In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record a solid gain. At the time of writing, the benchmark index is up 0.6% to 7,072.6 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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Beach Energy Ltd (ASX: BPT)
The Beach share price is down 12% to $1.63. Investors have been selling this energy producer's shares after its FY 2022 profits fell well short of expectations. Beach reported an underlying net profit after tax of $504 million. While this was up 39% year over year, it was nowhere near the consensus estimate of ~$546 million.
Bendigo and Adelaide Bank Ltd (ASX: BEN)
The Bendigo and Adelaide Bank share price is down over 8% to $9.89. This follows the release of the regional bank's FY 2022 results. Although the bank delivered a full year profit that was largely in line with expectations, its net interest margin (NIM) commentary appears to have disappointed investors. Goldman Sachs notes that "today's (NIM) update is disappointing."
Opthea Ltd (ASX: OPT)
The Opthea share price is down 9% to $1.27. This morning this clinical stage biopharmaceutical company announced that it has received binding commitments for a US$90 million placement to institutional investors. These funds were raised at a 17% discount of $1.15 per new share. The proceeds will be used to support phase 3 clinical trials of OPT-302.
Paradigm Biopharmaceuticals Ltd (ASX: PAR)
The Paradigm share price has crashed 27% lower to $1.45. This was also driven by a capital raising. The biopharmaceutical company is raising $66 million at $1.30 per new share. This represents a huge discount of 34.5% to the company's last close price of $1.985. Some of the proceeds will be used for Paradigm's phase 3 clinical program and new drug application-related activities.
