In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record a strong gain. At the time of writing, the benchmark index is up 0.9% to 7,412 points.
Four ASX shares that have failed to follow the market higher today are listed below. Here's why they are falling:
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AVITA Medical Inc (ASX: AVH)
The AVITA Medical share price is down 3% to $4.23. This is despite there being no news out of the regenerative medicine company. However, prior to today, its shares were up 20% in the space of a month. This could mean that some investors are taking a bit of profit off the table on Friday.
Deep Yellow Limited (ASX: DYL)
The Deep Yellow share price is down over 3% to $1.52. This appears to have been driven by concerns that the uranium developer is about to raise capital. According to the AFR, the company cancelled meetings with institutional investors after being contacted by the media outlet.
Piedmont Lithium Inc (ASX: PLL)
The Piedmont Lithium share price is down 1% to 28.7 cents. This morning, this lithium miner announced an agreement to sell some of its Atlantic Lithium Ltd (ASX: A11) shares to Assore International. A total of 24.3 million shares in Atlantic are being sold for 25 British pence per share to raise US$7.8 million. Investors appear disappointed that it is selling the shares at such low levels rather than waiting for a rebound.
Syrah Resources Ltd (ASX: SYR)
The Syrah share price is down 3% to 41 cents. This is despite there being no news out of the graphite producer. However, it is worth noting that its shares have been under significant pressure over the last 12 months. So much so, they hit a 52-week low this morning.
