Why AVITA Medical, Catapult, Meridian Energy, and Telix shares are storming higher today

In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to end the week on a positive note. At the time of writing, the benchmark index is up 0.55% to 7,670 points.

Four ASX shares that are rising more than most today are listed below. Here’s why they are storming higher:

AVITA Medical Inc (ASX: AVH)

The AVITA Medical share price is up over 12% to $2.99. Investors have been buying the regenerative medicine company’s shares after the US FDA approved its premarket approval (PMA) supplement for the RECELL GO system. RECELL GO is an autologous cell harvesting device, harnessing the regenerative properties of a patient’s own skin to treat burn wounds and full-thickness skin defects. AVITA Medical’s CEO, Jim Corbett, said: “FDA approval of RECELL GO marks a paradigm shift in the treatment of partial-thickness and full-thickness wounds.”

Catapult Group International Ltd (ASX: CAT)

The Catapult Group share price is up a further 3% to $1.75. Investors have been scrambling to buy this sports technology solutions provider’s shares since the release of a strong full-year result on Thursday. Catapult posted a 20% increase in revenue to a record of US$100 million. This was driven largely by accelerating SaaS revenue, which increased 24% to US$82 million. Also getting investors excited was Catapult delivering on its guidance to generate positive free cash flow (FCF) in FY 2024. It generated FCF of US$4.6 million, which represents a US$26.2 million improvement year on year.

Meridian Energy Ltd (ASX: MEZ)

The Meridian Energy share price is up 2% to $5.90. This morning, this energy company announced that it has signed an agreement with New Zealand’s Aluminium Smelter (NZAS). The two parties have signed a package of conditional 20-year contracts for part of the NZAS Tiwai Point aluminium smelter’s electricity needs. The package includes a long-term fixed price contract for wholesale electricity price cover and a significant demand response agreement. Chief Executive Neal Barclay said: “This is a fantastic outcome for New Zealand and the Southland region. It’s further proof that large industrial businesses can utilise New Zealand’s renewable energy advantage and create low carbon sustainable products, high value jobs and export dollars for our country.”

Telix Pharmaceuticals Ltd (ASX: TLX)

The Telix Pharmaceuticals share price is up over 13% to $17.87. Investors have been buying the radiopharmaceuticals company’s shares following the release of additional positive data from the ProstACT SELECT trial of TLX591. It is a lutetium-labelled rADC therapy for the treatment of adult patients with PSMA-positive metastatic castrate-resistant prostate cancer. Telix’s chief medical officer, Dr David N. Cade, notes that: “TLX591 is a radio-ADC with significant potential advantages compared to small molecule radiopharmaceuticals in treating prostate cancer.”

The post Why AVITA Medical, Catapult, Meridian Energy, and Telix shares are storming higher today appeared first on The Motley Fool Australia.

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Motley Fool contributor James Mickleboro has positions in Telix Pharmaceuticals. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Avita Medical, Catapult Group International, and Telix Pharmaceuticals. The Motley Fool Australia has recommended Avita Medical, Catapult Group International, and Telix Pharmaceuticals. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.