHG Singular Health $ 0.240 – 9.4 69.0 NEU Neuren Pharmaceut. $ 11.810 – 9.5 1,477.9 MYX Mayne Pharma Ltd $ 2.270 – 9.9 184.4 LTP Ltr Pharma Limited $ 0.405 – 10.0 75.0 PER Percheron $ 0.006 – 10.0 9.1 REG Regis Healthcare Ltd $ 6.160 – 10.1 1,862.5 PME Pro Medicus Limited $ 116.900 – 10.1 12,212.5 EMV Emvision Medical $ 1.580 – 10.5 146.8 RMD ResMed Inc. $ 32.160 – 10.8 46,850.0 SOM SomnoMed Limited $ 0.650 – 11.0 142.4 FPH Fisher & Paykel H. $ 30.650 – 11.1 18,000.0 AVE Avecho Biotech Ltd $ 0.008 – 11.1 29.4 IME Imexhs Limited $ 0.400 – 11.1 21.6 ARX Aroa Biosurgery $ 0.595 – 11.2 205.6 IMR Imricor Med Sys $ 1.900 – 11.6 609.8 VIT Vitura Health Ltd $ 0.038 – 11.6 25.2 MAP Microbalifesciences $ 0.076 – 11.6 46.3 IPD Impedimed Limited $ 0.015 – 11.8 30.6 IDT IDT Australia Ltd $ 0.044 – 12.0 18.6 NOX Noxopharm Limited 0.058 – 12.1 17.8 SHL Sonic Healthcare $ 20.450 – 12.3 10,104.0 MVP Medical Developments $ 0.390 – 12.4 43.9 IVX Invion Ltd $ 0.070 – 12.5 6.8 ANN Ansell Limited $ 28.230 – 13.0 4,009.9 NSB Neuroscientific $ 0.091 – 13.3 30.3 SNZ Summerset Grp Hldgs $ 7.500 – 13.5 1,830.7 COH Cochlear Limited $ 169.100 – 13.9 11,042.2 CU6 Clarity Pharma $ 3.100 – 14.1 1,154.0 AFP Aft Pharmaceuticals $ 2.730 – 14.2 286.3 ALA Arovella Therapeutic $ 0.070 – 14.6 84.5 CMP Compumedics Limited $ 0.28 – 15.2 55.9 NYR Nyrada Inc. $ 0.560 – 15.8 136.2 OCC Orthocell Limited $ 0.800 – 15.8 217.0 RHY Rhythm Biosciences $ 0.180 – 16.3 61.8 CYP Cynata Therapeutics $ 0.305 – 16.4 72.4 TRP Tissue Repair $ 0.150 – 16.7 9.1 ECS ECS Botanics Holding $ 0.005 – 16.7 8.0 VHL Vitasora Health Ltd $ 0.020 – 16.7 38.8 MEM Memphasys Ltd $ 0.005 – 16.7 14.2 GSS Genetic Signatures $ 0.083 – 17.0 18.9 EBR EBR Systems $ 0.610 – 17.0 274.7 AVR Anteris Technologies $ 7.300 – 17.0 709.8 ACW Actinogen Medical $ 0.034 – 17.1 122.1 RCE Recce Pharmaceutical $ 0.445 – 17.6 128.7 OSX Osteopore Limited $ 0.007 – 17.6 3.9 ANR Anatara Ls Ltd $ 0.01 – 18.2 2.8 HLS Healius $ 0.560 – 18.2 406.6 NUZ Neurizon Therapeutic $ 0.075 – 18.5 53.1 CC5 Clever Culture $ 0.022 – 18.5 47.9 ENP Entropy Neurodynamic $ 0.028 – 19.1 44.5 EPN Epsilon Healthcare $ 0.021 – 19.2 8.2 PEB Pacific Edge $ 0.145 – 19.4 148.3 AT1 Atomo Diagnostics $ 0.033 – 19.5 27.5 TD1 Tali Digital Limited $ 0.041 – 19.6 1.9 ADR Adherium Ltd $ 0.002 – 20.0 10.7 LDX Lumos Diagnostics $ 0.220 – 20.0 175.5 EYE Nova EYE Medical Ltd $ 0.120 – 20.0 34.2 RNV Renerve Limited $ 0.088 – 20.0 12.0 CSX Cleanspace Holdings $ 0.46 – 20.7 36.3 CMB Cambium Bio Limited $ 0.410 – 21.9 11.2 1AD Adalta Limited $ 0.00 – 22.2 10.2 BB1 Blinklab Limited $ 0.710 – 22.4 89.4 AGN Argenica $ 0.170 – 22.7 21.8 OSL Oncosil Medical $ 0.500 – 23.1 15.3 PIQ Proteomics Int Lab $ 0.260 – 23.5 42.9 PTX Prescient Ltd $ 0.052 – 23.5 54.7 DOC Doctor Care Anywhere 0.14 – 24.3 51.3 AVH Avita Medical $ 1.075 – 24.6 133.5 BOT Botanix Pharma Ltd $ 0.042 – 25.0 93.2 CAN Cann Group Ltd $ 0.006 – 25.0 9.6 TRJ Trajan Group Holding $ 0.400 – 25.9 61.0 CVB Curvebeam Ai Limited $ 0.050 – 26.5 23.9 BDX Bcaldiagnostics $ 0.088 – 26.7 32.4 MX1 Micro-X Limited $ 0.055 – 26.7 39.9 PYC PYC Therapeutics $ 1.100 – 26.9 1,081.6 IXC Invex Ther $ 0.091 – 27.2 7.5 PAB Patrys Limited $ 0.028 – 28.2 15.0 NX1 Nexalis Therapeutics $ 0.020 – 28.6 5.1 RGT Argent Biopharma Ltd $ 0.039 – 30.4 3.5 ONE Oneview Healthcare $ 0.185 – 31.5 141.9 TRI Trivarx Ltd $ 0.019 – 32.1 20.8 BIT Biotron Limited $ 0.002 – 33.3 6.8 DXB Dimerix Ltd $ 0.300 – 36.8 180.1 IMU Imugene Limited $ 0.14 – 43.8 48.2 EZZ EZZ Life Science $ 0.810 – 47.4 38.1 IMM Immutep Ltd $ 0.047 – 87.8 69.3 WordPress Table

 

Amplia (ASX:ATX) surged ~96% in March after reporting four new confirmed responses (CRs) from its combination Phase Ib/IIa pancreatic cancer trial, Accent.

Fresh data from an independent analysis brought the total number of CRs to five, meaning all signs of cancer have disappeared for two months or more in those patients.

Patients in the Accent trial received a 400-milligram dose of Amplia’s candidate narmafotinib in combination with the current chemotherapy standard of care.

CEO and managing director Dr Chris Burns said with 64 patients enrolled the five complete responders represented an “unprecedented” 7.8% response rate.

 

4D Medical (ASX:4DX) rose 39% in March after a series of positive announcements, including European clearance for its ventilation perfusion tool CT:VQ.

The company also announced that leading US hospital the Mayo Clinic would become the  sixth academic medical centre to deploy CT:VQ since it gained FDA approval in September 2025.

In further good news for 4DX – which has risen ~2000% in the past year and now has a market cap of more than $3.2 billion – the company was added to the ASX 300 and All Ordinaries in the latest rebalance. 

 

Optiscan (ASX:OIL)  rose 23.5% in March after submitting a regulatory dossier to the US FDA’s Centre for Veterinary Medicine for its proprietary InSpecta microscopic imaging device.

InSpecta, unveiled in June 2025, was the company’s first device designed specifically for the veterinary market, expanding its novel digital imaging technology into a large and rapidly growing sector.

The company said the submission laid the groundwork for a repeatable regulatory pathway across Optiscan’s broader device portfolio.

 

This article does not constitute financial product advice. You should consider obtaining independent financial advice before making any financial decisions.

At Stockhead, we tell it like it is.While Lumos Diagnostics and Optiscan Imaging are Stockhead advertisers, the companies did not sponsor this article.

The journalist held shares in CSL at the time of writing this article.