Why Australian Clinical Labs, Lake Resources, PolyNovo, and ResApp are rising

These ASX shares are pushing higher despite the market selloff…

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Green arrow going up on stock market chart, symbolising a rising share price.

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In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is a sea of red and down heavily. At the time of writing, the benchmark index is down 4.25% to 6,634.7 points.

Four ASX shares that have defied the odds and pushed higher are listed below. Here’s why they are rising:

Australian Clinical Labs Ltd (ASX: ACL)

The Australian Clinical Labs share price is up 1% to $4.62. Last week Goldman Sachs reiterated its buy rating and $6.50 price target on this pathology services company’s shares. Its analysts believe that the company’s longer term earnings power is still underappreciated by the market.

Lake Resources N.L. (ASX: LKE)

The Lake Resources share price is up 5% to $1.47. This is despite there being no news out of the lithium developer. However, it is worth noting that Lake Resources is being added to the ASX 200 index at the next rebalance later this month.

PolyNovo Ltd (ASX: PNV)

The PolyNovo share price is up 2% to $1.18. While there’s been no news out of the medical device company, its chairman has been buying shares ferociously in recent weeks. It’s possible that he has been in the market again, taking advantage of recent weakness. Mr Williams’ last purchase was on 7 June, with the acquisition of 21,456 shares.

ResApp Health Ltd (ASX: RAP)

The ResApp share price is rocketing 55% higher to 17 cents. This follows news that the terms of its potential acquisition by Pfizer have been improved. The pharmaceutical giant has agreed to increase its offer from 11.5 cents per share in cash to either 14.6 cents or 20.7 cents per share. The ultimate price will depend on the success of a clinical validation study. It is being undertaken to confirm that ResApp’s COVID-19 cough-based detection tool performs at or around the sensitivity and specificity reported in its pilot study.

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. has positions in and has recommended POLYNOVO FPO. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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