Why Champion Iron, Dusk, Hipages, and Imugene shares are charging higher

These ASX shares are on fire on Friday…

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In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is rebounding strongly from recent declines. At the time of writing, the benchmark index is up 2.3% to 6,994.7 points.

Four ASX shares that are climbing more than most today are listed below. Here’s why they are charging higher:

Champion Iron Ltd (ASX: CIA)

The Champion Iron share price is up 7% to $6.25. This follows a positive reaction to the iron ore producer’s quarterly update from a number of brokers. One of those brokers is Citi. This morning the broker retained its buy rating and lifted its price target on the company’s shares to $6.50. Citi was pleased with its quarterly update and has adjusted its estimates to reflect stronger iron ore prices.

Dusk Group Ltd (ASX: DSK)

The Dusk share price is up 14% to $2.70. Investors have been buying the retailer’s shares following the release of a bullish broker note out of Shaw & Partners. According to the note, the broker has retained its buy rating and lifted its price target on the company’s shares to $3.70.

Hipages Group Holdings Ltd (ASX: HPG)

The Hipages share price is up 7.5% to $3.00. Investors have been buying the tradie marketplace provider’s shares after Goldman Sachs reaffirmed its buy rating on them following a disappointing quarterly update. The broker believes the soft quarter was a one-off due to COVID impacts and nothing structural. Goldman has a $3.60 price target on its shares.

Imugene Limited (ASX: IMU)

The Imugene share price is up 9% to 31.2 cents following the receipt of a patent. According to the release, the immuno-oncology company has received a notice of grant from the European Patent Office for its HER-Vaxx immunotherapy. This is currently in development for HER-2 positive gastric cancer.

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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 and has recommended Hipages Group Holdings Ltd. The Motley Fool Australia owns and has recommended Hipages Group Holdings Ltd. The Motley Fool Australia has recommended Dusk Group Limited. 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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