The S&P/ASX 200 Index (ASX: XJO) is having a strong session on Monday. At the time of writing, the benchmark index is up 0.8% to 8,033.6 points.
Four ASX shares that are rising more than most today are listed below. Here's why they are climbing:
DroneShield Ltd (ASX: DRO)
The DroneShield share price is up 7% to $1.29. Investors have been buying this counter drone technology company's shares since the release of its quarterly update last week. One broker that was pleased with DroneShield's performance was Bell Potter. In response, it retained its buy rating with an improved price target of $1.50. It said: "We have upgraded our revenue forecasts based on DRO's compelling performance YTD and a diversified sales pipeline of $1.6b. Additionally, we have increased our operating expenses as we get better visibility on the growing cost base following the company's conscious effort to scale up its operations."
Lynas Rare Earths Ltd (ASX: LYC)
The Lynas Rare Earths share price is up 2% to $8.43. This follows the release of the rare earths producer's quarterly update. For the three months ended 31 March, Lynas reported sales revenue of $123 million and sales receipts of $124.6 million. This was an increase of 21.5% and 15.7%, respectively, over the prior corresponding period.
Novonix Ltd (ASX: NVX)
The Novonix share price is up 7% to 47 cents. This morning, this battery materials and technology company announced the appointment of its new CEO. Michael O'Kronley will become Novonix's leader on 19 May. The company notes that with a strong technical foundation in engineering, O'Kronley brings over 30 years of automotive experience. This includes 15 years in the lithium-ion battery and battery materials space. Most recently, he served as CEO of Ascend Elements, where he increased the enterprise value of the company by US$1.6 billion in five years.
Orthocell Ltd (ASX: OCC)
The Orthocell share price is up 4.5% to $1.35. The catalyst for this was news that the regenerative medicine company has received a license from the FDA of Thailand for its flagship nerve repair product Remplir. According to the release, the license paves the way for the commercial distribution of Remplir into Thailand, which has a high quality, well-developed healthcare system, boosted by a strong medical tourism sector. The Thai nerve repair market has an estimated value of US$84 million. Remplir is a collagen wrap used in nerve repair surgery to assist surgeons to improve outcomes in the repair and regeneration of damaged nerves.
The post Why DroneShield, Lynas, Novonix, and Orthocell shares are storming higher today appeared first on The Motley Fool Australia.
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