Why Appen, Mayne Pharma, Playside, and PYC shares are storming higher

These shares are ending the week on a positive note. But why?

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It has been a tough finish to the week for the S&P/ASX 200 Index (ASX: XJO). In afternoon trade, the benchmark index is down 1.2% to 7,719 points.

Four ASX shares that are not letting that hold them back are listed below. Here's why they are rising today:

Appen Ltd (ASX: APX)

The Appen share price is up over 3% to 61 cents. This follows the release of a trading update at the artificial intelligence (AI) data services provider's annual general meeting. Management advised: "Revenue stabilisation has continued through the first four months of the year when we account for the loss of Google revenue. We are seeing positive signals on LLM related growth in 2024, including from our Global customers."

Mayne Pharma Group Ltd (ASX: MYX)

The Mayne Pharma share price is up 2% to $5.51. This has been driven by the release of an update on the pharmaceutical company's share buyback. According to the release, Mayne Pharma has extended its buyback program until 29 November. It has also lifted the total buyback to up to 15% of its shares outstanding from up to 10% previously.

Playside Studios Ltd (ASX: PLY)

The Playside Studios share price is up 4% to 90.5 cents. This morning, this game developer revealed that it is developing a multiplayer strategy game based on the Game of Thrones series. This new premium title will be available on PC and recreates the iconic characters and immersive world of Westeros in a real-time strategy. The game is officially licensed by Warner Bros. Interactive Entertainment on behalf of HBO. This release relates to a multi-game deal announced late last year.

PYC Therapeutics Ltd (ASX: PYC)

The PYC Therapeutics share price is up over 1.5% to 12.2 cents. This has been driven by news that this clinical-stage biotechnology company has received Orphan Drug Designation (ODD) from the US Food and Drug Administration (FDA) for drug candidate PYC-001. This drug candidate is for the treatment of OPA1-associated vision loss. The company notes that ODD is given to drug candidates designed to treat rare diseases. The benefits of an ODD include tax credits for qualified clinical trials, exemptions from some regulatory fees and the potential for seven years of market exclusivity post approval. Autosomal Dominant Optic Atrophy (ADOA) is a progressive and irreversible blinding eye disease. It affects approximately 1 in every 35,000 people representing a market size of ~$2 billion per annum.

Suzanne Frey, an executive at Alphabet, is a member of The Motley Fool’s board of directors. 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 Alphabet, Appen, and Warner Bros. Discovery. The Motley Fool Australia has recommended Alphabet. 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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