In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) looks set to end its losing streak. At the time of writing, the benchmark index is up 0.5% to 7,116 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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Legend Mining Ltd (ASX: LEG)
The Legend Mining share price is down 14.5% to 4.1 cents. This morning, this mineral exploration company released an update on diamond drilling at the Octagonal prospect within the Rockford Project in Western Australia. Management described the results as "encouraging."
Medibank Private Ltd (ASX: MPL)
The Medibank share price is down 3.5% to $3.45. Investors have been selling this private health insurer's shares after it was dealt a blow by APRA. The prudential regulator has announced an increase of Medibank's capital adequacy requirement by $250 million following a review of its major data breach.
Starpharma Holdings Ltd (ASX: SPL)
The Starpharma share price is down 13% to 28.2 cents. This follows news that a clinical trial with AstraZeneca using Starpharma's technology has been suspended following asymptomatic events. However, the company notes that the events leading to the voluntary partial hold were assessed as not related to Starpharma's technology.
Weebit Nano Ltd (ASX: WBT)
The Weebit Nano share price is down over 12% to $6.08. This is despite there being no news out of the semiconductor company. But with many labelling Weebit Nano as a meme stock, it could be a combination of profit taking after a strong gain or short sellers loading up on its shares. The Weebit Nano share price is up 171% in 12 months and has a ~$1.2 billion market capitalisation on zero revenue.
