In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) has given back its morning gains and slipped into the red. At the time of writing, the benchmark index is down 0.2% to 8,789.6 points.
Four ASX shares that are not letting that hold them back are listed below. Here’s why they are rising today:
EBR Systems Inc (ASX: EBR)
The EBR Systems share price is up 5% to $1.10. Investors have been buying this medical device company’s shares following the release of a bullish broker note out of Morgans. According to the note, the broker has retained its buy rating on EBR Systems’ shares with an improved price target of $2.95. It said: “We view clinical momentum with the WiSE-UP post-approval study and the TLC-AU feasibility study as supporting longer-term adoption and label expansion. Updated TAM of US$5.8bn (+60%) highlights a materially larger opportunity, underpinned by growth in leadless pacing and de novo CRT applications.”
Endeavour Group Ltd (ASX: EDV)
The Endeavour Group share price is up 2.5% to $3.79. This may have been driven by the release of a broker note out of Citi. According to the note, the broker has upgraded the drinks giant’s shares to a buy rating with an improved price target of $4.10. It was pleased with improving sales trends reported by the Dan Murphy’s and BWS owner, but acknowledges that its earnings have fallen short of expectations due to margin weakness.
Monadelphous Group Ltd (ASX: MND)
The Monadelphous share price is up 2.5% to $29.34. Investors have been buying this diversified services company’s shares after it announced another new contract win. Monadelphous has been awarded a major long-term maintenance contract with Rio Tinto Ltd (ASX: RIO) worth approximately $300 million over five years. Monadelphous’ managing director, Zoran Bebic, said: “We are delighted to continue supporting Rio Tinto’s Pilbara iron ore operations, where Monadelphous has provided services for more than 30 years.”
Neuren Pharmaceuticals Ltd (ASX: NEU)
The Neuren Pharmaceuticals share price is up 7% to $20.71. This follows the release of a sales update from the pharmaceuticals company this morning. Neuren revealed that its US partner now believes global sales could reach about US$700 million by 2028. This will be a big increase on its 2025 guidance of US$400 million. Supporting this is the continued momentum it is experiencing, with more than 2,000 Rett patients treated by Daybue since US launch. There are an estimated 6,000 sufferers in the US.
The post Why EBR Systems, Endeavour, Monadelphous, and Neuren shares are racing higher today appeared first on The Motley Fool Australia.
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More reading
- The next 3 years could be huge for this ASX healthcare stock. Here’s why
- A fourth contract win in under a month has this ASX 200 company’s shares at a new record high
- 5 top ASX growth shares to buy now with $5,000
- Monadelphous secures $300m Rio Tinto contract
- Top broker says this ASX small-cap healthcare stock could be set to double
Motley Fool contributor James Mickleboro has positions in Endeavour Group. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. 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.
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