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Why Crown Resorts, Mirvac, Opthea, & Northern Star shares dropped lower today

In afternoon trade the S&P/ASX 200 index is on course to finish a volatile week on a positive note. At the time of writing the benchmark index is up 0.2% to 6,582 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 Crown Resorts Ltd (ASX: CWN) share price is down 2% to $11.35 after the NSW Independent Liquor & Gaming Authority advised that it will be conducting an inquiry into the proposed sale of shares in Crown Resorts from James Packer’s CPH Crown Holdings to Lawrence Ho’s Melco Resorts & Entertainment. This sparked concerns that the $13.00 per share sale may no longer go ahead and Mr Packer may have to look for a new buyer at a lower price.

The Mirvac Group (ASX: MGR) share price has dropped 4% to $3.26. This means the diversified property group has now given back the gains it made on Thursday following the release of its full year results. The catalyst for this may have been a broker note out of UBS this morning. It retained its sell rating on the company’s shares on valuation grounds. The broker has a $2.90 price target on its shares.

The Opthea Ltd (ASX: OPT) share price has tumbled 3.5% lower to $2.18. This decline appears to be due to profit-taking after the shares of the developer of novel biologic therapies for the treatment of eye diseases more than doubled in value on Thursday. Investors were fighting to get hold of its shares after it revealed positive Phase 2b results for its OPT-302 combination therapy.

The Northern Star Resources Ltd (ASX: NST) share price is down 2.5% to $13.26 after improving investor sentiment led to the spot gold price edging lower. Northern Star isn’t the only gold miner on the slide today. At the time of writing the S&P/ASX All Ords Gold index is down over 1.1%.

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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 Crown Resorts 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.

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