Why is the Polynovo share price down over 12%?

A male Avita Medical doctor wearing a white lab coat shrugs his shoulders and holds his hands up in the air looking confused

A male Avita Medical doctor wearing a white lab coat shrugs his shoulders and holds his hands up in the air looking confused

The Polynovo Ltd (ASX: PNV) share price is down heavily on Monday. At the time of writing, it is around 12.2% IN THE RED.

That’s significantly worse than the S&P/ASX 200 Index (ASX: XJO) which is only down by 0.1%. Meanwhile, the S&P/ASX Small Ordinaries Index (ASX: XSO) is down by 0.75%.

Small-cap ASX shares are hurting more than their larger counterparts.

The business hasn’t released any news today. Indeed, it has been around a month since the company announced anything.

There are many other smaller ASX shares that are also down heavily. For example, the Appen Ltd (ASX: APX) share price is down 15.3%, the Cettire Ltd (ASX: CTT) share price is down 14.1%, the Sezzle Inc (ASX: SZL) share price is down 11.7%, the Archer Materials Ltd (ASX: AXE) share price is down 11.2% and the Praemium Ltd (ASX: PPS) share price has dropped around 11%.

Why is the Polynovo share price hurting?

Sometimes there isn’t an explainable reason. There isn’t any company-specific news.

However, when looking at the Polynovo share price, it is only back down to where it was last week.

Over the past month, it is still up by 16% despite today’s decline. So, this could simply be some investors taking short-term profit off the table.

Reporting by the Australian Financial Review indicates that there is going to be a “global economic slowdown” as business activity was weaker than expected in the US and Europe. With strong inflation ongoing, this could mean central banks aren’t able to create a “soft landing” for the global economy.

The post Why is the Polynovo share price down over 12%? 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 over ten 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

See The 5 Stocks
*Returns as of July 7 2022

(function() {
function setButtonColorDefaults(param, property, defaultValue) {
if( !param || !param.includes(‘#’)) {
var button = document.getElementsByClassName(“pitch-snippet”)[0].getElementsByClassName(“pitch-button”)[0];
button.style[property] = defaultValue;
}
}

setButtonColorDefaults(“#0095C8”, ‘background’, ‘#5FA85D’);
setButtonColorDefaults(“#0095C8”, ‘border-color’, ‘#43A24A’);
setButtonColorDefaults(“#fff”, ‘color’, ‘#fff’);
})()

More reading

Motley Fool contributor Tristan Harrison has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Appen Ltd, Cettire Limited, POLYNOVO FPO, and Praemium Limited. The Motley Fool Australia has recommended Cettire Limited and Praemium Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

from The Motley Fool Australia https://ift.tt/P9oHqFC

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 )

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