The S&P/ASX 200 Index (ASX: XJO) is having a tough time on Wednesday after a stronger than expected inflation reading. In afternoon trade, the benchmark index is down 1% to 7,758.4 points.
Four ASX shares that are not letting that hold them back are listed below. Here's why they are rising:
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A2 Milk Company Ltd (ASX: A2M)
The A2 Milk share price is up over 2% to $6.66. This appears to have been driven by a broker note out of Citi this morning. In response to very positive industry data, the broker is feeling confident about the company's outlook. Particularly given the improving birth rate outlook in China and its belief that domestic brands are not going to limit its growth. As a result, it has reaffirmed its buy rating and $7.85 price target on its shares. This implies potential upside of almost 18% for investors over the next 12 months.
Actinogen Medical Ltd (ASX: ACW)
The Actinogen Medical share price is up 19% to 3.7 cents. This morning, this biotech announced that positive trial data relating to its Xanamem product in patients with elevated blood pTau. The company's chief medical officer, Dr Dana Hilt, said: "To our knowledge Xanamem is the first drug of this class to have such compelling data. The previously published PET study highlighted just how effective Xanamem is at reaching its target enzyme in the brain at safe and well tolerated doses of 5 and 10 mg/day. No other inhibitor of 11β-HSD1 has ever demonstrated robust central nervous system target engagement in this direct way."
Karoon Energy Ltd (ASX: KAR)
The Karoon Energy share price is up 2% to $1.80. This may be a delayed reaction to the energy company's drilling and operational update yesterday. That update confirmed that the Bauna Project restarted production on 11 June as scheduled. In addition, it advised that Who Dat production is currently averaging over 40,000 barrels of oil equivalent (boe) per day on a gross basis. As a result, Karoon Energy expects Who Dat production for the quarter ended 30 June 2024 to be approximately 0.8 million boe.
Race Oncology Ltd (ASX: RAC)
The Race Oncology share price is up 6% to $1.81. Investors have been buying this clinical stage biopharmaceutical company's shares following the release of a positive announcement relating to its RC220 bisantrene formulation. The company is advancing RC220 to address the high unmet needs of patients across multiple oncology indications. According to the release, toxicology and safety pharmacology studies showed no unexpected or unacceptable toxicities. This means that the completed data package supports the use of RC220 bisantrene in human clinical trials.
