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Why Clinuvel, Praemium, Resolute, & Zip Co are racing higher

The S&P/ASX 200 index has followed the lead of U.S. markets and dropped lower. In afternoon trade the benchmark index is down 0.45% to 6,898 points.

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

The Clinuvel Pharmaceuticals Limited (ASX: CUV) share price is up 3% to $29.06. The catalyst for this appears to have been a broker note out of Moelis Australia this morning. According to the note, it has placed a buy rating and $44.42 price target on the biopharmaceutical company’s shares. It appears confident that its SCENESSE product will drive strong profit growth over the coming years.

The Praemium Ltd (ASX: PPS) share price has jumped almost 5% higher to 55.5 cents. Investors have responded very positively to the release of the investment platform company’s latest quarterly update. During the December quarter Praemium grew its funds under administration (FUA) to $20.3 billion. This was driven by quarterly gross inflows of $0.84 billion, the third highest on record.

The Resolute Mining Limited (ASX: RSG) share price is up 1.5% to $1.13. This gain has been driven by a rise in the gold price and the release of its guidance for FY 2020. This morning Resolute revealed that it expects to increase its production to 500,000 ounces this year. This is almost 30% higher year on year. It also expects a sharp drop its All-In Sustaining Cost. This is forecast to come in at US$980 an ounce, which represents a 10% reduction on FY 2019’s costs.

The Zip Co Ltd (ASX: Z1P) share price has risen 2.5% to $3.62 following the release of its quarterly update. Zip Co announced record quarterly transaction volumes of $562.6 million. This was an 85% increase on the prior corresponding period and 40% higher than the previous quarter. This left its annualised transaction volumes now sitting at $2.3 billion.

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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 Praemium Limited and ZIPCOLTD FPO. The Motley Fool Australia has recommended Praemium 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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