In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is off its lows but still in the red. At the time of writing, the benchmark index is down 0.2% to 7,422.7 points.
Four ASX shares that are not letting that hold them back are listed below. Here’s why they are racing higher:
Accent Group Ltd (ASX: AX1)
The Accent share price has jumped 11.5% to $2.29. Investors have been buying the footwear retailer’s shares after Morgan Stanley upgraded them to an overweight rating with a $2.60 price target. The broker made the move partly on the belief that the company will open more stores than forecast in FY 2022. It also sees opportunities for its store network to expand internationally in the future.
Calix Ltd (ASX: CXL)
The Calix share price has rocketed 37% higher to $5.26. Investors have been buying the new materials company’s shares after Carbon Direct invested US$15 million into one of its subsidiaries. As part of the deal, Calix has entered into a licence agreement that will earn it royalties from the deployment of its technology.
Pilbara Minerals Ltd (ASX: PLS)
The Pilbara Minerals share price is up 8.5% to $2.45. Investors have been buying the lithium miner’s shares after it released the results of its second lithium spodumene concentrate digital auction. According to the update, Pilbara Minerals received a bid of US$2,240/dmt for 8,000 dmt of its spodumene concentrate. This was almost double what it received at its inaugural auction last month.
Starpharma Holdings Limited (ASX: SPL)
The Starpharma share price is up 5% to $1.38. This morning the dendrimer products developer announced that it has been granted a new US patent in relation to DEP cabazitaxel. The release notes that the composition of matter patent builds on Starpharma’s suite of existing international DEP patents for the product. It specifically covers a DEP dendrimer conjugated to multiple cabazitaxel drug molecules via a particular releasable linker.