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Sirtex Medical Limited shares just dropped 4.3% on no news

Credit: Sirtex Medical

Shares in Sirtex Medical Limited (ASX: SRX) fell more than 4 per cent in Monday’s trade despite the liver cancer treatment specialist releasing no news to the market. The company’s share price has been volatile after a turbulent 12 months that included a big profit downgrade and the summary sacking of a long-serving CEO.

The business is also facing multiple potential class actions over alleged breaches of its continuous disclosure obligations related to last December’s guidance downgrade.

Sirtex is due to hold its Annual General Meeting on October 24 where investors may get an update as to how dose sales of its selective internal radiation (SIR) spheres are tracking over the first quarter of FY 2018.

If sales growth is still weakening in its core U.S. market some investors may head for the exits. Short sellers are already betting against the company with 4.5 per cent of the stock reportedly sold short as at October 10 2017.

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Motley Fool contributor Tom Richardson has no financial interest in any company 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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