The S&P/ASX 200 Index (ASX: XJO) is on course to record a decent gain. In afternoon trade, the benchmark index is up 0.35% to 7,464.4 points.
Four ASX shares that have failed to follow the market higher today are listed below. Here's why they are dropping:
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BWX Ltd (ASX: BWX)
The BWX share price has crashed 16% to $3.65. This follows the surprise announcement of the exit of the personal care products company's CEO, Dave Fenlon. According to the release, Mr Fenlon will be replaced by the company's COO, Rory Gration, from 1 March. Mr Fenlon will remain on the board as a non-executive director.
PolyNovo Ltd (ASX: PNV)
The PolyNovo share price is down almost 10% to $1.66. This appears to have been driven by profit taking after a very strong gain on Wednesday. The medical device company's shares jumped 28% yesterday following the release of a trading update.
Sandfire Resources Ltd (ASX: SFR)
The Sandfire share price is down 1.5% to $6.92 after being downgraded by analysts at Goldman Sachs. According to the note, the broker has downgraded the copper producer's shares to a sell rating with a $6.10 price target. Goldman made the move on valuation grounds and execution risks with the Botswana/Motheo copper mine.
Sonic Healthcare Limited (ASX: SHL)
The Sonic share price is down 5% to $41.42. This may be a delayed reaction to Credit Suisse downgrading the healthcare company's shares to a neutral rating with a $46.50 price target on Wednesday. The broker suspects Sonic's earnings may have peaked in the first half as COVID testing now gives way to rapid antigen testing. In addition, Credit Suisse notes that the company is battling staff shortages due to the rapid spread of Omicron.
