The S&P/ASX 200 Index (ASX: XJO) is on form again and on track to record a small gain. In afternoon trade, the benchmark index is up 0.2% to 7,340 points.
Four ASX shares that have failed to follow the market higher today are listed below. Here's why they are falling:
Brainchip Holdings Ltd (ASX: BRN)
The Brainchip share price is down 2.5% to 38 cents. This appears to be profit-taking after a decent gain on Wednesday in response to a patent announcement. In addition, with the struggling semiconductor company due to release its next quarterly update in the near future, some investors may be concerned that it will be yet another dud quarter.
Impedimed Limited (ASX: IPD)
The Impedimed share price is down almost 9% to 21 cents. This may also be due to profit-taking after a strong gain by the medical device company's shares during yesterday's session. Impedimed shares jumped after it announced the first medical policy from a top-five national payor in the US covering bioimpedance spectroscopy.
Northern Star Resources Ltd (ASX: NST)
The Northern Star share price is down a further 6% to $11.79. Investors have been selling this gold miner's shares since the release of its quarterly update on Wednesday. In response to the update, analysts at UBS have downgraded Northern Star's shares to a sell rating with an $11.70 price target. UBS wasn't impressed with its guidance for FY 2024.
Telix Pharmaceuticals Ltd (ASX: TLX)
The Telix share price is down 13.5% to $10.52. This is despite the radiopharmaceutical company delivering strong top-line growth in the second quarter. Bell Potter was pleased with the company's performance but felt underwhelmed with the details provided. It said: "Today's update was relatively benign on commercial conditions (pricing, volume and mkt share)."
