Why Imugene, Link, Newcrest, and Zip shares are dropping

The S&P/ASX 200 Index (ASX: XJO) has followed the lead of US markets and is on course to end the day deep in the red. At the time of writing, the benchmark index is down 1.6% to 6,699.2 points.

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

Imugene Limited (ASX: IMU)

The Imugene share price is down 12% to 20.3 cents. This is despite the immuno-oncology company announcing that its Phase 1 MAST (metastatic advanced solid tumours) study evaluating the safety of novel cancer-killing virus CF33-hNIS (VAXINIA) has seen the first patient dosed as part of intravenous cohort 1 in the trial.

Link Administration Holdings Ltd (ASX: LNK)

The Link share price is down over 4% to $3.29. Investors have been selling this administration services company’s shares after the proposed takeover by Dye & Durham took another step towards collapsing. This morning Link advised that the UK Financial Conduct Authority (FCA) has hit it with a 50 million pounds (A$85 million) penalty for the Woodford investigation. This is on top of the restitution payment of approximately 306.1 million pounds (A$520 million).

Newcrest Mining Ltd (ASX: NCM)

The Newcrest share price is down 2.5% to $16.71. Investors appear concerned that the gold price could come under pressure if the US Federal Reserve makes a big increase to interest rates this week. It isn’t just Newcrest that is falling today. The S&P/ASX All Ords Gold index is down 2.5% at the time of writing.

Zip Co Ltd (ASX: ZIP)

The Zip share price is down 6.5% to 72.5 cents. Investors have been selling Zip’s shares despite there being no news out of the buy now pay later provider. However, it is worth noting that the tech sector is a sea of red today following a broad market selloff.

The post Why Imugene, Link, Newcrest, and Zip shares are dropping appeared first on The Motley Fool Australia.

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More reading

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• Here are the top 10 ASX 200 shares today
• Why Clinuvel, EML, Infomedia, and Link shares are dropping today
• The ASX 200 is getting a shakeup today. Here’s the tea

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 Link Administration Holdings Ltd and ZIPCOLTD FPO. 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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