The S&P/ASX 200 index is on course to finish the week on a positive note. In afternoon trade the benchmark index is up almost 0.5% to 6,708.8 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 Clinuvel Pharmaceuticals Limited (ASX: CUV) share price has fallen almost 5% to $24.32 despite there being no news out of the skin disorder-focused biopharmaceutical company. This latest decline means that the company’s shares have now shed over 38% of their value since peaking at $39.85 in June.
The Newcrest Mining Limited (ASX: NCM) share price has come under pressure and dropped almost 3% to $34.90 after the spot gold price tumbled lower again. The catalyst for this appears to have been easing trade war concerns after the United States and China agreed to hold trade talks in Washington next month.
The Starpharma Holdings Limited (ASX: SPL) share price is down 2.5% to $1.15. This appears to have been driven by profit taking after the dendrimer products developer’s shares surged higher on Thursday following a positive announcement. That announcement revealed that the U.S. Food and Drug Administration has authorised the use of AstraZeneca’s DEP Bcl2/xL conjugate AZD0466 in clinical trials under an investigational new drug application. AstraZeneca believes this product has the potential to be a best-in-class agent in this field with a broad combination opportunity in solid and haematological tumours.
The Wattle Health Australia Ltd (ASX: WHA) share price has continued its slide and is down a further 8% to 53 cents. This latest decline means that the infant formula company’s shares have now dropped almost 26% since this time on Monday. Investors appear to have been taking profit after its shares surged higher following the Bellamy’s Australia Ltd (ASX: BAL) takeover approach from a Chinese dairy company.
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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 Starpharma Holdings Limited. The Motley Fool Australia has recommended Starpharma Holdings 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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