Why these 4 ASX shares tumbled lower today

After a weak start to the day the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has taken off in afternoon trade and is up 0.7% to 5,848.70 points.

Four shares that have failed to follow the market higher today are listed below. Here’s why they have tumbled lower:

The Avz Minerals Ltd (ASX: AVZ) share price has continued its decline and is down a further 4.5% to 21.5 cents. Shareholders of the lithium-focused mineral exploration company appear to have lost faith with management after potentially sensitive on-site images were leaked on social media by one of the company’s paid advisors. No action has been taken by the company thus far.

The Airxpanders Inc (ASX: AXP) share price has fallen a further 2.5% to 19 cents. On Monday the medical device company’s shares halved in value after the shock resignation of its president and CEO. No reason was given for the surprise departure, which appears to have left shareholders concerned that there are problems behind the scenes.

The Idp Education Ltd (ASX: IEL) share price has dropped almost 3% to $7.24 despite there being no news out of the international student placement and language testing services company. I suspect that IDP Education’s shares are under pressure today from profit taking. After all, even after today’s decline the company’s shares are up over 64% since this time last year.

The Resapp Health Ltd (ASX: RAP) share price has tumbled over 5.5% to 16.5 cents after returning from a trading halt. This morning the medical technology company announced that it has developed an obstructive sleep apnoea (OSA) screen test for smart phones. The app uses machine-learning algorithms to measure the severity of OSA in a patient’s overnight breathing and snoring sounds recorded using a smartphone placed on a bedside table. The company is now recruiting patients for trials. Investors appear disappointed that the announcement wasn’t related to its ongoing Smartcough trial.

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Motley Fool contributor James Mickleboro has no position in any of the 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 Scott Phillips.

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