In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record a strong gain. At the time of writing, the benchmark index is up 0.8% to 7,319.9 points.
Four ASX shares that have failed to follow the market higher today are listed below. Here's why they are tumbling lower:
Nanosonics Ltd (ASX: NAN)
The Nanosonics share price is down 4.5% to $5.14. This follows the release of a bearish broker note out of Goldman Sachs this morning. According to the note, the broker has downgraded the infection prevention company's shares to a sell rating and cut the price target on them to $4.93. Goldman has reduced its earnings estimates due to concerns that the growth recovery may be shallower than it was previously expecting. The broker also warned that there could be competitive risks from new technologies.
Oil Search Ltd (ASX: OSH)
The Oil Search share price is down 2.5% to $3.97. Investors have been selling Oil Search and other energy producers on Wednesday following a pullback in oil prices overnight. Traders were selling oil after OPEC postponed its production meeting indefinitely following disagreements.
Opthea Ltd (ASX: OPT)
The Opthea share price is down almost 5% to $1.33. This decline appears to have been driven by profit taking after a particularly strong gain on Tuesday. The biotech company's shot higher after its OPT-302 therapy was granted fast-track designation for wet age‑related macular degeneration by the US FDA. The regulator "fast tracks" the review of novel therapies for serious conditions for which there is an unmet medical need.
Piedmont Lithium Inc (ASX: PLL)
The Piedmont Lithium share price has sunk 7% to 94.5 cents despite there being no news out of the lithium explorer. However, this follows a similarly severe decline occurred overnight with its US listed shares. This could be due to profit taking. Especially given how its shares are up over 150% in 2021.
