Why Bapcor, Mayne Pharma, Race Oncology, and TechnologyOne shares are sinking

ASX shares downgrade A young woman with tattoos puts both thumbs down and scrunches her face with the bad news.

In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) has just dropped into the red. At the time of writing, the benchmark index is down slightly to 7,408.9 points.

Four ASX shares that are falling more than most today are listed below. Here’s why they are sinking:

Bapcor Ltd (ASX: BAP)

The Bapcor share price is falling again and down almost 5% to $7.11. Investors have been selling the auto parts retailer’s shares after the surprise announcement of the exit of its Chief Executive Officer and Managing Director, Darryl Abotomey. Mr Abotomey is stepping down after a decade leading the company on 28 February 2022.

Mayne Pharma Group Ltd (ASX: MYX)

The Mayne Pharma share price is down 3% to 29.2 cents. This appears to have been driven by the pharmaceutical company’s annual general meeting update this week. At the event, management was unable to provide guidance for the full year. It also warned that its performance has not been in line with expectations so far in FY 2022.

Race Oncology Ltd (ASX: RAC)

The Race Oncology share price has sunk 13% to $3.30. This means the oncology company’s shares have now given back all of yesterday’s gains and some more. Race’s shares jumped notably higher yesterday following the release of a study update.

TechnologyOne Ltd (ASX: TNE)

The TechnologyOne share price has continued to slide and is down a further 9% to $11.42. Investors have been selling the enterprise software company’s shares since the release of its full year results on Tuesday. TechnologyOne delivered a 43% increase in SaaS ARR to $192.3 million and a 19% lift in profit before tax to $97.8 million. However, this wasn’t enough for a couple of brokers. This morning both Macquarie and UBS downgraded the company’s shares to the equivalent of sell ratings. These downgrades were made largely on valuation grounds.

The post Why Bapcor, Mayne Pharma, Race Oncology, and TechnologyOne shares are sinking 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

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. has no position in any of the stocks mentioned. The Motley Fool Australia has recommended Bapcor. 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/3xfB64A

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s