The S&P/ASX 200 Index (ASX: XJO) has returned to form on Friday. In afternoon trade, the benchmark index is up 0.5% to 7,759.5 points.
Four ASX shares that have failed to follow the market higher today are listed below. Here’s why they are falling:
Cettire Ltd (ASX: CTT)
The Cettire share price is down 2% to $3.12. This is despite there being no news out the online luxury retailer. However, this decline could have been driven by concerns over consumer spending following a series of subdued updates from retailers this week. The team at Bell Potter is likely to see this as a buying opportunity. Earlier this week, the broker retained its buy rating and $4.00 price target on the company’s shares.
De Grey Mining Limited (ASX: DEG)
The De Grey Mining share price is down 2% to $1.24. Investors have been selling this gold developer’s shares following the completion of an institutional entitlement offer and placement. De Grey Mining has raised approximately $514.3 million at a discount of $1.10 per new share. Proceeds from the equity raising, together with existing cash, are expected to fully fund the equity component of the project financing for the Hemi Gold Project in Western Australia. Managing Director, Glenn Jardine, believes the support from existing and new shareholders “reflects the high quality of the Hemi Gold Project at a global level.”
Life360 Inc (ASX: 360)
The Life360 share price is down 3% to $15.00. This follows the release of the location technology company’s first quarter update. Although Life360 delivered very strong growth across the board, the market appears to have been expecting management to lift its guidance for the full year. However, this has only been reiterated despite its impressive start to the financial year. It continues to expect to report consolidated revenue of US$365 million to US$375 million and adjusted EBITDA of US$30 million to US$35 million. The Life360 share price was down as much as 9% at one stage on Friday before rebounding strongly off its lows.
Neuren Pharmaceuticals Ltd (ASX: NEU)
The Neuren Pharmaceuticals share price is down almost 2% to $18.98. Investors have been selling this pharmaceuticals company’s shares since the release of its quarterly sales update on Thursday. That update revealed that its partner, Acadia Pharmaceuticals (NASDAQ: ACAD) achieved net sales of Daybue in the United States of US$75.9 million. This was a touch short of its guidance of US$76 million to US$82 million. Nevertheless, Acadia reiterated its FY 2024 guidance for net sales of between US$370 million and US$420 million.
The post Why Cettire, De Grey Mining, Life360, and Neuren shares are falling today appeared first on The Motley Fool Australia.
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More reading
- Why is the Life360 share price sinking 9% today?
- 5 things to watch on the ASX 200 on Friday
- Why this high-flying ASX 200 healthcare stock just crashed 11%
- 2 ASX gold shares making big news today (one up 300%!)
- Would I still buy Life360 shares as they hit all-time highs?
Motley Fool contributor James Mickleboro has positions in Life360. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Life360. The Motley Fool Australia has recommended Cettire. 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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