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Why Bigtincan, Mirvac, Syrah, & PolyNovo shares are racing higher

The S&P/ASX 200 index is rebounding from yesterday’s decline and is on course to record a solid gain. In afternoon trade the benchmark index is up a sizeable 0.9% to 7,129.9 points.

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

The Bigtincan Holdings Ltd (ASX: BTH) share price has rocketed 22% higher to 85 cents. Investors have been fighting to buy the AI-powered sales enablement automation platform provider’s shares after the release of a strong second quarter update. During the quarter, Bigtincan’s cash receipts increased 102% over the prior corresponding period to $9.1 million.

The Mirvac Group (ASX: MGR) share price is up 3% to $3.46. This gain appears to have been driven by a broker note out of Ord Minnett this morning. According to the note, the broker has upgraded the property company’s shares to a hold rating. It made the move after looking through its development pipeline.

The Syrah Resources Ltd (ASX: SYR) share price has jumped 8% to 62 cents. This follows the release of the graphite producer’s fourth quarter update. During the quarter Syrah reduced its production to 15kt as planned. This compares to 45kt in the third quarter. It also revealed that it has realised cost reductions of 15% as of January 1. This means it is on track to achieve its target of a 20% to 25% reduction in costs.  

The PolyNovo Ltd (ASX: PNV) share price has jumped 10% to $2.81. Investors have been buying the medical device company’s shares following an update on its European operations. PolyNovo revealed that it has received its first orders of NovoSorb BTM from PMI for use in Germany, Austria and Switzerland. The first orders for NovoSorb BTM have been shipped to hospitals in preparation for surgery.

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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 BIGTINCAN FPO. The Motley Fool Australia has recommended BIGTINCAN FPO. 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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