In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) has fought back from a soft start and is pushing higher. The benchmark index is up 0.25% to 7,799.9 points.
Four ASX shares that are rising more than most today are listed below. Here's why they are outperforming:
Mesoblast Ltd (ASX: MSB)
The Mesoblast share price is up 9% to 52.5 cents. This biotech company's shares have been on fire this week after the US Food and Drug Administration (FDA) gave it a big boost. The FDA advised that there appears to be sufficient results to support the submission of the company's proposed Biologics License Application (BLA) for its remestemcel-L medicine to treat paediatric patients with steroid-refractory acute graft versus host disease.
Patriot Battery Metals Inc. (ASX: PMT)
The Patriot Battery Metals share price is up 2% to 90 cents. This may be a delayed reaction to an announcement this week which revealed the discovery of a new spodumene pegmatite occurrence at the Corvette project in Canada. The company advised: "The discovery highlights the extensive nature of the spodumene mineralized system along the CV Lithium Trend, which extends across the Property where a large portion remains unexplored for lithium pegmatite."
Sigma Healthcare Ltd (ASX: SIG)
The Sigma Healthcare share price is up 5% to $1.31. This is despite there being no news out of the pharmacy chain operator and distributor. Though, it is worth noting that its shares have been performing very strongly since its results release. In addition, investors appear very excited over its potential merger with Chemist Warehouse.
Zip Co Ltd (ASX: ZIP)
The Zip share price is up 3% to $1.52. Once again, this is despite there being no news out of the buy now pay later provider. At one stage today, Zip's shares climbed to a new 52-week high of $1.59. When its shares reached that level, it meant that they were up over 180% since this time last year. Investors have been impressed with its growth in the United States and success with its profitability targets.
