In early afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is out of form and trading lower. At the time of writing, the benchmark index is down 0.3% to 7,363.5 points.
Four ASX shares that are not letting that hold them back are listed below. Here’s why they are charging higher:
Bigtincan Holdings Ltd (ASX: BTH)
The Bigtincan share price has jumped 11% to $1.13. This morning the sales enablement platform provider announced a small acquisition and revealed that it is on track to surpass its annualised recurring revenue guidance in FY 2021. In respect to the former, Bigtincan is acquiring Vidinoti SA for ~$770,000. Vidinoti is a leader in augmented and virtual reality systems and has developed a comprehensive suite of tools to create, deploy, and manage augmented reality content.
Opthea Ltd (ASX: OPT)
The Opthea share price has surged 17% higher to $1.65. Investors have been buying this biotech company’s shares following an update from rival Clearside Biomedical. That update reveals that Clearside Biomedical’s Phase 1/2a trial of its wet age-related macular degeneration (wet AMD) candidate has been successful. This news appears to have brought Opthea onto the radar of investors because both companies are developing drugs that target wet AMD. However, Opthea is well ahead and undertaking a phase 3 trial at present.
Seven West Media Ltd (ASX: SWM)
The Seven West Media share price has rocketed 17% higher to 47.5 cents. This morning the media company revealed that trading conditions have been very strong during the fourth quarter of FY 2021. According to the release, management expects fourth quarter advertising revenue to increase by 45% over the prior corresponding period. Seven West Media also revealed that full year operating earnings are expected to come in ahead of analyst consensus estimates.
Telix Pharmaceuticals Ltd (ASX: TLX)
The Telix share price is up 3.5% to $5.82. This follows an update on its meeting with the U.S. Food and Drug Administration in relation to its new drug application review for its Illuccix product. Positively, the FDA indicated that there are no outstanding substantive review issues with Telix’s submission. As a result, management is preparing for a launch, pending final approval.