The S&P/ASX 200 Index (ASX: XJO) has given back its morning gains and slipped into the red. In afternoon trade, the benchmark index is down a touch to 8,537.8 points.
Four ASX shares that are not letting that hold them back are listed below. Here's why they are rising:
Clarity Pharmaceuticals Ltd (ASX: CU6)
The Clarity Pharmaceuticals share price is up 10% to $2.29. This morning, this radiopharmaceuticals company announced positive results from the diagnostic Phase II DISCO trial (NCT04438304) with 64Cu-SARTATE in patients with known or suspected neuroendocrine tumours (NETs). According to the release, 64Cu-SARTATE thoroughly outperformed the current standard of care. Management notes that the NET diagnostic market in the US is currently around 100,000 scans per year. This is expected to grow to approximately 120,000 scans per year by 2029.
Coronado Global Resources Inc (ASX: CRN)
The Coronado Global share price is up a further 12% to 16.2 cents. This coal miner's shares have been rocketing this week after it strengthened its balance sheet with a funding deal. Coronado Global has entered into a binding commitment for a $150 million asset-based lending facility with Oaktree Capital Management. Coronado Global's CFO, Barrie Van der Merwe, said: "Entering into this transaction with Oaktree is an important first step in our strategy to stabilise and strengthen our financial position. It reflects a clear confidence from a credible lender in the underlying value of our asset base and business fundamentals."
Iperionx Ltd (ASX: IPX)
The Iperionx share price is up 25% to $4.66. Investors have been buying this critical materials company's shares after it announced a major contract win with the U.S. Department of Defense (DoD). Iperionx has been awarded a Phase III Small Business Innovation Research (SBIR) Indefinite Delivery, Indefinite Quantity (IDIQ) contract. This allows it to receive task order funding from U.S. DoD agencies for its titanium components and parts up to a total of US$99 million (A$152 million).
Lynas Rare Earths Ltd (ASX: LYC)
The Lynas Rare Earths share price is up 10% to $9.05. This may have been driven by a broker note out of Ord Minnett this morning. According to the note, the broker has upgraded the rare earths producer's shares to an accumulate rating with an $8.70 price target. Its analysts believe that the company stands to benefit from the US-China trade war. Particularly given that China has curbed its rare earths exports.
