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

In afternoon trade the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) is on course to start to the week in disappointing fashion. At the time of writing the index is down 0.5% to 5,906.2 points.

Four shares that have fallen more than most today are listed below. Here’s why they have started the week in the red:

The Biotron Limited (ASX: BIT) share price has fallen 8.5% to 26.5 cents despite there being no news out of the drugs development company. I suspect that some investors have been taking profit today after Biotron’s shares rocketed higher over the last few weeks. At one stage its shares had gained over 1,000% in less than a month following the release of positive news relating to its lead drug candidate BIT225.

The Eden Innovations Ltd (ASX: EDE) share price is down 5% to 10 cents. Much like Biotron’s shares, the clean energy company’s shares have been on fire recently following positive company developments. This is likely to have left its shares vulnerable to profit taking from day traders during the market selloff today.

The Flight Centre Travel Group Ltd (ASX: FLT) share price has tumbled 10% to $46.16 following the release of its full year guidance ahead of its annual general meeting in Brisbane today. In FY 2019 management is targeting an underlying profit before tax between $390 million and $420 million. This would be between 1.3% and 9.2% higher than its FY 2018 profit before tax of $384.7 million. A weak performance from its Australian Leisure segment due to EBA negotiations and the disruption resulting from the ABC story are to blame for its slowing growth.

The WiseTech Global Ltd (ASX: WTC) share price has dropped 5% to $16.64 despite there being no news out of the logistics platform provider. WiseTech Global is just one of a number of Australian tech shares that have been sold off today following a disappointing end to the week on Wall Street’s NASDAQ index.

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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 Flight Centre Travel Group Limited. The Motley Fool Australia owns shares of WiseTech Global. 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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