Why Incannex, Magellan, Nexted, and Strandline shares are dropping today

These ASX shares are having a tough start to the week.

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The S&P/ASX 200 Index (ASX: XJO) is on course to start the week with a decline. In afternoon trade, the benchmark index is down 0.4% to 7,011.8 points.

Four ASX shares that are falling more than most today are listed below. Here's why they are dropping:

Incannex Healthcare Ltd (ASX: IHL)

The Incannex share price is down 8% to 11 cents. This morning, this cannabis-focused pharmaceutical company announced plans to leave the ASX and join the NASDAQ. Shareholders will be asked to vote on the move later this year. Though, it seems that some aren't sticking around to see how the move pans out.

Magellan Financial Group Ltd (ASX: MFG)

The Magellan share price has continued its slide and is down a further 3.5% to $8.32. Investors have been selling this fund manager's shares since the release of a disappointing funds under management (FUM) update. In addition, this morning, analysts at Macquarie downgraded the company's shares to an underperform rating and cut the price target on them to $7.25.

Nexted Group Ltd (ASX: NXD)

The Nexted share price is down 13.5% to $1.25. Investors have been hitting the sell button today after the education services company released an update on its performance in FY 2023. Nexted is expecting to grow its revenue by 118% to 120% and EBITDA by 392% to 406%. Despite how strong this is, some investors appear to have been expecting even stronger growth.

Strandline Resources Ltd (ASX: STA)

The Strandline Resources share price is down 8% to 25.2 cents. This is despite Strandline announcing its seventh shipment of heavy mineral concentrate. However, taking some of the shine off the news was management advising that mining throughput and production have been constrained at times due to commissioning-related issues. This includes equipment failures and plant availability.

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 no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. 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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