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Why Afterpay, Clinuvel, Mesoblast, & Uniti shares are storming higher

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In late morning trade the S&P/ASX 200 Index (ASX: XJO) is just managing to keep its head above water. At the time of writing, the benchmark index is up 0.1% to 5,905.7 points.

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

The Afterpay Ltd (ASX: APT) share price is back on form and is charging 4% higher to $75.47. Investors have been buying the buy now pay later provider’s shares after a rebound on the tech-focused Nasdaq index overnight. It isn’t just Afterpay on the rise in the tech sector today. At the time of writing, the S&P/ASX All Technology Index (ASX: XTX) is up 1.5%.

The Clinuvel Pharmaceuticals Limited (ASX: CUV) share price is up 4% to $22.18. This morning the biopharmaceutical company released an update on its attempts to expand the use of its SCENESSE drug to treat xeroderma pigmentosum (XP). This morning it revealed that the first patient diagnosed with XP has been administered the drug under a Special Access Program. Initially the company will be focused on its safety. If this is successful, it will conduct two further studies to test its efficacy.

The Mesoblast limited (ASX: MSB) share price has jumped 7% to $4.98. This follows the release of an announcement relating to its lead product candidate remestemcel-L. That announcement reveals that the product has been selected as the winner of the Fierce Innovation Awards – Life Sciences Edition 2020 for Biotech Innovation.

The Uniti Group Ltd (ASX: UWL) share price is up almost 15% to $1.40. Investors have been buying the company’s shares after it made an improved offer to acquire fellow telco OptiComm Ltd (ASX: OPC). Uniti has matched an offer of $5.85 per share made by First State Super last week. In light of this, Uniti and OptiComm have entered into an amended and restated scheme implementation deed.

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Returns as of 6th October 2020

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of AFTERPAY T 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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