Why Clinuvel, Nitro, Premier Investments, and Pushpay shares are rising

These ASX shares are on form on Monday…

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The S&P/ASX 200 Index (ASX: XJO) is back on form on Monday. In afternoon trade, the benchmark index is up 0.85% to 6,842.8 points.

Four ASX shares that are climbing more than most today are listed below. Here's why they are rising:

Clinuvel Pharmaceuticals Limited (ASX: CUV)

The Clinuvel share price is up 5% to $19.62. This follows the release of the biopharmaceutical company's quarterly update. Clinuvel recorded its highest quarterly results from customer receipts since the commencement of commercial operations in Europe in June 2016 and United States in April 2020. The company's receipts from customers for the quarter were $25.152 million, with net operating expenditures of $8.270 million and net operating cashflow totalling $17.338 million.

Nitro Software Ltd (ASX: NTO)

The Nitro share price is up 18% to $2.05. Investors have been buying this document productivity software company's shares after it received another takeover offer. Canadian graphics software company Alludo has offered $2.00 per share, which is 11% higher than Potentia Capital's offer of $1.80 per share. Given that the Nitro share price is trading above the offer price, investors appear to believe a bidding war could ensue.

Premier Investments Limited (ASX: PMV)

The Premier Investments share price is up 5% to $24.97. This has been driven by the release of a trading update from the retail conglomerate after the market close on Friday. That update reveals that global sales for the first 12 weeks of FY 2023 are up 42.8% on the prior corresponding period. This is also a 21.7% increase on the same 'pre-COVID' period during FY 2020.

Pushpay Holdings Ltd (ASX: PPH)

The Pushpay share price is up 8% to $1.14. This follows news that the donation platform provider has accepted a NZ$1.34 (A$1.21) per share takeover offer from the Sixth Street and BGH Capital Consortium. This represents a 14.7% premium to the Pushpay share price prior to its trading halt and a 30.1% premium to where its shares were trading before its first takeover offer was received.

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 PUSHPAY FPO NZX. The Motley Fool Australia has positions in and has recommended PUSHPAY FPO NZX. The Motley Fool Australia has recommended Nitro Software Limited and Premier Investments Limited. 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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