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Why Audinate, Ellex Medical Lasers, OceanaGold, & Speedcast stormed higher

The S&P/ASX 200 index has had a disappointing start to the week and is on course to record a sizeable decline. At the time of writing the benchmark index is down 1.1% to 6,675.9 points.

Four shares that have not let that hold them back today are listed below. Here’s why they have stormed higher:

The Audinate Group Ltd (ASX: AD8) share price has charged 3.5% higher to $3.24 after the provider of digital Audio-Visual networking technologies was the subject of a bullish broker note. According to a note out of Morgan Stanley, its analysts have initiated coverage on its shares with an overweight rating and $10.30 price target. Morgan Stanley is feeling bullish about Audinate’s prospects due partly to its dominant position in the audio network industry thanks to its high quality Dante product.

The Ellex Medical Lasers Ltd (ASX: ELX) share price has stormed 4% higher to 55 cents after the provider of medical technologies for the diagnosis and treatment of eye disease announced the results of its four-year patient follow up from the LEAD clinical trial. This trial investigated the use of Ellex 2RT Retinal Rejuvenation Therapy in the treatment of intermediate age-related macular degeneration (iAMD). Management advised that the review shows sustained positive treatment benefits for selected iAMD patients.

The OceanaGold Corp (ASX: OGC) share price has rebounded by 4% to $3.69. On Friday the gold miner’s shares were hammered after it revealed that the Governor of Nueva Vizcaya in the Philippines had directed local government units to restrain its Didipio operation. The company has filed an injunction against any unauthorised restraint of its operations.

The Speedcast International Ltd (ASX: SDA) share price has zoomed 7.5% higher to $1.94. Last week the Speedcast share price was the worst performer on the ASX 200 with a massive 48% decline. This was driven by a severe earnings guidance downgrade by the satellite communications company. Some investors appear to believe this selloff was overdone and has created a buying opportunity today.

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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended AUDINATEGL FPO. The Motley Fool Australia owns shares of Ellex Medical Lasers 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.

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