In afternoon trade the S&P/ASX 200 Index (ASX: XJO) has given back its morning gains and is dropping lower. The benchmark index is currently down 0.3% to 6,570.8 points.
Four shares that have not let that hold them back are listed below. Here’s why they are charging higher:
Laybuy Holdings Ltd (ASX: LBY)
The Laybuy share price is up 1.5% to $1.42. Investors have been buying the buy now pay later provider’s shares after the release of its November update. According to the release, Laybuy achieved gross merchandise value (GMV) of NZ$71 million in November. This represents an increase of 56% on October’s GMV. It is also well ahead of management’s guidance for November GMV of NZ$61 million.
Mesoblast limited (ASX: MSB)
The Mesoblast share price has jumped 6% higher to $4.38. The catalyst for this was the release of an announcement relating to its remestemcel-L product. Mesoblast revealed that the United States Food and Drug Administration (FDA) has granted Fast Track designation for remestemcel-L in the treatment of acute respiratory distress syndrome (ARDS) due to COVID-19 infection. The Mesoblast share price was up as much as 19% in early trade.
Sandfire Resources Ltd (ASX: SFR)
The Sandfire Resources share price is up a further 9.5% to $5.26. Investors have been buying the copper producer’s shares this week following its strategy update. One broker that was pleased with what it heard at the update was Morgan Stanley. This morning its analysts retained their overweight rating and $6.60 price target on its shares. It was particularly pleased with its T3 progress.
Telix Pharmaceuticals Ltd (ASX: TLX)
The Telix share price has zoomed over 7% higher to $3.99. This follows the release of two positive announcements this morning. The biopharmaceutical company revealed that the US FDA has approved the institutional use of its Ga-PSMA-11 product at the University of California, Los Angeles and the University of California, San Francisco under an academic New Drug Application submission. It also advised that the TGA has given it approval to commence its first-in-human Phase I study of its next generation prostate cancer therapy product, TLX592, in patients with advanced prostate cancer.
This Tiny ASX Stock Could Be the Next Afterpay
One little-known Australian IPO has doubled in value since January, and renowned Australian Moonshot stock picker Anirban Mahanti sees a potential millionaire-maker in waiting…
Because ‘Doc’ Mahanti believes this fast-growing company has all the hallmarks of genuine Moonshot potential, forget ‘buy now pay later’, this stock could be the next hot stock on the ASX.
Doc and his team have published a detailed report on this tiny ASX stock. Find out how you can access what could be the NEXT Afterpay today!
See how you can find out the name of this stock
Returns as of 6th October 2020
More reading
- ASX 200 down 0.2%: Zip’s November update, Mesoblast jumps, Westpac’s asset sale
- Mesoblast (ASX:MSB) share price jumps 19% on FDA update
- Why the Telix (ASX:TLX) share price is up 9% to a new record high today
- Laybuy (ASX:LBY) share price on watch after delivering strong growth in November
- Flight Centre and Mesoblast were among the most traded shares on the ASX last week
Motley Fool contributor James Mickleboro owns shares of TELIXPHARM DEF SET. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
The post Why Laybuy, Mesoblast, Sandfire, & Telix shares are charging higher appeared first on Motley Fool Australia.
from Motley Fool Australia https://ift.tt/3oaWnXB
Leave a Reply