The S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has followed the lead of international markets and is on course to finish the week on a positive note. In afternoon trade the benchmark index is up 0.3% to 6,187.6 points.
Four shares that have failed to follow the market higher today are listed below. Here’s why they are ending the week in the red:
The Ellex Medical Lasers Ltd (ASX: ELX) share price has tumbled 10% to 74 cents. After the market close on Thursday the medical technology company released the results of its LEAD study. The three-year, randomised, multi-centre clinical trial was investigating the efficacy of Ellex 2RT Retinal Rejuvenation Therapy in intermediate age-related macular degeneration (AMD) patients. Although the results demonstrated a four-fold reduction in the rate of progression to late stage AMD in 76% of patients, the primary endpoint of the trial was not met.
The Michael Hill International Ltd (ASX: MHJ) share price has fallen 3% to 86.5 cents after the jewellery retailer announced the resignation of its CEO. According to the release, Phil Taylor has advised the board that he has been diagnosed with a health issue and has decided to resign to focus on his treatment and recovery. Specialty Fashion Group Ltd (ASX: SFH) CEO Daniel Bracken will be Mr Taylor’s replacement.
The Pendal Group Ltd (ASX: PDL) share price has dropped 7% to $8.52. This morning a note of UBS revealed that its analysts had held firm with their neutral rating but cut the price target on the fund manager’s shares by almost 7% to $9.80. The broker appears a touch concerned by the challenging outlook that its key JO Hambro business faces.
The Premier Investments Limited (ASX: PMV) share price has continued its decline and is down a further 4.5% to $18.15. Following the release of its full year result, the retail conglomerate’s shares were downgraded by UBS to a hold rating from buy with a price target of $18.50. The broker has made the move largely on valuation grounds. I would have to agree with this assessment.
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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 and has recommended Premier Investments Limited. The Motley Fool Australia owns shares of Ellex Medical Lasers 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.