Why the shares of Lake Resources, Life360, Pilbara Minerals and PolyNovo are soaring

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The S&P/ASX 200 Index (ASX: XJO) is having a lackluster start to the week. In afternoon trading, the benchmark index fell 0.1% to 6,733.2 points.

Four ASX stocks not holding them today are listed below. Here is why they are increasing:

Lake NL Resources (ASX: LKE)

Lake Resources stock price rose 11% to $1.03. This morning, this lithium developer provided an update on the progress of its pilot plant at the Kachi Lithium project in Argentina. Lake said he plans to begin wet commissioning of the plant on Thursday. Once wet commissioning is complete, it then plans to begin on-site treatment of Kachi brines in the first week of October.

Life360 stock price is up 6% at $5.64. This is despite the location technology company’s shares being kicked out of the ASX 200 index during this morning’s quarterly rebalancing. Some investors may believe its shares have been oversold. Especially since they are down over 40% even after today’s strong gain.

Pilbara Minerals Ltd (ASX:PLS)

Pilbara Minerals stock price is up 4% at $4.78. This despite no news from the lithium miner today. However, it should be noted that a number of lithium stocks are pushing higher on Monday. Investors appear to be returning to the industry after several poor trading sessions last week.

PolyNovo stock price is up 8% at $1.47. Investors bought shares of this medical device company after receiving FDA clearance for NovoSorb MTX. The company describes the MTX product as a major innovation in the field of soft tissue regeneration for the management of complex wounds. It is expected to increase the company’s total addressable market by $500 million in the United States.

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