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Here’s why these 4 ASX shares are soaring today

Crash

It has been a reasonably disappointing start to the month so far with the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) trading 0.1% lower at 5,426 points in afternoon trade.

Sharp declines in the energy and materials sectors have been largely to blame. But that hasn’t stopped the following four shares from posting strong gains today:

Aconex Ltd (ASX: ACX) shares have jumped 8% to $6.92 today. Shares of the software-as-a-service company have come under heavy selling pressure since it announced its full year results in late August. But it finally looks as though they have found their bottom. With Citi analysts recently reiterating their recommendation on Aconex as a buy and upgrading its price target to $8.91, there could be significant upside ahead for investors that bought in today.

Bionomics Ltd (ASX: BNO) shares are 6% higher to 25.5 cents despite no significant news out of the company recently. In its full year results at the start of August the Adelaide-based biopharmaceutical company provided a reasonably positive outlook for the year ahead. Management believes it is in a strong position to progress its development programs. Furthermore it continues to focus on its key relationship with US-based pharmaceutical giant Merck & Co in pain and cognition to bring new treatments to patients suffering from chronic pain and memory impairment including those with ADHD, Alzheimer’s Disease, Parkinson’s disease and Schizophrenia.

Pulse Health Limited (ASX: PHG) shares are higher for a second day running, this time by 9% to 31 cents. Investors have been fighting to get hold of shares since the private hospital operator reported revenue growth of 29% to $72.4 million, with an impressive 23% of the growth coming from its established hospitals and day surgeries. In many respects the company reminds me of a junior version of Ramsay Health Care Limited (ASX: RHC). If it has just a fraction of Ramsay’s success, shareholders will no doubt be rewarded handsomely.

Surfstitch Group Ltd (ASX: SRF) has been one of the biggest gainers on the market for a second day in a row, this time its shares are higher by 19% to 15.5 cents. Its shares were actually higher by as much as 30% at one stage before dropping back. Although there has been no news out of the company since its disastrous full year results, investors may be speculating on a takeover offer from its former CEO Justin Cameron. Personally, I’m not sure I see anything here worthy of making a takeover offer unfortunately.

Man who said buy Kogan shares at $3.63 says buy these 3 ASX stocks now

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In this FREE STOCK REPORT, Scott just revealed what he believes are the 3 ASX stocks for the post COVID world that investors should buy right now while they still can. These stocks are trading at dirt-cheap prices and Scott thinks these could really go gangbusters as we move into ‘the new normal’.

*Returns as of 6/8/2020

Motley Fool contributor James Mickleboro has no position in any stocks mentioned. 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 Bruce Jackson.

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