Why these 4 ASX shares are getting hammered

Somnomed Limited (ASX:SOM) was one of four shares acting as a drag on the S&P/ASX 200 (Index:^AXJO) (ASX:XJO) today.

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Whilst the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) may have delivered a third successive day of gains for investors, not all shares on the index followed it on Wednesday.

There were four shares in particular which acted as a drag on the market to drop lower. Here's what happened:

1-Page Ltd (ASX: 1PG) shares dropped over 5% to 52.5 cents on Wednesday. Today's drop in its share price extends the tech company's decline to a massive 85% so far in 2016. It isn't hard to see why investors have been heading to the exits either. In its most recent quarter the company reported receipts from customers of just $94,000, while the company spent $5 million on operating expenses. In my opinion this is one tech share to stay clear of.

1-Page shares have climbed almost 12% in the last 30 days.

Audio Pixels Holdings Ltd (ASX: AKP) has dropped almost 5% to $27. The company is involved in the development and commercialisation of digital speakers. According to its presentation these speakers use techniques that have the potential to improve both the quality of sound and also the size of speakers. Although the company has advised that its speakers are close to production, I feel the rapid rise in its share price in recent months is based on pure speculation and could be prone to falling.

Audio Pixels' share price has risen over 36% in the last 30 days.

Base Resources Limited (ASX: BSE) shares plummeted 12.5% to 14 cents following the release of its investor presentation. Despite the mineral sands producer's management painting a positive outlook for the year ahead, the market doesn't appear to have seen enough in it to stay invested.

Base Resources shares are still up over 215% this year despite today's declines.

Somnomed Limited (ASX: SOM) shares didn't have the best day and slid 2.4% lower to $3.26. I feel the slight drop in its share price could make the sleep apnea treatment solutions company an interesting option for investors. Its sleep apnea solutions are not only less expensive and invasive than many alternatives on the market, but it has the advantage that doctors are potentially more likely to recommend it based on higher compliance rates. Definitely worth adding to your watch list in my opinion.

Somnomed shares are up almost 22% this year.

Motley Fool contributor James Mickleboro has no position in any stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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