In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) has followed the lead of US markets and is trading lower. At the time of writing, the benchmark index is down 0.1% to 7,425.7 points.
Four ASX shares that are falling more than most today are listed below. Here's why they are tumbling lower:
Afterpay Ltd (ASX: APT)
The Afterpay share price is down 2.5% to $116.48. The catalyst for the weakness in this buy now pay later provider's shares was a pullback in the Square share price overnight. As Square is acquiring Afterpay through an all-scrip deal, the value of the takeover proposal rises and falls with the Square share price.
Immutep Ltd (ASX: IMM)
The Immutep share price is down 15% to 59.5 cents. Investors have been selling this biotech company's shares following the release of data from a Phase IIb trial on its lead drug candidate, etfi. It was being trialled as a combination therapy with paclitaxel chemotherapy in patients with HER2-negative/HR positive metastatic breast cancer. It appears as though the results were not as strong as the market was expecting.
Pushpay Holdings Ltd (ASX: PPH)
The Pushpay share price has sunk 13.5% to $1.55 following the release of its half year results. Although Pushpay delivered underlying EBITDAFI growth of 12% to US$29.6 million, it wasn't strong enough for management to maintain its full year guidance. It has downgraded its underlying EBITDAFI guidance to between US$62 million and US$67 million. This compares to US$66 million and US$71 million previously.
Vulcan Energy Resources Ltd (ASX: VUL)
The Vulcan share price is down 4% to $10.50. This is despite the lithium developer releasing an announcement this morning. This announcement appears to have been overshadowed by its ongoing short seller attack and broad weakness in the lithium sector today.
