The S&P/ASX 200 Index (ASX: XJO) is on course to end the week on a positive note. In afternoon trade, the benchmark index is up 0.4% to 7,853.5 points.
Four ASX shares that are rising more than most today are listed below. Here's why they are climbing:
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IDP Education Ltd (ASX: IEL)
The IDP Education share price is up 4.5% to $15.16. Bargain hunters have been buying the language testing and student placement company's shares after they were sold off again this week following a poor update. Analysts at Goldman Sachs think investors should be snapping them up while they are down. This morning, the broker reiterated its buy rating with a trimmed price target of $21.75. This implies potential upside of over 40% for investors from current levels.
Novonix Ltd (ASX: NVX)
The Novonix share price is up almost 8% to 69.5 cents. This morning, this battery materials company returned from a trading halt after denying that it is planning to launch a capital raising in the near future. Management stated that its capital position is strong and one is not required. It said: "NOVONIX Limited refers to the article published in the Australian Financial Review speculating that NOVONIX will undertake a capital raising. NOVONIX wishes to advise that it has considered its position and is not undertaking an equity capital raising at this time and that its capital position remains strong."
PYC Therapeutics Ltd (ASX: PYC)
The PYC Therapeutics share price is up 10% to 11 cents. Investors have been buying the clinical-stage biotechnology company's shares after an update on its drug discovery program, which is directed towards a severe neurodevelopmental disorder known as Phelan McDermid Syndrome (PMS). It notes that PMS is caused by a loss of one functional copy of the SHANK3 gene, resulting in insufficient SHANK3 protein expression in brain cells known as neurons. This morning, PYC revealed that it has been able to restore the missing SHANK3 protein. The company will now progress towards initiating the studies required to enter human trials. This is anticipated to commence in 2025.
Regis Resources Ltd (ASX: RRL)
The Regis Resources share price is up 3.5% to $1.92. Investors have been buying Regis Resources and other ASX gold shares today after the precious metal charged to a two-week high overnight on rate cut hopes. This has led to the S&P/ASX All Ordinaries Gold index outperforming on Friday afternoon with a 1.7% gain.
