In morning trade the S&P/ASX 200 Index (ASX: XJO) is on course to record another decline. At the time of writing, the benchmark index is down 0.15% to 6,667.8 points.
Four shares that have fallen more than most today are listed below. Here’s why they are dropping lower:
Afterpay Ltd (ASX: APT)
The Afterpay share price is down 1.5% to $110.25. The tech sector has come under pressure again on Wednesday amid a rotation to value and cyclical stocks. This has led to the S&P/ASX All Technology Index (ASX: XTX) falling 1% today. On Tuesday analysts at Citi held firm with their neutral rating but lifted their price target on the company’s shares to $115.00.
Altium Limited (ASX: ALU)
The Altium share price is down almost 5% to $28.68. Investors have been selling this electronic design software company’s shares since the release of its first half guidance on Tuesday. This morning analysts at Macquarie responded to the disappointing update by retaining their neutral rating but cutting their price target by 11.5% to $31.00.
Mesoblast limited (ASX: MSB)
The Mesoblast share price has fallen over 5.5% to $2.45. This appears to have been driven by profit taking after some strong gains this week. The biotech company’s shares surged higher after it released a positive trial update. That update revealed that its rexlemestrocel-L drug provides a reduction in heart attacks, strokes, and cardiac death in patients with chronic heart failure.
PolyNovo Ltd (ASX: PNV)
The PolyNovo share price has fallen a further 7% to $2.75. The medical device company’s shares have come under pressure this week following the release of a trading update. Although that update revealed a 31% increase in first half sales, it would have been much stronger had its second quarter performance not underwhelmed. PolyNovo delivered a 75% increase in sales during the first quarter, but this was offset by the softening of sales in October and November.
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Returns as of 6th October 2020
More reading
- Why 1 broker thinks the Mesoblast (ASX:MSB) share price can run higher
- Is the Altium (ASX: ALU) share price in the buy zone after its update?
- 5 things to watch on the ASX 200 on Wednesday
- ASX 200 drops lower
- Objective (ASX:OCL) share price continues its rise in 2021 after doubling last year
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 and recommends Altium. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of POLYNOVO FPO. The Motley Fool Australia owns shares of AFTERPAY T FPO. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.
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