The S&P/ASX 200 index looks set to finish the week on a high on Friday. In afternoon trade the benchmark index is up 0.65% to 6,761.1 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 Neuren Pharmaceuticals Ltd (ASX: NEU) share price is down 7.5% to $1.99. This morning the biopharmaceutical company provided an update on its outlook for the fourth quarter. During the quarter the company expects its North American partner, ACADIA, to commence the LAVENDER Phase 3 trial of trofinetide in Rett syndrome. It also expects the US FDA to complete its review of the three applications for Orphan Drug designation for NNZ-2591 in each of Phelan-McDermid syndrome, Angelman syndrome, and Pitt Hopkins syndrome that was submitted at the end of July.
The OFX Group Ltd (ASX: OFX) share price has fallen 3% to $1.56. This decline could be down to profit taking after a strong gain on Thursday. The shares of the global provider of online international payment services raced higher after it announced an exclusive strategic partnership with Link Administration Holdings Ltd (ASX: LNK) to become its preferred partner in Australia for international payments such as dividends and corporate action payments on Link’s Investor Centre platform.
The Rural Funds Group (ASX: RFF) share price has fallen a further 4% to $1.65. The agriculture-focused property group’s shares have come under pressure again this week after another short seller attack. Hong Kong-based advisory firm Bucephalus Research has alleged that Rural Funds’ assets have been inflated through financial engineering and creative accounting. It also compared the company to a Ponzi scheme that could collapse at any time.
The Syrah Resources Ltd (ASX: SYR) share price has tumbled 4.5% to 51 cents despite there being no news out of the graphite producer. However, its shares have come under significant pressure this month after it downgraded its production materially due to weakening graphite prices.
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James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of Link Administration Holdings Ltd. The Motley Fool Australia owns shares of and has recommended RURALFUNDS STAPLED. The Motley Fool Australia has recommended Link Administration Holdings Ltd. 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.