Why Brainchip, Core Lithium, Deterra Royalties, and Mesoblast shares are falling

In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to end the week with a solid gain. At the time of writing, the benchmark index is up 0.9% to 7,343.7 points.

Four ASX shares that have failed to follow the market higher today are listed below. Here’s why they are falling:

Brainchip Holdings Ltd (ASX: BRN)

The Brainchip share price is down a further 1.5% to 66 cents. This semiconductor company’s shares have come under pressure this week after it raised capital again. Investors appear concerned that this could mean the company’s latest quarterly sales performance underwhelmed and it needed a cash injection.

Core Lithium Ltd (ASX: CXO)

The Core Lithium share price is down 3% to $1.15. This may have been driven by a bearish broker note out of Goldman Sachs this morning. According to the note, the broker has reiterated its sell rating and 95 cents price target on this lithium developer’s shares. Goldman believes Core Lithium’s shares are overvalued at the current level.

Deterra Royalties Ltd (ASX: DRR)

The Deterra Royalties share price is down 2.5% to $4.68. This may also have been driven by a broker note out of Goldman Sachs. This morning, the broker downgraded the mining royalties company’s shares to a neutral rating with a $4.50 price target. Goldman made the move largely on valuation grounds after a strong gain since October.

Mesoblast Ltd (ASX: MSB)

The Mesoblast share price is down 2.5% to 93.5 cents. This is despite there being no news out of the biotech company. However, with its shares up strongly since the start of the year, some profit taking could be happening. The Mesoblast share price remains up 7% year to date.

The post Why Brainchip, Core Lithium, Deterra Royalties, and Mesoblast shares are falling appeared first on The Motley Fool Australia.

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More reading

• Here’s what Goldman Sachs is saying about the Core Lithium share price now
• Here are the 3 most heavily traded ASX 200 shares on Thursday
• Which ASX lithium shares are producing and which are not in 2023?
• Why has the Core Lithium share price already surged 18% this year?
• Will Core Lithium turn a profit in 2023?

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 no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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