Why these 4 ASX shares have sunk lower today

The Hydroponics Company Ltd (ASX:THC) share price is one of four sinking notably lower today. Here’s what you need to know…

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Budget results in share price falling

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After a solid start to the day, in afternoon trade the benchmark S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has faded and finds itself down 0.1% to 5,718 points.

Four shares falling more than most today are listed below. Here’s why they have sunk lower:

The Bionomics Ltd (ASX: BNO) share price has tumbled 5% to 46 cents despite there being no news out of the fledgling biotechnology company. But with its shares up over 40% year-to-date I wouldn’t be surprised if today’s decline related to profit-taking. I wouldn’t be in a rush to sell shares if I were a shareholder, I think Bionomics is one of the most exciting biotech shares in Australia.

The CogState Limited (ASX: CGS) share price has fallen over 5% to $1.06 following the release of its full-year guidance. Unfortunately the cognitive science company has had a weaker-than-expected second-half due to delays in the execution of sales contracts. As a result, management expects to post a $1 million loss this year.

The Hydroponics Company Ltd (ASX: THC) share price has plunged 8% to 29 cents even though the diversified cannabis company announced that it has been granted a medicinal cannabis licence. Management believes it is now well placed to lead the development of high quality and cost effective medicines derived from cannabis sativa.

The Reckon Limited (ASX: RKN) share price is down almost 7% to $1.51. This latest gain means the software solutions company’s shares have now fallen close to 12% in the last 30 days. At present Reckon is in the process of demerging its Document Management segment into an independent and UK-listed company by the name of GetBusy Plc.

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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