The S&P/ASX 200 Index (ASX: XJO) was back on form last week and stormed through the 6,000 points level once again. The benchmark index climbed 1.9% to 6033.6 points.
Unfortunately, not all shares were able to climb higher with the market. Here’s why these were the worst performing ASX 200 shares last week:
The AVITA Therapeutics Inc (ASX: AVH) share price was the worst performer on the ASX 200 last week and crashed 19% lower. This follows the release of the regenerative medicine company’s fourth quarter and full year sales update. For FY 2020, AVITA’s total revenue came in at approximately US$14.32 million. While this was a sizeable increase of US$8.78 million or 160% over FY 2019’s sales, it appears as though investors were expecting an even stronger sales result.
The Mesoblast limited (ASX: MSB) share price was some way behind with a 9.5% decline last week. This appears to have been driven by profit taking after some very strong gains. In fact, a week earlier the allogeneic cellular medicines developer’s shares were among the best performers. Investors were fighting to buy shares after it provided an update on its allogeneic mesenchymal stem cell (MSC) product candidate, remestemcel-L. That update revealed that remestemcel-L has been given an expanded access protocol for compassionate use in the treatment of COVID-19 infected children with cardiovascular and other complications of multisystem inflammatory syndrome.
The PolyNovo Ltd (ASX: PNV) share price was out of form last week and tumbled 7% lower. Once again, this appears to have been down to profit taking after strong gains in previous months. For example, even after last week’s declines, PolyNovo’s shares are still up over 35% since the start of the year.
The Megaport Ltd (ASX: MP1) share price was a poor performer last week and recorded a 6.9% decline. It appears as though investors were rotating funds out of the tech sector over the period. The provider of elastic interconnection services across data centres wasn’t the only tech share taking a tumble. The S&P/ASX 200 Information Technology index ran out of steam last week and fell 3.5% despite the ASX 200 pushing 1.9% higher.
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James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of Avita Medical Limited, MEGAPORT FPO, and POLYNOVO FPO. The Motley Fool Australia has recommended Avita Medical Limited and MEGAPORT FPO. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. 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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