In late morning trade the S&P/ASX 200 Index (ASX: XJO) is on course to end the week with a decline. At the time of writing, the benchmark index is down 0.2% to 6,836.4 points.
Four ASX shares that are not letting that hold them back are listed below. Here's why they are storming higher:
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Novonix Ltd (ASX: NVX)
The Novonix share price has jumped 7% to $2.88. Investors have been buying the battery materials company's shares after it announced the extension of its sponsorship of Prof. Mark Obrovac's lab at Dalhousie University. This will be through a new research agreement under the Natural Sciences and Engineering Research Council (NSERC) of Canada's Alliance Grants Program. Novonix will have first rights to intellectual property developed from this agreement.
Recce Pharmaceuticals Ltd (ASX: RCE)
The Recce share price is up 6% to $1.09 after reporting encouraging results from its COVID-19 studies. According to the release, the results from RECCE 327 (R327) are demonstrating encouraging virucidal activity against the SARS-CoV2 virus (COVID-19) with a positive safety profile. These findings are based on independent tests conducted by the CSIRO/Doherty Institute.
Singular Health Group Ltd (ASX: SHG)
The Singular Health share price has rocketed 92.5% higher to 38.5 cents following its successful IPO. The 3D medical imaging company's shares hit the ASX boards this morning after raising $6 million at 20 cents per share. The company's proprietary software and technology has been designed to improve the collection of medical data to inform better health decisions.
Starpharma Holdings Limited (ASX: SPL)
The Starpharma share price is up 4.5% to $2.13. Investors have been buying the biotech company's shares after it signed a research agreement with global pharmaceutical giant Merck & Co. (MSD). The agreement will see MSD conduct a preclinical research evaluation of dendrimer-based Antibody Drug Conjugates (ADCs) utilising Starpharma's proprietary DEP technology.
