In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) has dropped back into the red. At the time of writing, the benchmark index is down 0.15% to 7,442.1 points.
Four ASX shares that are falling more than most today are listed below. Here’s why they are tumbling:
Actinogen Medical Ltd (ASX: ACW)
The Actinogen Medical share price has sunk 15% to 16.2 cents. This is despite Actinogen announcing the receipt of approval from the US FDA for its Investigational New Drug (IND) application. This application is for a Phase 2 protocol which will test Xanamem in treating male adolescents and young adults with Fragile X Syndrome. The trial will enrol approximately 50 patients for a 12-week treatment period, with results expected in 2023.
AVITA Medical Inc (ASX: AVH)
The AVITA Medical share price is down 12% to $4.48 following the release of its first quarter update. The regenerative medicine company announced a 39% increase in revenue to US$7 million but still recorded a loss of US$5.9 million. Looking ahead, management isn’t expecting sequential growth in the second quarter. It has guided to revenue of US$7 million for the period. This reflects the anticipated impact of hospital staffing challenges as well uncertainty with the pandemic.
Inghams Group Ltd (ASX: ING)
The Inghams share price is down a further 3% to $3.43. Investors continue to sell this poultry company’s shares in response to its annual general meeting update last week. At the event, management warned that its financial performance was being impacted by sustained input cost pressures.
National Australia Bank Ltd (ASX: NAB)
The NAB share price is down almost 2% to $28.62. This follows the release of the banking giant’s full year results this morning. Although NAB delivered a 76.8% increase in cash earnings to $6,558 million, this was slightly below expectations. For example, Morgans was forecasting cash earnings of $6,597 million for FY 2021. In addition, management warned that competitive pressures are expected to continue in FY 2022, impacting housing lending margins.
The post Why Actinogen, AVITA, Inghams, and NAB shares are falling appeared first on The Motley Fool Australia.
Wondering where you should invest $1,000 right now?
When investing expert Scott Phillips has a stock tip, it can pay to listen. After all, the flagship Motley Fool Share Advisor newsletter he has run for more than eight years has provided thousands of paying members with stock picks that have doubled, tripled or even more.*
Scott just revealed what he believes could be the five best ASX stocks for investors to buy right now. These stocks are trading at near dirt-cheap prices and Scott thinks they could be great buys right now.
*Returns as of August 16th 2021
More reading
- Avita Medical (ASX:AVH) share price sinks 11% on Q1 earnings
- The NAB (ASX:NAB) dividend doubled in FY21: Here’s what you need to know
- Why the Actinogen (ASX:ACW) share price is sinking 16% on Tuesday
- ASX 200 (ASX:XJO) midday update: NAB result disappoints, PointsBet surges
- NAB (ASX:NAB) share price falls despite bumper $6.56 billion cash profit
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 Avita Medical Limited. The Motley Fool Australia has recommended Avita Medical Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.
from The Motley Fool Australia https://ift.tt/31KUU4j
Leave a Reply