Why Clarity Pharmaceuticals, DroneShield, IGO, and Serko shares are surging

These ASX shares are having a strong session on Tuesday. But why?

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In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record a small gain. At the time of writing, the benchmark index is up 0.2% to 7,651.4 points.

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

Clarity Pharmaceuticals Ltd (ASX: CU6)

The Clarity Pharmaceuticals share price is up 10% to $2.82. This morning, this clinical stage radiopharmaceutical company announced that the first patient ever to be dosed with two cycles of 67Cu-SAR-bisPSMA at 8GBq achieved a complete response to treatment based on RECIST criteria. The release notes that the patient remains with undetectable levels of prostate specific antigen (PSA) for almost 6 months. PSA is a marker used to assess clinical response to treatment and an indicator of the recurrence of prostate cancer. No dose limiting toxicities have been reported in any of the patients treated in the trial to date.

DroneShield Ltd (ASX: DRO)

The DroneShield share price is up 3.5% to 82.2 cents. This follows news that the counter drone technology company's share purchase plan has closed early due to very strong demand. The company decided to close the offer early to minimise the scale back of applications. DroneShield is raising $15 million from the share purchase plan. This follows the recent completion of a $100 million institutional placement, which was increased from $70 million due to strong demand.

IGO Ltd (ASX: IGO)

The IGO share price is up 5% to $7.74. Investors have been buying this battery materials miner's shares today following the release of its third-quarter update. IGO reported a 10% quarter on quarter decline in sales revenue to $160.8 million and an EBITDA loss of $15 million. This was due partly to lower spodumene sales and prices at Greenbushes. However, investors are overlooking this after it announced an additional 200,000 tonnes sale of spodumene concentrate to TLC, which was agreed post the quarter end. This means the Greenbushes operation will now stay active for the remainder of the calendar year.

Serko Ltd (ASX: SKO)

The Serko share price is up 19% to $3.40. This follows news that the travel technology company has signed a five-year renewal to its deal with travel booking giant Booking.com today. Serko CEO, Darrin Grafton, said: "This renewal is a significant milestone for Serko – providing a strong foundation for future global growth and scale. It reflects the successful execution of the partnership to date and the strength of the opportunities ahead. The progress made has directly driven material revenue growth for Serko under the partnership's revenue sharing model."

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 positions in and has recommended DroneShield and Serko. 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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