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Why these 4 ASX shares have dropped lower today

In afternoon trade the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has bounced back from yesterday’s decline and is up over 0.4% to 6,210.8 points.

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

The Amaysim Australia Ltd (ASX: AYS) share price has fallen almost 5% to $1.03 despite there being no news out of the junior telco. This decline comes despite a reasonably positive broker note release earlier this week. That note revealed that Goldman Sachs has retained its buy rating but reduced the price target on Amaysim’s shares to $1.30.

The Auscann Group Holdings Ltd (ASX: AC8) share price has tumbled over 5% to $1.21 after announcing the completion of a $33.4 million placement to institutional and sophisticated investors from North America and Australia at a price of $1.10 per share. AusCann will use the proceeds to fund cannabinoid pharmaceutical R&D and clinical studies, expand its operations in Chile and Australia, medical outreach programs in new international markets, and working capital

The Bellamy’s Australia Ltd (ASX: BAL) share price has continued its decline and is down a further 7% to $13.15. The infant formula company’s shares have come under pressure this week following a broker note out of Goldman Sachs. Although the broker retained its buy rating on Bellamy’s, it slashed its price target due to concerns that the CFDA approval process could be delayed for a number of months. When the dust settles I think this could be a buying opportunity.

The Domino’s Pizza Enterprises Ltd. (ASX: DMP) share price has plunged almost 9% to $49.09 after the pizza chain operator was downgraded by no less than two brokers this morning. Both Citi and Credit Suisse have downgraded Domino’s to the equivalent of sell ratings. Strong share price gains in recent weeks and concerns over its Japan operations appear to be partly behind both moves.

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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia has recommended Domino's Pizza Enterprises Limited. 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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