In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record a disappointing decline. The benchmark index is currently down 0.5% to 7,042.6 points.
Four ASX shares that are falling more than most today this week are listed below. Here's why they are dropping:
Botanix Pharmaceuticals Ltd (ASX: BOT)
The Botanix share price is down 22% to 14 cents. Investors have been hitting the sell button today after the dermatology company missed out on FDA approval for its Sofpironium Bromide product. Frustratingly for shareholders, Botanix only failed with its packaging instructions and will now have to wait until the middle of next year for potential approval.
Nick Scali Limited (ASX: NCK)
The Nick Scali share price is down 5.5% to $11.06. This has been driven by the furniture retailer's shares going ex-dividend on Tuesday. Eligible shareholders can now look forward to receiving Nick Scali's fully franked final dividend of 35 cents per share next month on 18 October.
Resolute Mining Ltd (ASX: RSG)
The Resolute Mining share price is down 3% to 34.5 cents. Investors have been selling gold miners like Resolute today after the price of the precious metal pulled back. Higher interest rate expectations have been weighing on gold.
Sayona Mining Ltd (ASX: SYA)
The Sayona Mining share price is down a further 4% to 8.8 cents. This lithium miner's shares have been sold off over the last 12 months and are now down 60% since this time last year. This latest weakness appears to have been driven by concerns about falling lithium prices. Investors will no doubt be keen to see how profitable Sayona Mining's operations are when it releases in quarterly update in the coming weeks.