Why Altium, Bingo, Bionomics, & IOOF shares zoomed higher today

The Altium Limited (ASX:ALU) share price and the IOOF Holdings Limited (ASX:IFL) share price are two of four zooming notably higher on Tuesday. Here's why…

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The S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) is on course to build on yesterday's gain. In afternoon trade the benchmark index is up a further 0.4% to 6,114.9 points.

Four shares that are climbing more than most today are listed below. Here's why they have zoomed higher:

The Altium Limited (ASX: ALU) share price has rocketed 20% to $32.47 following the release of its half year results. Investors appear to have been blown away by another impressive result from the electronic design software company. Altium posted half year revenue of US$78 million, EBITDA of US$28.4 million, profit after tax of $23.4 million, and earnings per share of 18 U.S. cents. This represented revenue growth of 26% and net profit after tax growth of 58% on the prior corresponding period.

The Bingo Industries Ltd (ASX: BIN) share price has bounced back from a heavy decline and is 5% higher at $1.23. The waste management company's shares were sold off on Monday when it downgraded its guidance for the full year. According to a broker note out of Macquarie, it was disappointed with the downgrade but believes the selling has been overdone. It has an outperform rating and $1.50 price target on its shares. This price target is down from $2.75 previously.

The Bionomics Ltd (ASX: BNO) share price has continued its ascent and is up a further 5.5% to 19.5 cents. The biotech company's shares rocketed higher on Monday after management revealed that all was not lost for its BNC210 drug candidate. Further data analysis of its disappointing Phase 2 Post Traumatic Stress Disorder (PTSD) trial has shown the potential for significant patient benefit when the drug exposure is adequate.

The IOOF Holdings Limited (ASX: IFL) share price up almost 12% to $5.92 following the release of its half year results. Despite the impact of the Royal Commission, IOOF achieved a 6% increase in underlying net profit after tax from continuing operations in the first half of FY 2019.

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of Altium. 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.

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