In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to end the week on a high. At the time of writing, the benchmark index is up 0.9% to 7,312.5 points.
Four ASX shares that are climbing more than most today are listed below. Here's why they are rising:
Azure Minerals Ltd (ASX: AZS)
The Azure Minerals share price is up over 3% to $1.67. Investors have been buying this lithium explorer's shares after it announced further promising assay results from the Andover Project. According to the release, the assays have confirmed two more "very broad intersections" of lithium mineralisation.
Global Lithium Resources Ltd (ASX: GL1)
The Global Lithium share price is up 5.5% to $1.74. This morning, analysts at Macquarie responded positively to news of a rare earths discovery at the Manna lithium project. This has seen the broker retain its outperform rating and $2.50 price target on the company's shares.
Mesoblast Ltd (ASX: MSB)
The Mesoblast share price is up 8% to $1.39. Investors have been buying this biotech company's shares recently amid optimism that a major regulatory approval is coming in the next couple of weeks. Bell Potter appears to believe good news could be on the way. As a result, earlier this week it retained its speculative buy rating with a $2 price target.
Neuren Pharmaceuticals Ltd (ASX: NEU)
The Neuren Pharmaceuticals share price is up 17% to $13.59. This has been driven by news that the company has expanded its partnership with Acadia Pharmaceuticals. The latter will now have an exclusive licence for trofinetide worldwide instead of just North America. Neuren will receive US$100 million up-front, plus additional potential milestone payments of up to US$427 million and royalties on net sales of trofinetide outside North America. Trofinetide is a treatment for Rett syndrome.
