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 8,410.4 points.
Four ASX shares that are rising more than most today are listed below. Here's why they are climbing:
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Clarity Pharmaceuticals Ltd (ASX: CU6)
The Clarity Pharmaceuticals share price is up 3.5% to $4.20. This follows news that the U.S. Food and Drug Administration (FDA) has granted Fast Track Designation (FTD) for 64Cu-SAR-bisPSMA. This is for positron emission tomography (PET) imaging of prostate-specific membrane antigen (PSMA) positive prostate cancer lesions in patients with biochemical recurrence (BCR) of prostate cancer following definitive therapy. Clarity executive chair, Dr Alan Taylor, said: "Receiving the second FTD for 64Cu-SAR-bisPSMA and well within the 60-day period following our application submission, reserved by the U.S. FDA for review, is yet another significant milestone in our bisPSMA program."
Genesis Energy Ltd (ASX: GNE)
The Genesis Energy share price is up 5.5% to $2.07. Investors have been buying the energy retailer's shares following the release of an update. Genesis Energy revealed that retail customer growth was 4.7% over the prior corresponding period. This was supported by the acquisition of Ecotricity and the growth of Frank. It also advised that its gas netback was up 43.1% after the market reflected higher wholesale prices.
IGO Ltd (ASX: IGO)
The IGO share price is up almost 3% to $5.35. This morning, this battery materials company released an update on the Kwinana Lithium Hydroxide Refinery. IGO has a stake in this through its 49% interest in Tianqi Lithium Energy Australia (TLEA). According to the release, TLEA shareholders, IGO, and Tianqi Lithium Corporation (TLC) have agreed to cease all works and activities on Lithium Hydroxide Plant 2 (LHP2) at Kwinana. Investors appear pleased with the news and like the idea of less lithium hitting the market.
Wesfarmers Ltd (ASX: WES)
The Wesfarmers share price is up 3% to $74.50. This appears to have been driven by a broker note out of Goldman Sachs this morning. According to the note, the broker has upgraded the conglomerate's shares to a buy rating with an improved price target of $78.70 (from $69.50). Goldman said: "Reflecting our updated forecasts, WES will have the highest F24-27 EPS CAGR of 10% in our top 5 consumer coverage (vs WOW, COL, EDV, JBH) while ROIC will expand by 6pts to 25% vs peers flat, resulting in DCF and SOTP valuation uplift. Our 12m TP of A$78.7 implies 11% TSR, upgrade to Buy from Neutral. Our FY25/26/27e EPS is -1%/+2%/+5% above VA Consensus."
