In afternoon trade the S&P/ASX 200 Index is on course to finish the week on a very positive note thanks partly to solid gains in the banking sector. At the time of writing the benchmark index is up a sizeable 0.7% to 6,241.8 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 AVITA Medical Ltd (ASX: AVH) share price has crashed 12.5% lower to 34.5 cents. The global regenerative medicine company's shares have been on a rollercoaster ride this week. At one stage they hit a multi-year high of 54 cents but have now pulled back by over 23% since hitting that level. Shareholders can take comfort in the knowledge that despite today's disappointing decline, its shares are still up over 320% since the start of the year.
The Bellamy's Australia Ltd (ASX: BAL) share price has tumbled almost 3.5% lower to $9.76 after the infant formula company's shares were downgraded by a leading broker. According to a note out of Citi, its analysts have downgraded Bellamy's shares to a neutral rating with a $10.50 price target. The broker made the move on valuation grounds after a strong share price rise since the start of the year.
The Evolution Mining Ltd (ASX: EVN) share price has fallen 2.5% to $3.60 after a sizeable decline in the gold price overnight. According to CNBC, the spot gold price fell 1.4% overnight to US$1,295.30 an ounce due to profit taking from traders. The S&P/ASX All Ords Gold index is down 1.2% at the time of writing.
The Volpara Health Technologies Ltd (ASX: VHT) share price is down almost 8% to $1.69 despite there being no news out of the healthcare technology company. However, Volpara's shares were on fire earlier this week after announcing a better than expected full year update. I suspect this has led to investors taking profit today.
