The S&P/ASX 200 Index (ASX: XJO) appears to have run out of steam on Friday. In afternoon trade, the benchmark index is down slightly to 7,824 points.
Four ASX shares that are not letting that hold them back today are listed below. Here's why they are racing higher on Friday:
Clinuvel Pharmaceuticals Limited (ASX: CUV)
The Clinuvel Pharmaceuticals share price is up 14% to $17.34. Investors have been buying this pharmaceuticals company's shares following the release of an update on the CUV151 study. It is evaluating the DNA-repair capacity of afamelanotide on skin of healthy volunteers exposed to ultraviolet (UV) radiation. Chief scientific officer, Dr Dennis Wright, commented: "The results from RNA sequencing complement the earlier results we saw from immunohistochemistry, in that afamelanotide consistently seems to assist repair of UV-damaged DNA in the skin."
Guzman Y Gomez Ltd (ASX: GYG)
The Guzman Y Gomez share price is up 4% to $27.78. It appears that some investors believe this quick service restaurant operator's shares were oversold in recent sessions. One broker that thinks this is the case is Morgans. Earlier this week, the broker initiated coverage on the company's shares with an add rating and $30.80 price target. This implies upside of almost 11% for investors.
Magellan Financial Group Ltd (ASX: MFG)
The Magellan share price is up a further 4% to $9.44. Investors have been buying this fund manager's shares since the release of its monthly update on Thursday. Magellan revealed that net flows were flat in June. This comprised net retail outflows of $0.2 billion and net institutional inflows of $0.2 billion. The company also estimates that it will be entitled to performance fees of approximately $19 million for FY 2024. The market may be pleased but analysts at Macquarie weren't impressed. The broekr retained its underperform rating and lowered its price target on its shares to $8.20.
Sandfire Resources Ltd (ASX: SFR)
The Sandfire Resources share price is up 1.5% to $9.21. This follows the release of an updated mineral resource estimate for its MATSA asset in Spain. The new estimate totals 172.8Mt at 1.3% copper, 2.8% zinc, 1.0% led and 38.6g/t silver. Sandfire's CEO, Brendan Harris, said: "It's pleasing to see the team at MATSA continue to build on our improved orebody knowledge. We have been successful in replacing mining depletion and are now seeing the beginnings of the resource and reserve growth potential we believe will be a key driver of value at MATSA."
