The S&P/ASX 200 Index (ASX: XJO) is out of form on Thursday and trading lower. At the time of writing, the benchmark index is down 0.2% to 8,540.7 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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DroneShield Ltd (ASX: DRO)
The DroneShield share price is up a further 7.5% to $2.30. Investors have been fighting to get hold of this counter drone technology company's shares this week after it announced its largest single order in its history. DroneShield has received a package of three standalone follow-on contracts worth $61.6 million from a European military customer. DroneShield's CEO, Oleg Vornik, said: "In succession to the $32.2 million repeat order announced on 14 April 2025 for another customer, DroneShield products are now being purchased in material quantities. The scale and frequency of orders has been increasing as leading Military customers are moving from testing hardware to broader rollouts. DroneShield is well placed to meet the increasing demand." This morning, Bell Potter responded by putting a buy rating and $2.60 price target on its shares.
Neuren Pharmaceuticals Ltd (ASX: NEU)
The Neuren Pharmaceuticals share price is up 11% to $13.91. This morning, this pharmaceuticals company revealed that the United States Patent and Trademark Office has allowed Neuren's patent application covering the use of NNZ-2591 to treat Pitt Hopkins syndrome (PTHS) for issuance as a patent. Neuren notes that there are currently no approved treatments for PTHS, which has a severely debilitating impact on the lives of patients. The US Food and Drug Administration (FDA) has previously granted Orphan Drug designation and Fast Track designation to Neuren's development program for NNZ-2591 in PTHS.
Paradigm Biopharmaceuticals Ltd (ASX: PAR)
The Paradigm share price is up 3% to 32.5 cents. This has been driven by news that the biopharmaceuticals company has announced the acquisition of Proteobioactive. This gives Paradigm exclusive global rights to develop and commercialise a patented oral combination of pentosan polysulfate sodium (PPS) and a COX-2 inhibitor (Coxib) for the treatment of pain and inflammation. Paradigm is paying $500,000 up front and then up to $16 million in add-ons.
Pilbara Minerals Ltd (ASX: PLS)
The Pilbara Minerals share price is up 9% to $1.36. This is despite there being no news out of the lithium miner today. However, it is worth noting that a number of beaten down lithium stocks are racing higher on Thursday. Investors may believe that they have been oversold and are in the bargain bin right now. For example, despite today's strong gain, the Pilbara Minerals share price is down approximately 58% since this time last year.
