Why Actinogen, Novonix, ResMed, & Zip shares are pushing higher

These ASX shares are on form on Wednesday…

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In early afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is out of form and tumbling lower. At the time of writing, the benchmark index is down 0.4% to 7,310.8 points.

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

Actinogen Medical Ltd (ASX: ACW)

The Actinogen share price has jumped 14% to 16.5 cents. This morning the biotechnology company provided an update on its dealings with the US Food and Drug Administration (FDA). The release explains that Actinogen has received written supportive US FDA advice in response to its Pre-Investigational New Drug Application (Pre-IND) submission for its fragile X syndrome (FXS) program.

Novonix Ltd (ASX: NVX)

The Novonix share price is up over 3% to $2.21. This morning the battery materials company announced plans to purchase a new plant. Once renovations are complete, the plant will produce up to 8,000 tonnes per annum of anode materials. Combined with its existing operations, Novonix will have total capacity of 10,000 tonnes per year. The new facility will come online by the 2023 calendar year.

ResMed Inc. (ASX: RMD)

The ResMed share price is up 1.5% to $32.50. This appears to have been driven by a broker note out of Macquarie this morning. That note reveals that the broker has upgraded the sleep treatment focused medical device company’s shares to an outperform rating with a $34.85 price target. It believes ResMed can win market share following the recent recall of the Philips DreamStation devices.

Zip Co Ltd (ASX: Z1P)

The Zip share price is up 5.5% to $8.53. A number of tech shares are pushing higher today after a strong night for the Nasdaq index. This has led to the S&P/ASX All Technology Index (ASX: XTX) climbing 0.9% this afternoon. In addition to this, news that Paypal is increasing its BNPL pricing may have given Zip’s shares a boost.

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Motley Fool contributor 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 has recommended ZIPCOLTD FPO. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has recommended ResMed. The Motley Fool Australia has recommended ResMed Inc. 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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