The S&P/ASX 200 Index (ASX: XJO) has come under pressure on Wednesday and is on course to record a sizeable decline. The benchmark index is down 1.15% to 5,883.1 points in late morning trade.
Four shares that have fallen more than most today are listed below. Here's why they are dropping lower:
The A2 Milk Company Ltd (ASX: A2M) share price has dropped lower again and is down 2% to $14.28. Investors have been selling the infant formula and fresh milk company's shares since its disappointing update earlier this week. One broker that wasn't impressed is Citi. It has retained its sell rating and cut its price target to $14.20 amid concerns that daigou weakness could persist for longer.
The BrainChip Holdings Ltd (ASX: BRN) share price is down 8% to 34 cents. This latest decline means the artificial intelligence technology company's shares are now down 65% over the last three weeks. Investors appear to now recognise that BrainChip's shares were vastly overvalued after an incredible share price gain in 2020. At one stage BrainChip's market capitalisation was well over $1 billion.
The Oil Search Limited (ASX: OSH) share price has fallen 3% to $2.71. Investors have been selling this energy producer's shares after oil prices sank lower overnight. The catalyst for the pullback in oil prices was concerns over rising coronavirus cases and the impact this could have on demand.
The Starpharma Holdings Limited (ASX: SPL) share price has fallen 6.5% to $1.50. This morning the dendrimer products developer's shares returned from a trading halt after successfully completing a $45 million institutional placement. These funds were raised at $1.50 per new share and will be used primarily to support the development of a COVID-19 nasal spray. The remainder will be used to support the development of multiple, high-value DEP clinical assets, and DEP pipeline expansion.
