It was a disappointing five days for the S&P/ASX 200 Index (ASX: XJO) last week. The benchmark index ended the period 35.3 points or 0.5% lower at 7,273.3 points.
While a good number of ASX 200 shares tumbled last week, some fells more than most. Here’s why these were the worst performers on the benchmark index:
PolyNovo Ltd (ASX: PNV)
The PolyNovo share price the worst performer on the ASX 200 last week with a 13.4% decline. This was despite there being no news out of the medical device company. However, the PolyNovo share price has been under a lot of pressure in 2021 due to concerns over slowing sales late in the first half. This latest decline means its shares are down 40% since the start of the year.
Nine Entertainment Co Holdings Ltd (ASX: NEC)
The Nine share price wasn’t far behind with a 10.8% decline. This decline may have been driven by a broker note out of Macquarie. Last week the broker downgraded the entertainment company’s shares to a neutral rating and slashed the price target on them to $3.00. The broker made the move on valuation grounds and due to concerns over short term headwinds.
Clinuvel Pharmaceuticals Limited (ASX: CUV)
The Clinuvel share price was a poor performer and sank 10.1% over the five days. Investors were selling this biopharmaceutical company’s shares following the release of a change of director’s interests notice. That notice reveals that the company’s CEO, Philippe Wolgen, has sold 122,675 shares on-market recently. Dr Wolgen received a total consideration of approximately $3.75 million.
Appen Ltd (ASX: APX)
The Appen share price was out of form and dropped 9% last week. This decline appears to have been caused by news that a major shareholder has been selling down its holding shortly after building it up. According to a ceasing to be a substantial holder notice, the Capital Group Companies has been selling a significant number of shares just a month after buying them. Its most recent sale involved 583,170 shares for just a touch over $8 million on 1 July.
The post These were the worst performing ASX 200 shares last week appeared first on The Motley Fool Australia.
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Motley Fool contributor 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 has recommended Appen Ltd and POLYNOVO FPO. The Motley Fool Australia owns shares of and has recommended Appen Ltd. 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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