Why 4DMedical, EOS, Gorilla Gold, and Neuren shares are racing higher today

In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record a disappointing decline. At the time of writing, the benchmark index is down 0.8% to 8,629.6 points.

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

4DMedical Ltd (ASX: 4DX)

The 4DMedical share price is up 6% to $2.36. This has been driven by news that the respiratory imaging technology company has received regulatory approval for its CT:VQ product. It is the world’s first and only non-contrast, CT-based ventilation-perfusion imaging solution. Management notes that this approval marks a significant expansion of 4DMedical’s presence in North America. This approval allows immediate commercial deployment of CT:VQ across Canada through the company’s strategic partnership with electronics giant Philips.

Electro Optic Systems Holdings Ltd (ASX: EOS)

The EOS share price is up 25% to $6.27. Investors have been scrambling to buy this defence and space company’s shares after it made a big announcement. EOS revealed that it has signed a binding conditional contract worth $120 million to manufacture and supply a 100kW high energy laser weapon to a company in the Republic of Korea. This conditional contract represents the second export order for a 100kW class laser defence system, following a first export order to a Western European customer earlier this year.

Gorilla Gold Mines Ltd (ASX: GG8)

The Gorilla Gold Mines share price is up 9% to 51.2 cents. This follows news that the gold developer has upgraded the estimated mineral resource for its Comet Vale project to 860,000 ounces of contained gold. Gorilla Gold’s CEO, Charles Hughes, said: “The Comet Vale Project is rapidly emerging as a camp-scale gold development project, with this resource update incorporating the three new, high-grade discoveries that Gorilla has made within the project area over the past year.”

Neuren Pharmaceuticals Ltd (ASX: NEU)

The Neuren Pharmaceuticals share price is up 2.5% to $19.45. Investors have been bidding this pharmaceutical company’s shares higher after it received FDA approval for a new product. The regulator has given the thumbs up to Daybue STIX, which is a dye- and preservative-free powder formulation of trofinetide for the treatment of Rett syndrome. Neuren’s CEO, Jon Pilcher, said: “The Neuren team is excited about the approval of this new treatment option for Rett syndrome families and the continued investment and innovation for trofinetide by our global partner, Acadia.”

The post Why 4DMedical, EOS, Gorilla Gold, and Neuren shares are racing higher 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 Electro Optic Systems. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.