Why Alcidion, Magellan, Redbubble, and Seven West shares are dropping

These ASX shares are out of form on Thursday…

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In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is fighting hard to continue its winning streak but is falling just a touch short. At the time of writing, the benchmark index is down slightly to 7,401.7 points.

Four ASX shares that are falling more than most today are listed below. Here’s why they are dropping:

Alcidion Group Ltd (ASX: ALC)

The Alcidion share price is down 14% to 27.5 cents. This follows the completion of the institutional component of the healthcare technology company’s capital raising. Alcidion raised a total of $43.4 million at a 21.9% discount of 25 cents per new share. These funds are being used to acquire UK healthcare technology company Silverlink PCS Software.

Magellan Financial Group Ltd (ASX: MFG)

The Magellan share price is down a further 4.5% to $28.98. This fund manager’s shares have been sold off this week following the surprise exit of its Chief Executive Officer, Dr Brett Cairns. Magellan advised that Dr Cairns is leaving for personal reasons. The company has promoted its Chief Financial Officer, Ms Kirsten Morton, to the top job on an interim basis.

Redbubble Ltd (ASX: RBL)

The Redbubble share price has sunk 9% to $3.01. This ecommerce company’s shares have been sold off this week after being dumped out of the ASX 200 at the quarterly rebalance. In other news, this morning UBS initiated coverage on this ecommerce company’s shares with a neutral rating and $3.45 price target.

Seven West Media Ltd (ASX: SWM)

The Seven West Media share price is down 3% to 62 cents. This is despite the media company’s takeover of Prime Media Group (ASX: PRT) getting a boost today. This morning the Australian Competition and Consumer Commission (ACCC) revealed that it will not oppose the sale of Prime’s business and assets to Seven. Shareholders will be voting on the transaction later this month.

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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns and has recommended Alcidion Group Ltd. The Motley Fool Australia has recommended Alcidion Group Ltd. 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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