The S&P/ASX 200 Index (ASX: XJO) has run out of steam in afternoon trade and slipped into the red. At the time of writing, the benchmark index is down slightly to 8,325.5 points.

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

Pinnacle Investment Management Group Ltd (ASX: PNI)

The Pinnacle Investment Management share price is up 3% to $22.12. This follows news that the investment management company has raised $400 million via a fully underwritten institutional placement. These funds were raised at $20.30 per new share, which represents a 5.3% discount to its last close price. The proceeds will be used to acquire strategic interests in two high quality international asset management firms for combined consideration of $142.8 million. This comprises US$60.5 million for a 22.5% equity stake in VSS Holdings and GBP25.75 million for a 25% equity stake in Pacific Asset Management. VSS is a New York headquartered private markets investment management firm specialising in structured capital. Whereas Pacific Asset Management is a London-based asset management platform that provides technology-enabled multi-asset portfolio solutions.

PWR Holdings Ltd (ASX: PWH)

The PWR Holdings share price is up over 13% to $7.77. This appears to have been driven by a broker note out of Bell Potter this morning. According to the note, the broker has upgraded this automotive cooling solutions company's shares to a buy rating with an $8.00 price target. This follows a sharp drop in its share price on Wednesday following the release of a disappointing update. Bell Potter said: "[W]e see H1 as an abnormal result and with the likelihood of a much improved H2 and FY26 we see this as a buying opportunity."

Race Oncology Ltd (ASX: RAC)

The Race Oncology share price is up 3% to $1.40. This morning, this oncology company announced that it has successfully completed an FTO-targeted drug discovery program at Monash University's Fragment Platform (MFP). It notes that 39 unique FTO protein-binding molecules were identified using state-of-the-art NMR fragment screening. The identified compounds are confirmed FTO-binding chemical structures for the development of novel FTO targeting drugs. It believes this provides valuable new intellectual property aiding the development of novel m6A RNA epigenetic pathway drugs.

Vulcan Energy Resources Ltd (ASX: VUL)

The Vulcan Energy share price is up 6% to $6.58. Investors have been buying the lithium developer's shares after it announced an agreement with one of the world's largest chemical producers, BASF. The two parties have entered into a staged agreement to collaborate on the development of a renewable geothermal heat project to supply BASF with baseload heat. They will also look at the potential construction of a commercial Lithium Extraction Plant in Ludwigshafen, BASF's global headquarters.