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 two disappointing trading days in a row with a push higher. At the time of writing the benchmark index is up 0.1% to 6,193.3 points.

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

The Althea Group Holdings Limited (ASX: AGH) share price has tumbled 6% lower to 61.5 cents. Althea is the latest medicinal cannabis company to hit the ASX boards and listed at a price of 20 cents per share on Friday. I suspect that its incredible gain since listing means that profit taking is weighing on its shares today.

The Australian Pharmaceutical Industries Ltd (ASX: API) share price has plunged almost 10% lower to $1.71. Today’s decline is likely to be attributable to a broker note out of Credit Suisse this morning. According to the note, the broker has downgraded the pharmacy chain operator’s shares to an underperform rating with a reduced price target of $1.55. Credit Suisse fears that its shares could be de-rated next month when its releases its full year results and updates the market on current trading conditions.

The Cedar Woods Properties Limited (ASX: CWP) share price has fallen 4.5% to $5.82. Almost all of today’s decline is attributable to the property developer’s shares going ex-dividend this morning for its final fully franked dividend of 18 cents per share. Eligible shareholders can now look forward to receiving this dividend in their nominated account on October 26.

The Lynas Corporation Ltd (ASX: LYC) share price has fallen a further 2% to $1.60. The rare earths producer’s shares have come under significant selling pressure this week after reports claimed that the Malaysian government was reviewing its operations in the country. The report suggests that a well-known anti-Lynas campaigner has been named as the head of the review. Management advised that “If that appointment is confirmed, then that will raise concerns.”

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