Why Clinuvel, Guzman y Gomez, Magellan, and Sandfire shares are charging higher

These shares are ending the week with a bang. But why?

| More on:
A young male ASX investor raises his clenched fists in excitement because of rising ASX share prices today

Image source: Getty Images

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

The S&P/ASX 200 Index (ASX: XJO) appears to have run out of steam on Friday. In afternoon trade, the benchmark index is down slightly to 7,824 points.

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

Clinuvel Pharmaceuticals Limited (ASX: CUV)

The Clinuvel Pharmaceuticals share price is up 14% to $17.34. Investors have been buying this pharmaceuticals company's shares following the release of an update on the CUV151 study. It is evaluating the DNA-repair capacity of afamelanotide on skin of healthy volunteers exposed to ultraviolet (UV) radiation. Chief scientific officer, Dr Dennis Wright, commented: "The results from RNA sequencing complement the earlier results we saw from immunohistochemistry, in that afamelanotide consistently seems to assist repair of UV-damaged DNA in the skin."

Guzman Y Gomez Ltd (ASX: GYG)

The Guzman Y Gomez share price is up 4% to $27.78. It appears that some investors believe this quick service restaurant operator's shares were oversold in recent sessions. One broker that thinks this is the case is Morgans. Earlier this week, the broker initiated coverage on the company's shares with an add rating and $30.80 price target. This implies upside of almost 11% for investors.

Magellan Financial Group Ltd (ASX: MFG)

The Magellan share price is up a further 4% to $9.44. Investors have been buying this fund manager's shares since the release of its monthly update on Thursday. Magellan revealed that net flows were flat in June. This comprised net retail outflows of $0.2 billion and net institutional inflows of $0.2 billion. The company also estimates that it will be entitled to performance fees of approximately $19 million for FY 2024. The market may be pleased but analysts at Macquarie weren't impressed. The broekr retained its underperform rating and lowered its price target on its shares to $8.20.

Sandfire Resources Ltd (ASX: SFR)

The Sandfire Resources share price is up 1.5% to $9.21. This follows the release of an updated mineral resource estimate for its MATSA asset in Spain. The new estimate totals 172.8Mt at 1.3% copper, 2.8% zinc, 1.0% led and 38.6g/t silver. Sandfire's CEO, Brendan Harris, said: "It's pleasing to see the team at MATSA continue to build on our improved orebody knowledge. We have been successful in replacing mining depletion and are now seeing the beginnings of the resource and reserve growth potential we believe will be a key driver of value at MATSA."

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 Macquarie Group. The Motley Fool Australia has positions in and has recommended Macquarie Group. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

More on Share Gainers

A young women pumps her fists in excitement after seeing some good news on her laptop.
Share Gainers

Why Adore Beauty, Domino's, DroneShield, and Universal Store shares are rising today

Not all shares are falling today. Why are these rising?

Read more »

Lion roaring in the wild, symbolising a rising Liontown share price.
Share Gainers

Here are the top 10 ASX 200 shares today

ASX investors once again pulled back from record highs today.

Read more »

Cheerful boyfriend showing mobile phone to girlfriend in dining room. They are spending leisure time together at home and planning their financial future.
Share Gainers

Why Accent, Dusk, Evolution Mining, and Zip shares are pushing higher today

These shares are having a great session. But why?

Read more »

Hands reaching high for a trophy with a sunset in the background.
Share Gainers

Here are the top 10 ASX 200 shares today

It was another day and another record high for ASX shares this Wednesday.

Read more »

Woman looks amazed and shocked as she looks at her laptop.
Gold

Have you heard of this ASX gold stock? It's up 114% in 8 days!

Investors have sent the ASX gold stock flying higher in July. But why?

Read more »

A woman with strawberry blonde hair has a huge smile on her face and fist pumps the air having seen good news on her phone.
Share Gainers

Why Cettire, Core Lithium, Northern Star, and Step One shares are charging higher

These shares are having a good time on hump day. But why?

Read more »

A woman's hand draws a stylised 'Top Ten' on a projected surface.
Share Gainers

Here are the top 10 ASX 200 shares today

It was back to earth for ASX investors this Tuesday.

Read more »

A man sees some good news on his phone and gives a little cheer.
Share Gainers

Why EOS, Hub24, Integrated Research, and Kingsgate shares are pushing higher

These shares are having a strong session. But why?

Read more »