In late afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to end the week with a small decline. At the time of writing, the benchmark index is down slightly to 7,385.7 points.
Four ASX shares that are falling more than most today are listed below. Here’s why they are sinking:
BARD1 Life Sciences Ltd (ASX: BD1)
The BARD1 share price is down almost 7% to $1.68. This follows the completion of a placement that raised $15 million at a 14% discount of $1.55 per new share. The proceeds will be used primarily to fund the development and commercialisation of the SubB2M tests for ovarian and breast cancer, and its EXO-NET products.
Imugene Limited (ASX: IMU)
The Imugene share price has fallen 4.5% to 33.5 cents. Investors have been selling the biotech company’s shares following the release of its quarterly update. That update revealed an operating cash outflow of $4.6 million for the quarter. This left Imugene with a cash balance of $29.5 million at the end of the period.
Northern Star Resources Ltd (ASX: NST)
The Northern Star share price is down 6% to $10.13. This is despite a number of brokers responding positively to its quarterly update and asset sale announcement. One of those brokers is Credit Suisse, which has retained its outperform rating and $13.00 price target. The broker notes that its June quarter was the strongest quarter of the year and sees the Kundana sale as a positive for its balance sheet.
Silver Lake Resources Limited (ASX: SLR)
The Silver Lake share price is down 9% to $1.61. Investors have been selling this gold miner’s shares following the release of its quarterly update. That update revealed that Silver Lake achieved quarterly production of 62,126 ounces of gold and 445 tonnes of copper. This appears to have fallen short of expectations.