Why did the Polynovo (ASX:PNV) share price just hit an 18-month low?

At least Polynovo isn’t alone in its bad day on the ASX.

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The Polynovo Ltd (ASX: PNV) share price is struggling on the ASX on Thursday.

Earlier today, the medical device company’s share price fell to $1.47 – its lowest price in more than 18 months.

At the time of writing, the Polynovo share price is $1.50, which is 2.29% lower than its previous close.

The dip comes despite no news having been released by Polynovo. However, the company isn’t alone in its tumble.

Right now, the S&P/ASX 200 Index (ASX: XJO) is sporting an 0.8% fall. Additionally, the S&P/ASX 200 Health Care Index (ASX: XHJ) is the second-worst performing sector today, having dropped 2.33%.

Let’s take a closer look at what’s likely weighing on the Polynovo share price today.

Polynovo share price hits 18-month low

While it’s a tough day on the ASX for the Polynovo share price, at least it’s not alone in its struggles.

In fact, much of the ASX 200 index is in the red, potentially weighed down by the poor performance of US markets overnight.

While many of Polynovo’s US-based peers gained during Wednesday’s session, plenty of Nasdaq and NYSE-listed stocks dipped amid the release of the latest US inflation figures.

Generally, the ASX trends in line with the Nasdaq and NYSE. Thus, US markets might be to blame for some of today’s dip.

Additionally, Polynovo’s stumble is pretty much in line with its sector’s performance. In fact, the only ASX 200 health care share to record a rise today is Fisher & Paykel Healthcare Corp Ltd (ASX: FPH). Its share price has gained 0.36% to $30.99 at the time of writing.

Meanwhile, the Ramsay Health Care Limited (ASX: RHC) share price is bringing up the sector’s rear, sporting a 3.92% dip to $69.43.

Today’s fall included, the Polynovo share price has plunged 15.5% over the past 30 days. It’s also 62% lower than it was at the start of 2021.

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The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of and has recommended POLYNOVO FPO. The Motley Fool Australia has recommended Ramsay Health Care Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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