Why Block, Mincor, Race Oncology, and Weebit Nano shares are sinking today

The S&P/ASX 200 Index (ASX: XJO) is having another red day on Friday. In afternoon trade, the benchmark index is down 0.3% to 6,947.6 points.

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

Block Inc (ASX: SQ2)

The Block share price has crashed 19% to $88.60. Investors have been selling this payments company’s shares after it was the subject of a short seller attack. Hindenburg Research alleges that Block’s flagship Cash App product facilitates crime and lacks strong compliance controls. It also claims that Block is inflating user metrics.

Mincor Resources NL (ASX: MCR)

The Mincor share price is down 2% to $1.51. This may have been driven by a combination of profit taking from investors and a broker downgrade. In respect to the latter, the team at Bell Potter has downgraded the nickel miner’s shares to a hold rating with a $1.70 price target. It believes Wyloo Metals’ takeover approach is opportunistic.

Race Oncology Ltd (ASX: RAC)

The Race Oncology share price is down 8% to $1.84. This morning the oncology company announced a surprise change to its leadership team. Race Oncology revealed that Dr Daniel Tillett has stepped down from his roles of executive director and chief scientific officer.

Weebit Nano Ltd (ASX: WBT)

The Weebit Nano share price is down over 10% to $4.97. This has been driven by the semiconductor company completing an institutional placement this morning. Weebit Nano has raised $45 million via a fully underwritten institutional placement at a 9.7% discount of $5.00 per new share. The proceeds will be used to fund the further development and commercial roll-out of Weebit Nano’s ReRAM technology.

The post Why Block, Mincor, Race Oncology, and Weebit Nano shares are sinking today appeared first on The Motley Fool Australia.

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More reading

• Why is ASX All Ords healthcare share Race Oncology plummeting 10% today?
• Why is the Weebit Nano share price sinking 12% today?
• Block share price crashes 15% after scathing short seller attack
• 5 things to watch on the ASX 200 on Friday
• Why Brickworks, Healius, Mincor, and Northern Star shares are rising today

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 positions in and has recommended Block. The Motley Fool Australia has positions in and has recommended Block. 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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