Why Evolution Mining, Karoon Energy, ResMed, and Sayona Mining shares are dropping today

These ASX shares are having a tough session. But why?

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The S&P/ASX 200 Index (ASX: XJO) is back on form and on course to deliver a solid gain on Thursday. In afternoon trade, the benchmark index is up a solid 0.55% to 7,648.5 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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Evolution Mining Ltd (ASX: EVN)

The Evolution Mining share price is down 3.5% to $4.01. This may have been driven by a pullback in the gold price overnight. In addition, this morning the gold miner's shares were downgraded by analysts at Macquarie. They have cut their rating from outperform to neutral but increased their price target to $4.10. This follows the release of a quarterly update that fell well short of the broker's expectations for both production and costs.

Karoon Energy Ltd (ASX: KAR)

The Karoon Energy share price is down 1.5% to $2.23. This follows a pullback in oil prices overnight. According to Bloomberg, the WTI crude oil price was down almost 3% to US$82.90 a barrel and the Brent crude oil price was also down almost 3% to US$87.53 a barrel. Traders were selling oil overnight amid easing risks of a wider war between Israel and Iran that could disrupt supplies.

ResMed Inc (ASX: RMD)

The ResMed share price is down almost 4% to $27.80. This has been driven by news of a clinical trial in the United States by Eli Lily & Co (NYSE: LLY). The pharmaceutical giant announced positive topline results of the SURMOUNT-OSA phase 3 clinical trials. Its results showed that a tirzepatide injection (10 mg or 15 mg) significantly reduced the apnoea-hypopnea index (AHI) compared to placebo, achieving its primary endpoints. Investors may fear that this weight loss wonder drug could disrupt the sleep treatment market. However, analysts don't believe that will be the case.

Sayona Mining Ltd (ASX: SYA)

The Sayona Mining share price is down almost 6% to 3.3 cents. This is despite there being no news out of the struggling lithium miner on Thursday. Though, it is worth noting that a number of lithium shares are trading lower today. Particularly those that have been targeted by short sellers. At the last count, approximately 7.2% of the lithium miner's shares were held by short sellers. This latest decline means that Sayona Mining's shares are now down by 15% since this time last week and 83% since this time last year.

Motley Fool contributor James Mickleboro has positions in ResMed. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has positions in and has recommended Macquarie Group and ResMed. The Motley Fool Australia has positions in and has recommended Macquarie Group and ResMed. 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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