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Why Alcidion, Audinate, Jumbo, & Panoramic shares are racing higher today

The S&P/ASX 200 index has followed the lead of U.S. markets and pushed higher on Tuesday. In afternoon trade the benchmark index is up 0.25% to 6,703 points.

Four shares that have climbed more than most today are listed below. Here’s why they are racing higher:

The Alcidion Group Ltd (ASX: ALC) share price has stormed 10% higher to 22.5 cents. This morning the healthcare technology company announced the successful completion of an institutional placement. Alcidion raised $16.2 million through the placement of 90 million fully paid shares at 18 cents per share. These funds will be used to accelerate its growth strategy. This will be through an investment in sales, marketing and clinical support resources underpinning market adoption in its key markets.

The Audinate Group Ltd (ASX: AD8) share price has surged 5% higher to $7.91. This morning the provider of digital Audio-Visual networking technologies was the subject of a positive broker note. Morgan Stanley has reiterated its overweight rating and $10.30 price target on its shares. It continues to believe Audinate is well-positioned for strong growth.

The Jumbo Interactive Ltd (ASX: JIN) share price is up 2.5% to $21.03 despite there being no news out of it. However, the online lottery ticket seller’s shares have fallen heavily in recent weeks due to profit taking. Some investors may believe they have been oversold and are now trading at a very attractive level.

The Panoramic Resources Ltd (ASX: PAN) share price has continued its rise and is up a further 3% to 43.7 cents. Investors have been buying the nickel producer’s shares this week after it received a takeover approach from Independence Group NL (ASX: IGO). On Monday Independence tabled an offer of 1 Independence share for every 13 Panoramic shares held. This implied an offer price of 47.6 cents per share and valued its equity at $312 million.

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James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of and recommends Jumbo Interactive Limited. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of Alcidion Group Ltd and AUDINATEGL FPO. The Motley Fool Australia has recommended Alcidion Group Ltd, AUDINATEGL FPO, and Jumbo Interactive 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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