In afternoon trade the S&P/ASX 200 index is on course to start the week on a disappointing note. At the time of writing the benchmark index is down 0.45% to 6,790.8 points.
Four shares that have not let that hold them back today are listed below. Here's why they are storming higher:
The Cann Group Ltd (ASX: CAN) share price has surged 28% higher to 66.5 cents. This follows news that the cannabis company has settled an invoice with CSIRO with the issue of 550,278 fully paid ordinary shares instead of cash. In addition to this, speculation that Coca Cola is planning to launch a new range of drinks in Canada containing CBD has boosted cannabis shares on Monday.
The Pilbara Minerals Ltd (ASX: PLS) share price is up over 5.5% to 28 cents. The lithium miner's shares have charged higher on the back of no news. This rise could have been driven by short sellers buying shares in order to close their positions. At the last count, 7.8% of its shares were held short.
The Pro Medicus Limited (ASX: PME) share price has climbed over 3% to $24.27. This follows the announcement of a deal with Palo Alto-based Nines. According to the release, the agreement will see the creation of an offering, based on Visage 7 technology, hosted on the Google Cloud Platform. This will provide Nines with a highly scalable and optimised platform. The base revenue for Pro Medicus is expected to be in excess of A$6 million over the life of the contract, but has the potential for significant upside.
The Starpharma Holdings Limited (ASX: SPL) share price has risen over 2.5% to $1.23. This morning Starpharma announced that pharma giant AstraZeneca has commenced a phase 1 clinical trial of AZD0466. According to the release, the trial will recruit patients with a range of cancers and will be conducted at up to five US sites. The development of AZD0466 is being progressed under a multi-product license. This means Starpharma is eligible to receive development, launch, and sales milestones of up to US$124 million, as well as sales royalties.
