In afternoon trade the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has followed the lead of international markets and stormed 1.3% higher to 5,970 points.
Four shares that have failed to follow the market higher today are listed below. Here's why they have sunk lower:
The Cynata Therapeutics Ltd (ASX: CYP) share price has tumbled 7% to $1.22 on Tuesday. Considering the biotech company's shares have rallied an incredible 144% since this time last year, I think there may be a little bit of profit taking weighing on them today. Though I would argue that this gain has been justified and Cynata is one to watch in the industry.
The Freedom Foods Group Ltd (ASX: FNP) share price has fallen almost 3% to $4.95 despite there being no news out of the food company. Yesterday a research note out of Morgans labelled Freedom Foods a hold with a price target of $5.05. This may have prompted some shareholders to take a bit of profit of the table today. I think Freedom Foods is close to fully valued, but a good option for long-term investors.
The Retail Food Group Limited (ASX: RFG) share price has plunged 13% to $1.12. Investors continue to head to the exits after the food and beverage company's shares returned to trade this week after being halted ahead of the release of its weak half-year result. The company also chose to suspend its dividend indefinitely.
The Wattle Health Australia Ltd (ASX: WHA) share price has continued its decline, this time by almost 4% to $2.10. The infant formula and baby food hopeful has come under pressure since its half-year results showed that the company generated revenue of $660,000 and posted a massive $13.1 million loss. This caused many investors and media commentators to question why it was trading on such a monstrous valuation.
