In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to end the week on a positive note. The benchmark index is currently up 0.55% to 7,647.1 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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Inghams Group Ltd (ASX: ING)
The Inghams share price is down 13% to $3.75. Investors have been selling the poultry producer's shares despite it doubling its half-year profits. They appear to have been spooked by management's outlook commentary for the second half.
Insurance Australia Group Ltd (ASX: IAG)
The IAG share price is down 3.5% to $6.09. Although the insurance giant reported strong profit growth during the first half, it appears to have fallen short of expectations. Goldman Sachs commented: "Overall result summary: 1) Insurance profits: 1H24 result was $614m vs. GSe of $628m. 2) Cash earnings for 1H24 was $415m vs. GSe of $442m. 3) Underlying margin in line: IAG's definition of 1H24 underlying margin was 13.7% (however 15.1% ex reinsurance reinstatement) vs. GSe of 15.1%. 4) Reported margin: 1H24 reported margin was 13.7% vs. GSe of 13.9%."
Neuren Pharmaceuticals Ltd (ASX: NEU)
The Neuren Pharmaceuticals share price was down 13% to $20.04 before being paused from trade. Investors were hitting the sell button after a short seller targeted its US partner Acadia Pharmaceuticals. It alleges that the Daybue drug Neuren licensed to Acadia is a flop and that users are reporting "horror stories" from using it.
Pro Medicus Limited (ASX: PME)
The Pro Medicus share price is down 6% to $88.00. This morning, Bell Potter downgraded the health imaging technology company's shares to a sell rating with a $75.00 price target. It said: "PME remains a high quality technology group with price leadership, great margins and earnings growth through the economic cycle. Notwithstanding, the stock is overpriced relative to its peers and earnings growth and for these reasons we downgrade our recommendation to Sell."
