In afternoon trade on Thursday, the S&P/ASX 200 Index (ASX: XJO) is on course to record a decline. At the time of writing, the benchmark index is down 0.45% to 8,925.1 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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Actinogen Medical Ltd (ASX: ACW)
The Actinogen Medical share price is up 9% to 3.5 cents. Investors have been bidding the biotechnology company's shares higher after it received its third positive Data Monitoring Committee recommendation for the XanaMIA Alzheimer's disease pivotal trial. Actinogen's CEO, Dr Steven Gourlay, said: "With the third positive independent safety review complete we are confident of the suitability of Xanamem for longer-term treatment. Xanamem has the potential to be a game-changer for Alzheimer's disease given its potential product profile as a safe and effective oral medication with the ability to slow disease course progression significantly more than any approved therapy."
Devex Resources Ltd (ASX: DEV)
The Devex Resources share price is up over 10% to 28.2 cents. This appears to have been driven by a bullish broker note out of Bell Potter this morning. Its analysts have initiated coverage on the uranium developer's shares with a speculative buy rating and 41 cents price target. It said: "The key value catalysts for DEV include uranium market fundamentals, exploration results and M&A-led growth. We have a positive medium- to long-term outlook for the uranium market, supported by barriers to new supply and demand growth linked to electrification, energy security and AI-related power requirements."
Electro Optic Systems Holdings Ltd (ASX: EOS)
The EOS share price was up 5% to $9.34 before being placed in a trading halt. Commenting on the trading halt request, the defence and space company said: "EOS requests the trading halt pending an announcement by EOS in relation to entry into a material contract for the sale of Remote Weapon Systems and a material contract to establish a joint venture, the disclosure of both of which is presently being finalised."
Web Travel Group Ltd (ASX: WEB)
The Web Travel share price is up 2.5% to $3.09. This is despite there being no news out of the travel technology company. But with the US and Iran confirming that a peace deal has been signed, investors may believe that trading conditions will improve markedly in FY 2027 and are buying shares while they are down in the dumps.
