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Why these 4 ASX shares have tumbled lower today

In afternoon trade the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has put yesterday’s decline behind it and carved out a solid 0.4% gain to 5,768 points.

Unfortunately not all shares are climbing higher with the market today. In fact, the four shares listed below have tumbled notably lower.

The Dorsavi Ltd (ASX: DVL) share price has tumbled 14% to 30 cents despite there being no news out of the company behind the ViSafe, ViMove and ViPerform motion analysis products. This latest decline means that DorsaVi’s shares have now shed a disappointing 44% of their value year-to-date.

The Mayne Pharma Group Ltd (ASX: MYX) share price has continued to slide lower, this time by 5.5% to 76 cents. The pharmaceutical company’s shares have come under heavy selling pressure in the last couple of days after it warned of tough trading conditions in the retail generic drugs channel. Although its shares look to be great value, I would suggest investors hold off an investment until conditions improve.

The Primary Opinion Ltd (ASX: POP) share price has fallen 11% to 2.4 cents a day after its shares rocketed a whopping 80% higher. Yesterday the shares of company which has a 48% interest in the Maggie Beer food products business rocketed higher after it announced that the former CEO of Bellamy’s Australia Ltd (ASX: BAL), Laura McBain, would join the company this week as its new managing director.

The Resapp Health Ltd (ASX: RAP) share price has plunged a massive 78% to 7 cents after the digital healthcare company announced the failure of its Smartcough C study results. According to the release, analysis of the study data revealed many issues and the predefined endpoints for positive percent agreement and negative percent agreement with clinical diagnosis are unlikely to be met. Although it looks cheap now, I would caution against buying the dip.

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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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