It has been a disappointing start to the week for the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO). In afternoon trade the benchmark index is down 0.8% to 5,739 points due to heavy declines in the banking sector.
Despite this, four shares have managed to defy the market and make notably strong gains. Here's why they have started the week strongly:
The Aconex Ltd (ASX: ACX) share price is up over 4% to $4.39 despite there being no news out of the software-as-a-service company. Short interest in the company's shares has fallen in the last few months and currently sits at 12.9%. Although this is higher-than-average, it is a big drop from where it was at the end of last year. I believe this could be a sign that sentiment is shifting positively.
The MGC Pharmaceuticals Ltd (ASX: MXC) share price has rocketed 16% to 5 cents after the pot stock announced an agreement with the Biotechnical Faculty of the University of Ljubljana in Slovenia to begin a three-year comprehensive botanical research program. The two parties aim to develop medicinal cannabis strains tailored for specific medical indications which include epilepsy, chronic pain, and the side effects of oncology.
The Prima BioMed Limited (ASX: PRR) share price has surged higher by 19% to 3.7 cents. This morning the biotechnology company announced positive safety and efficacy data from the safety run-in stage of its clinical trial for IMP321 in metastatic breast cancer. Furthermore, the trial showed that IMP321 in combination with paclitaxel showed an encouraging disease control rate of 87%. Whilst it is early days, these are undoubtedly promising results.
The Vocus Group Ltd (ASX: VOC) share price has jumped 4% to $2.88 despite there being no news out of the growing telco company. But with its shares down 26% year-to-date, today's gain could be a case of bargain hunters snapping up shares. Here's why value investors might want to consider it as an investment today.
