Why Appen, ELMO, Nuix, & Paradigm shares are pushing higher

Appen Ltd (ASX:APX) and Nuix Ltd (ASX:NXL) shares are two of four pushing higher on Wednesday despite the market selloff..

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rising asx share price in food and consumer staples sector represented by happy face made from cut up banana

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In early afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record a disappointing decline. At the time of writing, the benchmark index is down 1.8% to 6,937.6 points.

Four ASX shares that haven’t let that hold them back are listed below. Here’s why they are pushing higher:

Appen Ltd (ASX: APX)

The Appen share price has jumped 11.5% to $12.53. Investors have been buying the embattled artificial intelligence data services company’s shares after it announced a new organisational structure. The new structure is aligned to its product-led and customer-centric strategy. In addition to this, Appen reaffirmed its guidance for FY 2021.

ELMO Software Ltd (ASX: ELO)

The ELMO share price is up 1% to $4.68. This gain appears to have been driven by a broker note out of Morgan Stanley this morning. In response to the company’s trading update on Tuesday, Morgan Stanley has retained its overweight rating and lofty $9.70 price target on its shares.

Nuix Ltd (ASX: NXL)

The Nuix share price has risen 5.5% to $3.69. This also appears to have been driven by a broker note out of Morgan Stanley today. In response to the analytics company’s investor briefing yesterday, the broker has held firm with its overweight rating and $7.50 price target. Morgan Stanley left the event feeling positive about the industry and Nuix’s future. Though, it acknowledges that it may take for time for the market to become as confident.

Paradigm Biopharmaceuticals Ltd (ASX: PAR)

The Paradigm Biopharmaceuticals share price has climbed 5% to $2.20 after reporting its first revenue. This morning the biopharmaceutical company revealed that it has generated revenue from the provision of its Zilosul product under the pay-for-use Special Access Scheme. While no figures have been provided, management warned that revenues would be modest at this stage.

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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 and recommends Elmo Software. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of Appen Ltd. The Motley Fool Australia's parent company Motley Fool Holdings Inc. recommends Nuix Pty Ltd. The Motley Fool Australia has recommended Elmo Software and Nuix Pty Ltd. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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