Why Clover, DroneShield, Imugene, and New Hope shares are racing higher today

The S&P/ASX 200 Index (ASX: XJO) is having a subdued session on Wednesday. In afternoon trade, the benchmark index is down 0.2% to 7,844 points.

Four ASX shares that are not letting that hold them back are listed below. Here's why they are rising:

Clover Corporation Ltd (ASX: CLV)

The Clover Corporation share price is up 18% to 42 cents. Investors have been buying the specialist ingredients company's shares following the release of its half year results. Clover reported a 38% increase in revenue to $37.6 million and a net profit after tax of $2.4 million. Clover's CEO, Peter Davey, said: "We delivered a strong first half, with revenue rising 38% to $37.6 million, driven by our product and market diversification strategy and improved market conditions." An interim dividend of 0.75 cents per share.

DroneShield Ltd (ASX: DRO)

The DroneShield share price is up 10% to $1.15. This is despite there being no news out of counter drone technology company. However, it is worth highlighting that the company's shares have been on fire in recent weeks despite the market selloff. So much so, DroneShield's shares are up a whopping 80% since this time last month.

Imugene Ltd (ASX: IMU)

The Imugene share price is up 6% to 3.7 cents. The catalyst for this has been the clinical-stage immuno-oncology company announcing that the US Food and Drug Administration (FDA) has granted Fast Track Designation to its allogeneic CAR T-cell therapy, azer-cel (azercabtagene zapreleucel). This is for the treatment of relapsed or refractory diffuse large B-cell lymphoma (DLBCL). Imugene CEO, Leslie Chong, said: "Receiving FDA Fast Track Designation is a testament to the transformative potential of azer-cel for patients battling relapsed or refractory DLBCL. We are committed to working closely with the FDA to bring this important therapy to patients as efficiently as possible."

New Hope Corporation Ltd (ASX: NHC)

The New Hope share price is up a further 3% to $4.16. Investors have been buying this coal miner's shares this week after it released its half year results. Morgans was pleased with the results. In response, it has put an add rating and $4.90 price target on its shares. This implies potential upside of almost 18% for investors from current levels. In addition, the broker is forecasting a fully franked 37 cents per share dividend in FY 2025. Based on its current share price, this equates to a sizeable 8.9% dividend yield, which lifts the total potential return to over 26%.

The post Why Clover, DroneShield, Imugene, and New Hope shares are racing higher today appeared first on The Motley Fool Australia.

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has positions in and has recommended Clover and DroneShield. The Motley Fool Australia has no position in any of the stocks mentioned. 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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