The S&P/ASX 200 Index (ASX: XJO) has resumed its downward trend on Wednesday. In afternoon trade, the benchmark index is down 0.8% to 6,442.4 points.
Four ASX shares that are not letting that hold them back today are listed below. Here's why they are rising:
CogState Limited (ASX: CGS)
The CogState share price was up 51% to $2.12 before being paused from trade. Investors appear to have been scrambling to buy the neuroscience technology company's shares after Japanese drugmaker Eisai released phase 3 data on its experimental drug for Alzheimer's disease. That data showed that the drug has helped slow cognitive decline in patients in the early stages of the illness. Cogstate has an agreement with Eisai.
Mayne Pharma Group Ltd (ASX: MYX)
The Mayne Pharma share price is up 6% to 27 cents. This morning this pharmaceutical company announced the appointment of its new CEO. Mayne Pharma has appointed Shawn Patrick O'Brien to the top job. The company notes that O'Brien has more than 35 years of global pharmaceutical industry experience building successful enterprises. This includes several senior leadership roles at AstraZeneca.
Race Oncology Ltd (ASX: RAC)
The Race Oncology share price is up almost 5% to $2.01. This follows news that the oncology company has developed a new formulation of Zantrene that enables peripheral (arm or leg vein) intravenous (IV) delivery to patients. Management highlights that this novel and improved formulation provides clinicians with an easier to use alternative to the current central line formulation of Zantrene. It feels the formulation has greater market potential.
Whitehaven Coal Ltd (ASX: WHC)
The Whitehaven Coal share price is up 4% to $8.79. This morning the team at Macquarie retained its outperform rating and lifted its price target on the coal miner's shares by 20% to $12.00. Macquarie made the move after upgrading its earnings estimates to reflect stronger than expected thermal coal prices.
