The S&P/ASX 200 Index (ASX: XJO) is fighting hard to finish the week on a positive note. In afternoon trade, the benchmark index is up a fraction to 7,176.2 points.
Four ASX shares that are acting as a drag on proceedings today are listed below. Here's why they are falling:
Mesoblast Ltd (ASX: MSB)
The Mesoblast share price is down a further 6.5% to 29.5 cents. This biotech company's shares have come under pressure this week after it announced another capital raising. Mesoblast raised $55 million from institutional investors at a 26% discount of $0.30 per new share. It is now seeking to raise $42 million from retail shareholders at the same price. Mesoblast's shares are down 22% in December.
Navigator Global Investments Ltd (ASX: NGI)
The Navigator Global share price is down 8% to $1.15. This is despite there being no news out of the investment company today. Not even some insider buying news has been enough to stop its shares from falling today. The company's CEO, Stephen Darke, bought 35,000 shares on-market for a total consideration of $43,400 on Thursday.
Polynovo Ltd (ASX: PNV)
The Polynovo share price is down 2.5% to $1.51. This morning, Ord Minnett responded to the medical device company's latest sales update by retaining its lighten rating and $1 price target. Its analysts believe PolyNovo's shares are overvalued and feel the market is too optimistic on its growth outlook.
Skycity Entertainment Group Ltd (ASX: SKC)
The Skycity share price is down 2% to $1.69. Investors have been selling the company's shares after it released a trading update. Management revealed that it now expects to deliver normalised EBITDA of NZ$290 million to NZ$310 million in FY 2024. This compares to its previous guidance of just NZ$310 million.
