Why Imugene, Link, Metcash, and Sayona shares are racing higher

In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to start the week with a very strong gain. At the time of writing, the benchmark index is up 2% to 6,708.2 points.

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

Imugene Limited (ASX: IMU)

The Imugene share price is up almost 38% to 22.7 cents. Investors have been buying this immuno-oncology company’s shares after it revealed positive final overall survival data from its Phase 2 study of HER-Vaxx. Imugene’s HER-VAxx is a B-cell immunotherapy candidate for treatment of tumours over-expressing the HER-2/neu protein.

Link Administration Holdings Ltd (ASX: LNK)

The Link share price is up 4% to $3.84. This follows news that Dye & Durham’s proposed takeover of the administration company may not be dead. Though, the offer has been reduced by approximately 22% from $5.50 per share to $4.30 per share.

Metcash Limited (ASX: MTS)

The Metcash share price is up 3% to $4.25. The catalyst for this was the release of the wholesale distributor’s FY 2022 results this morning, which outperformed the market’s expectations. Thanks to solid growth from all sides of the business, Metcash reported an 18.6% increase in underlying net profit after tax to $299.6 million. This compares favourably to the market consensus estimate of an underlying profit of $279 million.

Sayona Mining Ltd (ASX: SYA)

The Sayona share price has jumped almost 10% to 13.7 cents. This morning this lithium developer released an update on its Moblan Lithium Project in Canada. According to the release, drilling activities have identified multiple new spodumene pegmatites that could significantly increase the company’s North American resource base.

The post Why Imugene, Link, Metcash, and Sayona shares are racing higher appeared first on The Motley Fool Australia.

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More reading

• ‘Significant milestone’: Why the Imugene share price is soaring 30% today
• ASX 200 midday update: Metcash and Imugene jump, Evolution downgrades guidance again
• Link share price pushes higher despite revised takeover offer
• ‘Potential to become a world-class deposit’: Sayona share price jumps 16% following new lithium discoveries
• Metcash share price storms 8% higher on FY 2022 earnings beat

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 Link Administration Holdings Ltd. 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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