In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record a disappointing decline. At the time of writing, the benchmark index is down 0.4% to 8,557.4 points.
Four ASX shares that are not letting that hold them back today are listed below. Here's why they are rising:
Botanix Pharmaceuticals Ltd (ASX: BOT)
The Botanix Pharmaceuticals share price is up 17% to 17 cents. Bargain hunters appear to be swooping in today after this clinical dermatology company's shares crashed deep into the red on Tuesday. The catalyst for that decline was a sales update which revealed that it has generated gross sales of $25 million for its Sofdra topical gel since its launch in January. The company's executive chairman, Vince Ippolito, was pleased with the launch. He said: "We are pleased with the overall performance of Sofdra since its launch in February 2025. The launch trajectory of Sofdra is trending in a positive direction, and we expect continued growth."
Dexus Industria REIT (ASX: DXI)
The Dexus Industria REIT share price is up over 2% to $2.76. This appears to have been driven by a broker note out of Morgans this morning. According to the note, the broker has upgraded this industrial property company's shares to an accumulate rating with an improved price target of $3.00. It made the move after running the rule of the property sector. It believes that Dexus Industria is well-placed to deliver income growth despite higher interest costs.
Strickland Metals Ltd (ASX: STK)
The Strickland Metals share price is up 3% to 15 cents. This morning, this gold explorer released another promising drilling update from its Gradina Prospect at the Rogozna Gold and Base Metals Project1 in Serbia. Managing Director, Paul L'Herpiniere, said: "This latest batch of results from Gradina continues to demonstrate the continuity of the gold-dominant system towards the northern end of the deposit. Importantly, the spatial distribution of these intercepts confirms our current geological model, indicating that the geometry of the mineralisation zone is consistent."
Telix Pharmaceuticals Ltd (ASX: TLX)
The Telix Pharmaceuticals share price is up almost 7% to $25.67. This has been driven by news that the radiopharmaceuticals company's next-generation PSMA PET imaging agent, Gozellix, has been granted a permanent Healthcare Common Procedure Coding System (HCPCS) code by the U.S. Centers for Medicare & Medicaid Services (CMS). Management notes that the assignment of the code is a significant milestone supporting provider billing and reimbursement for Gozellix, and a further step toward receiving Transitional Pass-Through (TPT) payment status.
