In early afternoon trade the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) is fighting hard to stay in positive territory and make it five days of gains in a row. At the time of writing the benchmark index is up slightly at 5,795.7 points.
Four shares that are climbing more than most today are listed below. Here’s why they jumped higher:
The CLINUVEL Pharmaceuticals Limited (ASX: CUV) share price is up 9% to $21.82. The pharmaceutical company’s shares have been on fire since the release of a positive announcement related to its SCENESSE product in the United States on Thursday. According to the release, the US Food and Drug Administration has granted a Priority Review for SCENESSE on July 8. If it can satisfy the FDA’s requirements it could mean the drug goes on sale in the United States in the near future, potentially giving its sales a major lift.
The Costa Group Holdings Ltd (ASX: CGC) share price has bounced back from yesterday’s massive drop and is 4.5% higher at $4.71. One catalyst for this gain could have been a broker note out of Goldman Sachs this morning which revealed that it has upgraded its shares to a buy rating with a $5.90 price target following its sizeable decline. Goldman believes the selloff is a buying opportunity and that Costa’s long-term growth story is still in tact.
The Nearmap Ltd (ASX: NEA) share price has continued its strong run and is up a further 4.5% to $1.83. On Thursday the geospatial map technology company released its preliminary half year results and revealed that annual contract value (ACV) was up 42% in the first half to $78.3 million. This was driven by a 107% increase in U.S. ACV and a 23% lift in Australian ACV. One broker that liked what it saw was Morgan Stanley. According to a note out of the investment bank, it has retained its overweight rating and $2.00 price target on its shares.
The Treasury Wine Estates Ltd (ASX: TWE) share price is up 3% to $14.69 following the release of a trading update after the market close on Thursday. That update revealed that the global wine company’s earnings are tracking ahead of consensus estimates in the first half and that the company is on course to achieve its full year EBITS growth guidance of 25%.
Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended COSTA GRP FPO, Nearmap Ltd., and Treasury Wine Estates Limited. 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.