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Why Paradigm, Pilbara Minerals, Qantas, & ResMed shares are storming higher

The S&P/ASX 200 index is on course to start the week on a positive note. In afternoon trade the benchmark index is up 0.15% to 6,749.7 points.

Four shares climbing more than most today are listed below. Here’s why they are storming higher:

The Paradigm Biopharmaceuticals Ltd (ASX: PAR) share price has continued its positive run and is up a further 12% to $3.16. Last week investors responded positively to an update from the biopharmaceutical company. That update revealed that if Paradigm receives provisional approval from the Therapeutic Goods Administration, it could be generating revenue as early as the third quarter of 2020. In addition to this, it advised that it expects to meet the US FDA over its investigational new drug application before the end of the year.

The Pilbara Minerals Ltd (ASX: PLS) share price is up over 6% to 29.75 cents. A good number of lithium miners are pushing higher today after protesters in Chile blocked access to lithium operations in the Atacama salt flats. According to Reuters, protesters from indigenous communities around Chile’s Atacama salt flats are blocking access as part of ongoing nationwide rallies over inequality.

The Qantas Airways Limited (ASX: QAN) share price is up 3% to $6.44. The catalyst for this gain appears to be a broker note out of Morgan Stanley this morning. According to the note, the broker remains positive on the airline operator despite its mixed quarterly update. Its analysts feel its shares are trading at an attractive level. As a result, Morgan Stanley has retained its overweight rating and $7.00 price target. 

The ResMed Inc. (ASX: RMD) share price has pushed higher again and is up a further 2.5% to $21.14. This morning a number of brokers released notes reiterating their buy ratings with higher price targets. One broker that was particularly impressed with ResMed’s Q1 update was Goldman Sachs. This morning it retained its buy rating and lifted the price target on the sleep treatment specialist’s shares to $23.20.

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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia has recommended ResMed Inc. 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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