Why Accent, Bigtincan, Clinuvel, and IVE shares are dropping today

These ASX shares are in the red today…

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The S&P/ASX 200 Index (ASX: XJO) is back on form on Tuesday and is charging notably higher. In afternoon trade, the benchmark index is up 1.2% to 6,799.7 points.

Four ASX shares that have failed to follow the market higher today are listed below. Here's why they are dropping:

Accent Group Ltd (ASX: AX1)

The Accent share price is down 5% to $1.27. This is despite there being no news out of the footwear focused retailer on Tuesday. This latest decline means the Accent share price is now down by a disappointing 49% since the start of the year. Investors appear concerned what impact a recession could have on its sales.

Bigtincan Holdings Ltd (ASX: BTH)

The Bigtincan share price is down over 4% to 55.5 cents. Investors have been selling this sales enablement software platform provider's shares despite the release of a positive business update. That update reveals that Bigtincan has successfully locked in 43% of FY 2022's annual recurring revenue (ARR) of $120.1 million through to the end of FY 2023. This compares to 31% at a similar stage a year earlier.

Clinuvel Pharmaceuticals Limited (ASX: CUV)

The Clinuvel share price has continued its slide and is down 3% to $19.37. Investors have been selling this biopharmaceutical company's shares this week after they were dumped out of the ASX 200 index at the quarterly rebalance. The release of its latest strategy update has also failed to get investors excited.

IVE Group Ltd (ASX: IGL)

The IVE share price is down 4% to $2.29. This morning this printing company announced the completion of an institutional placement. IVE has raised $18 million via the issue of 8 million shares at $2.25 per new share. The capital raising will preserve significant balance sheet capacity for IVE following a recent acquisition. This balance sheet strength will be used to pursue previously announced growth initiatives including further organic initiatives or acquisitions.

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. has positions in and has recommended BIGTINCAN FPO. The Motley Fool Australia has positions in and has recommended BIGTINCAN FPO. The Motley Fool Australia has recommended Accent Group. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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