Why these 4 ASX shares have started the week in the red

The S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has had a solid start to the week and is up 0.2% to 6,284.7 points in afternoon trade.

Four shares which have failed to follow the market higher today are listed below. Here’s why they have started the week in the red:

The Altium Limited (ASX: ALU) share price has dropped 1.5% to $21.90 following the release of a broker note out of Ord Minnett. According to the note, the broker has initiated coverage on Altium with a sell rating and $16.54 price target. Its analysts are struggling with its valuation and believe there isn’t enough recurring revenue to justify it.

The Bionomics Ltd (ASX: BNO) share price has fallen 2% to $1.51 despite the biopharmaceutical company releasing news related to its phase 2 trial of BNC210 for the treatment of PTSD. According to the release, all 193 patients enrolled in the RESTORE trial have completed their treatment phase of the study. Results of this clinical trial are expected to be available in the first-quarter of the 2019 calendar year.

The Domino’s Pizza Enterprises Ltd (ASX: DMP) share price has continued its decline and is down 4% to $47.11. The pizza chain operator’s shares have come under pressure over the last few trading sessions after being downgraded to a sell rating by two leading brokers. Both appear concerned that its international operations could weigh heavily on its results in August, preventing the company from achieving its guidance.

The Gentrack Group Ltd (ASX: GTK) share price is down 3% to $6.21 after announcing the completion of the institutional entitlement and shortfall bookbuild part of its entitlement offer. Gentrack successfully raised gross proceeds of approximately NZ$52.4 million. A total of approximately NZ$90 million will be raised under the offer to fund its acquisition of Evolve Parent Limited and Evolve Analytics Limited for £23 million (NZ$44.2 million).

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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of Altium. The Motley Fool Australia has recommended Domino's Pizza Enterprises Limited and GENTRACK FPO NZ. 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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