In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record a small gain. At the time of writing, the benchmark index is up 0.2% to 7,516.2 points.
Four ASX shares that have failed to follow the market higher today are listed below. Here's why they are dropping:
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Emerge Gaming Ltd (ASX: EM1)
The Emerge Gaming share price has sunk 6% to 3.2 cents. This follows the embattled gaming company's response to a series of questions by the Australian share market operator. In fact, the regulator sought answers for 14 questions. These were largely in relation to questionable statements included in recent announcements.
Imugene Limited (ASX: IMU)
The Imugene share price is down 3.5% to 28.5 cents. Investors have been selling the clinical stage immuno-oncology company's shares despite it announcing an exclusive strategic partnership with Nasdaq-listed clinical-stage biotechnology company, Celularity. The two companies will work together to develop off-the-shelf placental-derived allogeneic therapies for the treatment of solid tumours.
Mesoblast limited (ASX: MSB)
The Mesoblast share price is down 3% to $1.96. This appears to have been driven by concerns over its cash burn. Research done by Ownership Matters, reported in the AFR, estimates that Mesoblast is close to recording $1 billion in cash outflows over the last decade. This has been spent on product development with little success to date.
Nick Scali Limited (ASX: NCK)
The Nick Scali share price has fallen 1% to $12.20. This furniture retailer's shares have been bouncing around today following the release of its full year results. After initially hitting a record high, the company's shares began to tumble. This was possibly due to concerns over its soft start to FY 2022 because of lockdowns. It was for this reason that management was unable to provide guidance for the year ahead.
