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Why Altium, Cann Group, NIB, & Pro Medicus shares are dropping lower

In afternoon trade the S&P/ASX 200 index is on course to end the year on a very disappointing note. At the time of writing the benchmark index is down 1.7% to 6,690.5 points.

Four shares that have fallen more than most today are listed below. Here’s why they are dropping lower:

The Altium Limited (ASX: ALU) share price is down almost 4% to $34.78 despite there being no news out of it. However, a number of tech shares have come under pressure today after their U.S. counterparts dropped lower. The catalyst for this appears to have been some end of year profit taking after stellar gains in 2019. Despite Altium’s decline today, it is on course to record a gain of 61% this year.

The Cann Group Ltd (ASX: CAN) share price is crashing 8% lower to 62 cents. On Monday the cannabis company’s shares rocketed higher amid speculation that Coca-Cola was planning to launch a CBD product range with cannabis giant Aurora Cannabis. As Cann Group has close ties and an offtake agreement with Aurora Cannabis, this would have the potential to be a big positive for the company. However, Coca-Cola has dismissed this speculation.

The NIB Holdings Limited (ASX: NHF) share price has fallen 3.5% to $6.34. Although there has been no news out of the private health insurer, reports of large numbers of people dropping their policies could be weighing on sentiment. According to the ABC, 2 million Australians have cancelled their private health insurance in the past five years. Experts are worried the exodus is putting a major strain on the public system.

The Pro Medicus Limited (ASX: PME) share price is down 7% to $22.81. Today’s decline has wiped out yesterday’s gains and more. The health imaging company’s shares pushed higher on Monday after announcing a five-year deal with Palo Alto based Nines. Nines aims to help radiologists give customers exceptional service, quality, and access. It unites radiologists and engineers in-house to build modern quality tools for exceptional patient care.

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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 and recommends Pro Medicus Ltd. The Motley Fool Australia owns shares of Altium. The Motley Fool Australia has recommended NIB Holdings Limited and Pro Medicus 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.