Hot Stocks: Paradigm Biopharmaceuticals, Champion Iron , Perenti

Wall Street closed mixed on Wednesday as investors weighed whether the recent rally can continue. The S&P 500 was flat, the Dow slipped 0.25%, while the Nasdaq rose 0.31% and the Nasdaq 100 hit a fresh all-time high, driven by AI stocks. Nvidia jumped 4.3% to a record US$154.31, becoming the world’s most valuable company at US$3.77 trillion. Alphabet and AMD also gained.

In crypto, Mastercard joined the Paxos-led Global Dollar Network, adding support for PYUSD, FIUSD, and USDC, as institutional interest in stablecoins continues to grow.

US markets now turn to key data including durable goods orders, final Q1 GDP, and weekly jobless claims.

The ASX is expected to open lower, with SPI futures pointing to a 40-point decline, mirroring Wall Street’s loss of momentum near record highs. At 11:30am AEST, investors will be watching the Australian Bureau of Statistics’ release of May job vacancies data. 

Paradigm Biopharmaceuticals (ASX:PAR) has acquired Proteobioactives Pty Ltd, gaining global patent rights for a novel oral combination of PPS (pentosan polysulfate sodium) and a COX-2 inhibitor. The therapy targets early-stage osteoarthritis in both humans and animals, expanding Paradigm’s pain treatment pipeline beyond its current injectable Phase 3 program for moderate-to-severe OA. Early pilot data suggests meaningful symptom relief. Paradigm will prioritise development in the veterinary market to generate data supporting future human trials. Initial acquisition cost was AUD$500,000, with up to AUD$16 million in milestone payments contingent on future clinical and regulatory success.

Champion Iron (ASX:CIA) announced a US$450 million offering of senior unsecured notes due 2032 via its subsidiary, Champion Iron Canada Inc. The funds will be used to repay existing senior credit facilities and for general corporate purposes. The notes will be issued in the US to qualified institutional buyers under Rule 144A and outside the US under Regulation S. They won’t be listed on ASX or TSX. Champion Iron owns and operates the Bloom Lake iron ore mine in Québec, with high-grade, low-contaminant ore targeting steel decarbonisation markets. The company is also advancing the Kami project in partnership with Nippon Steel and Sojitz.

Perenti’s (ASX:PRN) Barminco division has secured a new three-year underground mining contract worth approximately A$200 million from Westgold Resources at the Great Fingall project in Western Australia. Services include mine development and production, with mobilisation slated for July 2025. The contract includes an optional 12-month extension and involves around $16 million in growth capex during FY26. This win strengthens Barminco’s domestic portfolio and boosts Perenti’s secured earnings base.