The S&P/ASX 200 Index (ASX: XJO) has hit the midpoint of this week in the red and is down 1.13% to 7,193.5 points.
These 3 ASX shares are also struggling today, with each reaching their 52-week lows in early trading.
Read on for more details about each company and what’s behind the falls.
Polynovo Ltd (ASX: PNV)
Shares in Polynovo hit a single-year low of $1.85 this morning, as the medical devices company’s share price continues to swim in a sea of red this year.
Polynovo shares have trended down since January 1 and found themselves 52% in the red this year to date.
This is despite the company posting a 32% year on year increase in revenue for FY21 and management giving strong guidance in all of its markets for FY22.
In addition, the company announced first enrolments in its upcoming funded burn study in the US, known as the BARDA pivotal trial.
Despite these drivers, investors don’t want a bar of Polynovo shares. This ASX share is down ~2% from the open today.
Deterra Royalties Ltd (ASX: DRR)
Another ASX share that hit its 52-week low in early trade today was Dettera Royalties.
This company, which was spun out from Iluka Resources Limited (ASX: ILU) in 2020, focuses on building its portfolio of commodity assets that pay royalties.
Deterra then flows these annuities through to investors via its ~14 cents per share dividend payment.
It had previously been a good year for the company due to its exposure to iron ore, the price of which had jumped to 10-year highs of US$220/tonne in May.
Deterra shares followed suit, reaching the podium in late July for their previous high.
However, iron ore has been on a one-way ticket south since the midpoint of July and now trades at US$117/tonne.
Deterra Royalties share price has been on the same route, albeit departing a week later, having come off a high of $4.86 on 26 July to now trade at $3.36 apiece.
Appen Ltd (ASX: APX)
Appen provides technology data and services in over 180 languages and dialects in 130 countries. However, its share price has been swimming in a sea of red this year.
Appen shares have been on the move down rapidly since the company released its FY21 earnings last month.
Investors immediately punished the company after it recorded a 2% down-step in revenue and a 55% slice out of net profit after tax (NPAT) from FY20.
Yet, the company also announced it completed the acquisition of location data provider Quadrant for US$25 million at around the same time. Perhaps investors were seeking more from Appen.
Appen’s share price has tanked 35% since these updates.
As such its share price has hit a 52-week low this morning and is now changing hands at $8.92 apiece. That’s a 2% dip from the open.
These 3 ASX shares have all underperformed the benchmark lately and have reached new single-year lows today.