Why Bubs, Mayne Pharma, Paradigm, & PointsBet shares are tumbling lower

These ASX shares are not having a great day…

| More on:
share price plummeting down

Image source: Getty Images

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

The S&P/ASX 200 Index (ASX: XJO) is out of form on Tuesday and on course to record a decline. At the time of writing, the benchmark index is down 0.35% to 7,466.6 points.

Four ASX shares that are falling more than most today are listed below. Here's why they are tumbling lower:

Bubs Australia Ltd (ASX: BUB)

The Bubs share price is down 4.5% to 41 cents. Earlier this week analysts at Citi responded to this struggling infant formula company's disappointing quarterly update by retaining its sell rating and cutting its price target down to 33 cents. Citi isn't expecting its performance to improve greatly in the near term, especially while international borders remain closed.

Mayne Pharma Group Ltd (ASX: MYX)

The Mayne Pharma share price has fallen 4.5% to 32 cents. This morning the pharmaceutical company announced that it has been hit with an investor class action. According to the release, the class action alleges the company undertook misleading or deceptive conduct and was in breach of continuous disclosure obligations. This relates to alleged anti-competitive conduct in the United States.

Paradigm Biopharmaceuticals Ltd (ASX: PAR)

The Paradigm share price has sunk 10% to $2.00. This follows the release of an update on its Investigational New Drug (IND) application submitted to the US Food and Drug Administration (FDA) in March. The release explains that the FDA has one remaining question relating to its application. And while management is confident it can resolve this question, the market seems less convinced.

PointsBet Holdings Ltd (ASX: PBH)

The PointsBet share price has tumbled 12% to $9.95. The catalyst for this was the completion of the sports betting company's institutional placement and entitlement offer. PointsBet has raised $81 million at $8.00 per share and a further $215.1 million at $10.00 per share. It will now push ahead with its retail entitlement offer. These funds will be used to support North American marketing and client acquisition, technology and product development, and US market access and government licensing fees.

Motley Fool contributor 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 has recommended Pointsbet Holdings Ltd. The Motley Fool Australia has recommended BUBS AUST FPO and Pointsbet Holdings Ltd. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

More on Share Fallers

A young man clasps his hand to his head with his eyes closed and a pained expression on his face as he clasps a laptop computer in front of him, seemingly learning of bad news or a poor investment.
Share Fallers

Why Burgundy Diamond Mines, Clarity Pharmaceuticals, EML, and Zip are sinking today

These ASX shares are ending the week in the red. But why?

Read more »

A worried man holds his head and look at his computer.
Share Fallers

Why 29Metals, Brainchip, Platinum, and Premier Investments shares are falling today

These ASX shares are having a tough time on hump day.

Read more »

Man with his head in his head because of falling share price.
Share Fallers

Why 29Metals, Atlas Arteria, IDP Education, and Mineral Resources shares are falling

These ASX shares are having a tough time on Tuesday. But why?

Read more »

A man sits in despair at his computer with his hands either side of his head, staring into the screen with a pained and anguished look on his face, in a home office setting.
Share Fallers

Why ALS, EOS, NRW, and Patriot Battery Metals are dropping today

These ASX shares are starting the week in the red.

Read more »

A man looking at his laptop and thinking.
Technology Shares

Why are these ASX tech shares getting smashed today?

Owners of these two stocks are missing out today.

Read more »

a man weraing a suit sits nervously at his laptop computer biting into his clenched hand with nerves, and perhaps fear.
Share Fallers

Why AGL, Brickworks, IGO, and New Hope shares are dropping today

These ASX shares are having a poor session. But why?

Read more »

Frustrated stock trader screaming while looking at mobile phone, symbolising a falling share price.
Share Fallers

Why Amcor, Arafura, Brainchip, and South32 shares are tumbling today

These ASX shares are having a tough time on hump day. But why?

Read more »

A young woman holds an open book over her head with a round mouthed expression as if to say oops as she looks at her computer screen in a home office setting with a plant on the desk and shelves of books in the background.
Share Fallers

Why Aussie Broadband, Liontown, Metals Acquisition, and Seek shares are falling

These ASX shares are having a poor session. But why?

Read more »