The S&P/ASX 200 index has given back the majority of its morning gains but is on course to finish the day with a small gain. In afternoon trade the benchmark index is up 0.15% to 6,623.6 points.
Four shares that have climbed more than most today are listed below. Here’s why they have charged higher:
The Mesoblast limited (ASX: MSB) share price has continued to race higher and is up a further 11.5% to $1.99. Investors have been fighting to get hold of the biotech company’s shares this week after it announced a strategic partnership with global pain management leader Grünenthal. The agreement will see the two parties develop and commercialise Mesoblast’s Phase III allogeneic cell therapy candidate, MPC-06-ID. The partnership has the potential to generate in excess of $1 billion in cumulative milestone payments for Mesoblast.
The New Hope Corporation Limited (ASX: NHC) share price has stormed 5.5% higher to $2.47 after the Queensland Court of Appeal ruled in favour of its New Acland Coal business. New Acland landowners had been trying to block the company from delivering the New Acland stage three project due to concerns over groundwater, noise and social and environmental impact. This is a big positive for New Hope as the end is in sight for its Stage 2 production.
The Pilbara Minerals Ltd (ASX: PLS) share price has pushed 3% higher to 35 cents after being the subject of a positive broker note. According to a note out of the Macquarie equities desk, its analysts have resumed coverage on the lithium miner with an outperform rating and 60 cents price target. Macquarie sees a lot of positives in the company’s recent capital raising.
The Syrah Resources Ltd (ASX: SYR) share price has rebounded from yesterday’s sell off and is up 6% to 50 cents. The graphite producer’s shares were crushed on Tuesday when it downgraded its production materially due to falling prices of the battery material. Its shares were given a boost this morning when Credit Suisse retained its outperform rating and trimmed its price target only slightly to $2.30. This price target implies potential upside of 360% for its shares over the next 12 months.
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Motley Fool contributor James Mickleboro has no position in any of the 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 Scott Phillips.