Why Mesoblast, Newmont, Pilbara Minerals, and Platinum shares are jumping

These ASX shares are ending the week strongly. But why?

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The S&P/ASX 200 Index (ASX: XJO) is having a strong session on Thursday. In afternoon trade, the benchmark index is up 0.95% to 7,894.8 points.

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

Mesoblast Ltd (ASX: MSB)

The Mesoblast share price is up a further 13% to 56 cents. Investors have been scrambling to buy the biotechnology company's shares this week thanks to the release of an announcement relating to its remestemcel-L product candidate. Mesoblast revealed that the US Food and Drug Administration (FDA) has advised that there should be sufficient results to support the submission of the company's proposed Biologics License Application (BLA) for its stem cell therapy to treat paediatric patients with steroid-refractory acute graft versus host disease.

Newmont Corporation (ASX: NEM)

The Newmont share price is up over 3% to $53.69. This follows another rise in the gold price overnight on rate cut optimism. It isn't just Newmont that is rising in the gold sector today. A good number of gold miners are recording solid gains. This has led to the S&P/ASX All Ordinaries Gold Index rising 2.6% this afternoon.

Pilbara Minerals Ltd (ASX: PLS)

The Pilbara Minerals share price is up 3% to $3.86. This is despite there being no news out of the lithium miner today. However, it is worth noting that most ASX lithium stocks are storming higher on Thursday. This appears to have been driven by a particularly strong session for lithium stocks on Wall Street overnight.

Platinum Asset Management Ltd (ASX: PTM)

The Platinum Asset Management share price is up 6% to $1.09. This may have been driven by a broker note out of Bell Potter this morning. According to the note, the broker has upgraded the fund manager's shares to a buy rating with an improved price target of $1.20. It said: "The 20% sell off in the shares looks out of touch with the improving risk/return trade outlook, meaning we upgrade our recommendation to BUY."

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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