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 0.35% to 7,116.3 points.
Four ASX shares that have failed to follow the market higher today are listed below. Here's why they are falling:
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Allkem Ltd (ASX: AKE)
The Allkem share price is down almost 3% to $14.44. This is despite there being no news out of the lithium miner. However, it is worth noting that a number of lithium shares fell heavily overnight on Wall Street. This may have been driven by concerns over economic data out of China and the impact this could have on electric vehicle demand.
Argosy Minerals Limited (ASX: AGY)
The Argosy Minerals share price is down 6% to 44.7 cents. As well as broad weakness in the lithium industry today, the release of an update on the Rincon project in Argentina could be weighing on its shares. Some investors may be a touch underwhelmed with the company's progress.
Audio Pixels Holdings Ltd (ASX: AKP)
The Audio Pixels share price is down 4.5% to $14.00. This may have been driven by profit taking after strong gains earlier this week. Investors were buying the digital speaker developer's shares after it streamed a demonstration of its technology at its annual general meeting. Time will tell if it is as ground-breaking as claimed.
Imugene Limited (ASX: IMU)
The Imugene share price is down 4.5% to 10.5 cents. That's despite the immuno-oncology company releasing yet another announcement this morning. Today's announcement reveals that Imugene has dosed its first patient in the combination cohort of the IMPRINTER study.
