Why CSL, Fletcher Building, Skycity, and Wildcat shares are falling today

These ASX shares are having a tough start to the week. But why?

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The S&P/ASX 200 Index (ASX: XJO) is on course to start the week with a small decline. In afternoon trade, the benchmark index is down 0.2% to 7,630.5 points.

Four ASX shares that are falling more than most today are listed below. Here's why they are dropping:

CSL Ltd (ASX: CSL)

The CSL share price is down 5% to $290.02. Investors have been hitting the sell button after the biotechnology company released disappointing results from a major trial. CSL was running the Phase 3 AEGIS-II trial evaluating the efficacy and safety of CSL112 compared to placebo in reducing the risk of major adverse cardiovascular events (MACE) in patients following an acute myocardial infarction (AMI). Unfortunately, the study did not meet its primary efficacy endpoint of MACE reduction at 90 days.

Fletcher Building Ltd (ASX: FBU)

The Fletcher Building share price was down 6% to $3.70 before being paused from trade. There has been speculation that the building products company could be planning an equity raise. Fletcher Building will reveal all once its shares return to trade.

Skycity Entertainment Group Ltd (ASX: SKC)

The Skycity share price is down 2.5% to $1.92. This morning, it was revealed that the Department of Internal Affairs intends to commence civil proceedings against the company for non-compliance with the Anti-Money Laundering and Countering Financing of Terrorism Act.

Wildcat Resources Ltd (ASX: WC8)

The Wildcat share price is down 12% to 47. 5 cents. This is despite there being no news out of the lithium explorer on Monday. Though, it worth noting that a number of ASX lithium shares are falling today. And with Wildcat's shares rocketing higher last week, they seems to be falling more than most during today's session.

Motley Fool contributor James Mickleboro has positions in CSL. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has positions in and has recommended CSL. The Motley Fool Australia has recommended CSL. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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