In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record a small decline. At the time of writing, the benchmark index is down 0.2% to 7,399.6 points.
Four ASX shares that are not letting that hold them back are listed below. Here's why they are rising:
Data#3 Limited (ASX: DTL)
The Data#3 share price is up 2% to $8.58. This morning, analysts at Morgan Stanley responded positively to the IT services company's guidance update. It highlights that the company's new guidance suggests upside risk to consensus estimates. As a result, the broker has retained its overweight rating and $8.20 price target.
Deep Yellow Limited (ASX: DYL)
The Deep Yellow share price is up 4% to a 52-week high of $1.57. Investors have been buying Deep Yellow and other ASX uranium shares this week after the price of the chemical element soared. This has been driven by supply concerns after the world's largest uranium miner warned that its production could fall short of targets in the near term.
DroneShield Ltd (ASX: DRO)
The DroneShield share price is up a further 3% to 41.2 cents. Investors have been buying this counter drone technology company's shares this week in response to the release of its quarterly update. Droneshield reported a record $48 million of customer cash receipts and grants for the December quarter, which was five times larger than the next largest quarter on record. It also revealed a maiden profit for the 12 months. Bell Potter responded by retaining its buy rating and lifting its price target to 50 cents.
Imugene Limited (ASX: IMU)
The Imugene share price is up 2.5% to 10.75 cents. This follows the release of an update on its Phase 1 MAST (Metastatic Advanced Solid Tumours) trial evaluating the safety and efficacy of novel cancer-killing virus CF33-hNIS (Vaxinia). Management notes that the "latest data reinforces the early positive responses we've seen in gastrointestinal cancers and in particular for cholangiocarcinoma (bile duct cancer)."
