It has been yet another difficult day for the S&P/ASX 200 Index (ASX: XJO). In afternoon trade, the benchmark index is down 1% to 6,871.1 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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Noxopharm Ltd (ASX: NOX)
The Noxopharm share price is up 85% to 10.5 cents. This morning, the biotech company revealed that its CRO-67 preclinical drug candidate for the treatment of pancreatic cancer has been granted orphan drug designation status by the US Food and Drug Administration. The FDA grants this status to drugs that are designed to prevent, diagnose, or treat rare diseases or conditions.
Orora Ltd (ASX: ORA)
The Orora share price is up 2.5% to $2.73. This morning, this packaging company released an update on its proposed acquisition of Saverglass SAS. The release reveals that Olympe SAS is supporting the acquisition and has signed an agreement to sell its shares in Saverglass to Orora.
Ramelius Resources Ltd (ASX: RMS)
The Ramelius share price is up 3.5% to $1.45. This appears to have been driven by a broker note out of Ord Minnett this week. Its analysts believe that the gold miner's shares are cheap and expect them to rerate if the gold price strengthens. The broker has a buy rating and a $2.05 price target on its shares.
Silver Lake Resources Ltd (ASX: SLR)
The Silver Lake share price is up 2% to 84.2 cents. This may also have been driven by a broker note out of Ord Minnett. Its analysts have put a buy rating and lofty price target of $2.00. It highlights that M&A activity has been heating up recently and appears to believe it could continue.
