In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is heading in the right direction again. At the time of writing, the benchmark index is up 0.55% to 7,263.5 points.
Four ASX shares that are climbing more than most today are listed below. Here's why they are rising:
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De Grey Mining Limited (ASX: DEG)
The De Grey Mining share price is up 5% to $1.36. This appears to have been driven largely by a broker note out of Macquarie this morning. According to the note, the broker has retained its outperform rating and $1.90 price target on the gold developer's shares.
Kogan.com Ltd (ASX: KGN)
The Kogan share price is up 5.5% to $3.69. Investors have been buying this ecommerce company's shares since the release of its half-year results on Monday. However, one broker that isn't buying is Credit Suisse. It is feeling pessimistic about the company's future given Amazon Australia's significant market share gains and Kogan's inability to compete with the size of its range. The broker expects Kogan to have to focus on a core range to avoid inventory issues, which could limit its growth.
Mayne Pharma Group Ltd (ASX: MYX)
The Mayne Pharma share price almost 7% to $3.36. This is despite the pharmaceutical company reporting a large first-half loss and announcing the cancellation of its proposed capital return. Investors appear to be responding well to news of the sale of its US generics business and management's belief that it is on course to return to profit.
Mesoblast Ltd (ASX: MSB)
The Mesoblast share price is up 4% to 96.7 cents. This morning, this biotech released its half-year results. But as the company is barely generating revenue, it is likely to be a separate announcement that has got investors excited. That announcement reveals that the results from the phase 3 chronic heart failure trial, DREAM-HF, in patients with reduced ejection fraction (HFrEF) highlight the potential for rexlemestrocel-L to make a key difference in patient outcomes, including mortality, heart attack, or stroke.
