Why CogState, Jumbo, Magellan, and St Barbara shares are rising today

A young woman with her mouth open and her hands out showing surprise and delight as uranium share prices skyrocket

A young woman with her mouth open and her hands out showing surprise and delight as uranium share prices skyrocket

In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record a modest decline. At the time of writing, the benchmark index is down slightly to 7,191.2 points.

Four ASX shares that are not letting that hold them back are listed below. Here’s why these shares are rising:

CogState Limited (ASX: CGS)

The CogState share price is up 13% to $1.72. Investors have been scrambling to buy this neuroscience technology company’s shares after Eli Lilly and Company announced positive results from a Phase 3 study in Alzheimer’s disease. Its investigational treatment, donanemab, significantly slowed cognitive and functional decline in people with early symptomatic Alzheimer’s disease. This bodes well for demand for CogState’s services.

Jumbo Interactive Ltd (ASX: JIN)

The Jumbo share price is up 5.5% to $14.33. This morning, Goldman Sachs responded positively to this lottery ticket seller’s trading update by reiterating its buy rating with an improved price target of $16.10. Goldman was pleased with Jumbo’s proposed pricing changes, which the broker expects to have a positive impact on its earnings outlook.

Magellan Financial Group Ltd (ASX: MFG)

The Magellan share price is up 3.5% to $8.32. This is despite the struggling fund manager releasing another bleak funds under management (FUM) update this morning. Magellan advised that it experienced net outflows of $2.4 billion during April. Though, thanks to favourable market movements, its FUM only declined by $500 million month on month.

St Barbara Ltd (ASX: SBM)

The St Barbara share price is up 10% to 70.25 cents. This follows a rise in the gold price, which is lifting the whole industry today. In addition, the gold miner has put its shares in a trading halt this afternoon. This appears to be related to news involving gold developer Genesis Minerals Ltd (ASX: GMD), which has also been paused from trade.

The post Why CogState, Jumbo, Magellan, and St Barbara shares are rising today appeared first on The Motley Fool Australia.

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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Cogstate and Jumbo Interactive. The Motley Fool Australia has positions in and has recommended Cogstate. The Motley Fool Australia has recommended Jumbo Interactive. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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