The S&P/ASX 200 Index (ASX: XJO) is having a strong session on Wednesday. In afternoon trade, the benchmark index is up 0.65% to 6,825.3 points.
Four ASX shares that have failed to follow the market's lead today are listed below. Here's why they are falling:
Core Lithium Ltd (ASX: CXO)
The Core Lithium share price is down 4% to 34.5 cents. This morning, analysts at Goldman Sachs retained their neutral rating on the lithium miner's shares but cut their price target by 12% to 37 cents. Goldman feels its shares are fully valued and warned that the discount of its low grade lithium could widen if lithium prices continue to fall.
New Hope Corporation Ltd (ASX: NHC)
The New Hope share price is down 4.5% to $5.50. Investors have been selling New Hope and other coal shares today following a pullback in coal prices overnight. Fellow coal share Bowen Coking Coal Ltd (ASX: BCB) is down almost 9% this afternoon.
Paradigm Biopharmaceuticals Ltd (ASX: PAR)
The Paradigm share price is down over 30% to 42.7 cents. This has been driven by the biopharmaceutical company completing the institutional component of its $30 million capital raising this morning. These funds were raised at 43 cents per new share, which represents a 30% discount to where its shares were trading prior to their halt.
Sayona Mining Ltd (ASX: SYA)
The Sayona Mining share price is down almost 7% to 7 cents. Investors have been selling this lithium miner's shares this week following the release of its quarterly update. Investors appear disappointed with Sayona Mining's unit operating cost of A$1,231 per tonne. This is much higher than some of its rivals. And while it is above its average realised price of A$1,985 per tonne, its margins could get crunched if lithium prices continue to fall.