Why Catapult, Clarity, Pro Medicus, and Qantas shares are rising today

These shares are avoiding the market weakness on Thursday and pushing higher. But why?

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In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record another decline. At the time of writing, the benchmark index is down 0.5% to 7,625.1 points.

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

Catapult Group International Ltd (ASX: CAT)

The Catapult Group share price is up 11% to $1.72. Investors have been buying this sports technology solutions provider's shares following the release of a strong full-year result for FY 2024. Catapult reported a 20% increase in revenue to a record of US$100 million. This was underpinned by accelerating SaaS revenue, which increased by 24% to US$82 million. Another big positive was that Catapult delivered on its guidance to generate positive free cash flow (FCF) in FY 2024. It generated FCF of US$4.6 million, which represents a sizeable US$26.2 million improvement year on year.

Clarity Pharmaceuticals Ltd (ASX: CU6)

The Clarity Pharmaceuticals share price is up 4% to $4.78. This morning, this clinical-stage radiopharmaceutical company announced that it has entered into a supply agreement with SpectronRx for the production of Cu-64. Management notes that Cu-64 has an ideal 12.7-hour half-life that helps to overcome the overwhelming supply restraints of current-generation radiodiagnostics. This significantly reduces the scheduling strain on imaging centres, as well as enhancing product performance with longer imaging timepoints.

Pro Medicus Limited (ASX: PME)

The Pro Medicus share price is up a further 3% to $119.68. Investors have been buying this health imaging company's shares this week after it announced five new contracts with a combined minimum contract value of $45 million. Management advised that the contracts will be fully cloud deployed and are expected to be completed within the next 6 months. Goldman Sachs responded positively to the news. Its analysts reiterated their buy rating and lifted their price target on Pro Medicus' shares to $136.00.

Qantas Airways Limited (ASX: QAN)

The Qantas share price is up 3% to $6.09. This may have been driven by another note out of Goldman Sachs. This morning, the broker reiterated its buy rating and $8.05 price target on the airline operator's shares. It said: "The discounted valuation versus peers and its own history implies that the market is pricing in a trade off between investment (fleet and customer) and capital returns (dividends & buybacks), which we view as a buying opportunity."

Motley Fool contributor James Mickleboro has positions in Pro Medicus. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has positions in and has recommended Catapult Group International, Goldman Sachs Group, and Pro Medicus. The Motley Fool Australia has recommended Catapult Group International and Pro Medicus. 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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