In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record a strong gain. At the time of writing, the benchmark index is up 1.6% to 7,942.8 points.
Four ASX shares that are rising more than most today are listed below. Here's why they are storming higher:
Orthocell Ltd (ASX: OCC)
The Orthocell share price is up 6% to $1.25. Investors have been buying this regenerative medicine company's shares after announced the appointment of its first four United States distributors of its flagship nerve repair product Remplir. It is a collagen wrap used in nerve repair surgery to assist surgeons to improve outcomes in the repair and regeneration of damaged nerves. Remplir received US FDA 510(k) clearance earlier this month allowing for its immediate commercial distribution into the US.
Paladin Energy Ltd (ASX: PDN)
The Paladin Energy share price is up 25% to $4.97. This follows the release of the heavily shorted uranium producer's quarterly update. Paladin Energy reported the highest level of quarterly uranium production at its Langer Heinrich Mine (LHM) since its restart. It produced 745,484lb U3O8 over the three months, which is up 17% quarter on quarter. This was despite the "one-in-fifty-year rainfall event" that impacted its operations in March.
Telix Pharmaceuticals Ltd (ASX: TLX)
The Telix Pharmaceuticals share price is up 11% to $28.02. Investors have been buying the biotechnology company's shares following the release of its first quarter update. Telix reported unaudited revenue of approximately US$186 million. This represents an increase of 62% over the prior year corresponding quarter and a quarter over quarter increase of 31%. The company's managing director and CEO, Dr. Christian Behrenbruch, said: "Illuccix has continued its momentum, gaining market share and maintaining price stability in a competitive landscape. Telix is the only company with two FDA-approved PSMA-PET5 imaging agents – Illuccix and Gozellix – enabling us to broaden patient reach and maximize choice for our customers."
Woodside Energy Group Ltd (ASX: WDS)
The Woodside Energy share price is up almost 4% to $20.45. This has been driven by the release of the energy giant's first quarter update. Woodside reported total production of 49.1 million barrels of oil equivalent (MMboe) for the quarter, which was up 9% year on year thanks to Sangomar coming online in July 2024. Quarterly revenue was US$3.3 billion, down 5% from the fourth quarter but up 13% year on year. This reflects the Sangomar start-up and high gas hub-linked prices.
The post Why Orthocell, Paladin Energy, Telix, and Woodside shares are racing higher today appeared first on The Motley Fool Australia.
Motley Fool contributor James Mickleboro has positions in Woodside Energy Group. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has positions in and has recommended Telix Pharmaceuticals. The Motley Fool Australia has recommended Orthocell and Telix Pharmaceuticals. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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