Why G8 Education, Lake Resources, Liontown, and Neuren shares are racing higher

These ASX shares are having a strong session on Tuesday.

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The S&P/ASX 200 Index (ASX: XJO) is on form on Tuesday. In afternoon trade, the benchmark index is up 0.6% to 7,471.3 points.

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

G8 Education Ltd (ASX: GEM)

The G8 Education share price is up 13% to $1.12. This follows the release of a trading update from the childcare operator. G8 Education reported a much-improved performance during the second half compared to the same period last year. As a result, it expects operating EBIT of $99 million to $102 million in FY 2023. This is up from $80.3 million in FY 2022.

Lake Resources N.L. (ASX: LKE)

The Lake Resources share price is up 5% to 13.7 cents. Investors have been buying the lithium developer's shares after it released the definitive feasibility study (DFS) for phase one of the Kachi lithium brine project. While the project has a substantial net present value, this appears to be based on unrealistically high lithium prices. Lake is forecasting a lithium carbonate price of US$33,000 per tonne for the life of the project. This compares to the current spot price of US$13,009 per tonne and Goldman Sachs' long-term estimate of US$15,000 per tonne.

Liontown Resources Ltd (ASX: LTR)

The Liontown share price is up over 9% to $1.60. This appears to have been driven by news that SQM and Gina Rinehart's Hancock Prospecting have teamed up and had a takeover offer accepted by fellow lithium developer Azure Minerals Ltd (ASX: AZS). Investors may be hoping that Rinehart now joins forces with Albemarle to acquire Liontown. She built blocking stakes in both companies following takeover approaches.

Neuren Pharmaceuticals Ltd (ASX: NEU)

The Neuren Pharmaceuticals share price is up 6% to $23.56. This morning, Bell Potter upgraded this biotech company's shares to a buy rating and lifted its price target by 54% to $27. This follows the release of strong top-line results from the Phase 2 trial evaluating NNZ-2591 for patients with Phelan-McDermid syndrome.

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 no position in any of the stocks mentioned. 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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