In early afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record a small gain. At the time of writing, the benchmark index is up slightly to 8,330.3 points.

Four ASX shares that are rising more than most today are listed below. Here's why they are climbing:

Insignia Financial Ltd (ASX: IFL)

The Insignia Financial share price is up 6% to $4.40. Investors have been buying this financial services company's shares after it received a new takeover offer. CC Capital Partners has tabled a revised non-binding and indicative proposal to acquire the company for $4.60 cash per share. This represents a 7% premium to its previous offer. It is also ahead of what is being offered by rival Bain Capital. The company is now considering the proposal but warned there is "no certainty that the CC Capital Revised Indicative Proposal will result in a binding offer or that any transaction will eventuate."

Lovisa Holdings Ltd (ASX: LOV)

The Lovisa share price is up 7.5% to $29.26. This has been driven by a broker note out of Morgan Stanley this morning. According to the note, the broker has upgraded this fashion jewellery company's shares to an overweight rating with a $33.25 price target. This implies potential upside of almost 14% even after today's gains. The broker believes that the company's store growth could surprise to the upside in FY 2025 and FY 2026, which would be good news for its share price.

Megaport Ltd (ASX: MP1)

The Megaport share price is up 6% to $7.26. This may have been driven by a broker note out of Morgans this morning. According to the note, the broker has reaffirmed its add rating and $12.50 price target on this network as a service company's shares. This suggests that its shares could rise over 70% from current levels.

Telix Pharmaceuticals Ltd (ASX: TLX)

The Telix Pharmaceuticals share price is up 2% to $26.30. This morning, this radiopharmaceutical company announced that it has received a positive decision on the Marketing Authorization Application (MAA) for the prostate cancer PET1 imaging agent Illuccix, which was submitted in Europe via a decentralised procedure (DCP). Chief executive officer of Telix's Precision Medicine business, Kevin Richardson, commented: "We are delighted by this positive outcome, setting the stage for a European commercial launch of Illuccix. This clinically important prostate cancer imaging modality is currently recommended in international clinical practice guidelines including European Association of Urology (EAU) and European Society for Medical Oncology (ESMO)."