November was a disappointing month for the S&P/ASX 200 Index (ASX: XJO). The benchmark index recorded its third consecutive monthly decline after dropping 0.9% over the period to 7,256 points.
While a good number of shares tumbled with the market, some fell more than most. Here's why these were the worst performing ASX 200 shares last month:
Nearmap Ltd (ASX: NEA)
The Nearmap share price was the worst performer on the ASX 200 last month with a disappointing 27.6% decline. Investors were selling the aerial imagery technology and location data company's shares despite it providing FY 2022 annual contract value (ACV) growth guidance of 17% to 24.8% year on year. Some investors may have been expecting stronger growth. In addition, the Utah Federal Court has denied Nearmap's motion to dismiss two of Eagleview's claims on the basis that the patents are invalid. This could have spooked investors.
Clinuvel Pharmaceuticals Limited (ASX: CUV)
The Clinuvel share price wasn't far behind with a sizeable decline of 25.5% in November. This appears to have been driven by a broker note out of Jefferies. According to the note, the broker downgraded the biopharmaceutical company's shares due partly to concerns over the launch of a new product competing with Clinuvel's Scenesse therapy in the treatment of EPP.
Zip Co Ltd (ASX: Z1P)
The Zip share price was a poor performer and dropped 20.5% last month. This weakness could have been caused by reports in the United States which suggest that fraud is rising in the BNPL industry. An investigation apparently shows that criminals are exploiting weaknesses in the application process for BNPL loans and stealing items. This news offset a trading update which revealed that Zip's strong growth continued during October. In fact, October was Zip's highest TTV month on record, processing over $770 million in transaction volume for the month.
Westpac Banking Corp (ASX: WBC)
The Westpac share price was sold off last month and sank 20.1% over the period. Investors were selling the banking giant's shares following the release of its full year results. Although Westpac doubled its cash earnings in FY 2021, its net interest margin outlook weighed heavily on sentiment. It was largely because of this that Goldman Sachs downgraded the bank's shares to a neutral rating with a $25.60 price target.
Polynovo Ltd (ASX: PNV)
The PolyNovo share price wasn't far behind with a 19.8% decline in November. This medical device company's shares were sold off following the surprise resignation of its Managing Director, Paul Brennan. According to the release, Mr Brennan's interactions with senior staff and his management style led to increasing differences between him and the Board.
