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Why Biotron, Karoon Energy, Pro Medicus, & WiseTech Global are pushing higher

asx shares higher

The S&P/ASX 200 index (ASX: XJO) has followed the lead of U.S. markets and is tumbling lower on Thursday. In morning trade the benchmark index is down 2.4% to 5,588.2 points.

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

The Biotron Limited (ASX: BIT) share price has surged 13% higher to 13 cents. This morning the biotech company provided further data from a trial which previously revealed immune modulating effects of BIT225 with HIV-1. According to the release, the new data shows that BIT225 unmasks HIV-infected cells that remain in the body despite treatment with approved anti-HIV-1 drugs. The data indicates that the addition of BIT225 to existing anti-HIV-1 drugs stimulates the innate immune system.

The Karoon Energy Ltd (ASX: KAR) share price is up over 5% to 40 cents. Prior to today, the energy company’s shares were down by a massive 64% in just three weeks. I suspect that some investors believe its shares have been oversold and have been topping up today. Last week L1 Capital became a substantial shareholder, revealing a stake of 5.65%.

The Pro Medicus Limited (ASX: PME) share price has jumped 5.5% to $17.57. Investors may believe that Pro Medicus’ imaging software will experience increasing usage given the coronavirus outbreak. This would be a positive given that the majority of its North American revenue is generated on a transaction or “pay per view” basis. The first U.S. patient with lab-confirmed coronavirus was diagnosed, in part, via a chest radiography.

The WiseTech Global Ltd (ASX: WTC) share price is up 3.5% to $13.92. Reports that China is getting back to business may be behind this gain. The disruption to the Chinese supply chain has weighed heavily on this logistics solutions platform provider’s performance in the second half. The sooner things return to normal in China, the better for WiseTech Global.

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Returns as of 6th October 2020

James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. recommends Pro Medicus Ltd. The Motley Fool Australia owns shares of and has recommended Pro Medicus Ltd. The Motley Fool Australia owns shares of WiseTech Global. 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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