Why a2 Milk, Crown, Immutep, & Suncorp shares are dropping lower

A2 Milk Company Ltd (ASX:A2M) and Suncorp Group Ltd (ASX:SUN) shares are two of four dropping notably lower on Thursday…

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In afternoon trade the S&P/ASX 200 Index (ASX: XJO) is fighting back and is off its lows. The benchmark index is down 0.1% to 6,523.7 points currently.

Four ASX shares that are falling more than most today are listed below. Here’s why these shares are dropping lower:

A2 Milk Company Ltd (ASX: A2M)

The a2 Milk share price has continued its slide and is down 2% to $13.71. Investors have been selling the infant formula and fresh milk company’s shares since the release of an update at its annual general meeting this week. One broker that wasn’t overly impressed with the update was Ord Minnett. This morning it retained its lighten rating and cut its price target down to $13.20. It doesn’t expect a2 Milk to achieve its guidance in FY 2021.

Crown Resorts Ltd (ASX: CWN)

The Crown share price is down almost 2% to $9.47. The catalyst for this decline is news that the New South Wales Independent Liquor and Gaming Authority (ILGA) is blocking the opening of Crown Sydney due to money laundering concerns. The gambling regulator intends to wait until it has seen the final report from an ongoing inquiry, which is due in February. Crown intends to open its hotel facilities as normal.

Immutep Ltd (ASX: IMM)

The Immutep share price has sunk 8% lower to 27.2 cents. This follows the completion of an institutional placement this morning which raised $29.6 million at a discount of 24 cents per new share. The proceeds will be used to finance its LAG-3 related clinical program in immuno-oncology and autoimmune disease. This includes the ongoing clinical development of eftilagimod alpha and the expansion of the Phase II TACTI-002 study.

Suncorp Group Ltd (ASX: SUN)

The Suncorp share price is down almost 4% to $9.36. Investors have been selling Suncorp and other insurance shares after the NSW Court of Appeal ruled in favour of policyholders in relation to business interruption insurance. This means Suncorp will have to pay out businesses for the disruption caused by COVID-19. Suncorp recently advised that it had set aside $195 million for potential claims.

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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 A2 Milk. The Motley Fool Australia 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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