The S&P/ASX 200 Index (ASX: XJO) is having a day to remember on Thursday. In afternoon trade, the benchmark index is up a sizeable 1.55% to 7,873.9 points.
Four ASX shares that have failed to follow the market higher today are listed below. Here's why they are falling:
IDP Education Ltd (ASX: IEL)
The IDP Education share price is down 2% to $16.66. This appears to have been driven by a broker note out of Morgans this morning. According to the note, the broker has retained its hold rating on the language testing and student placement company's shares with a reduced price target of $20.00. Morgans is concerned about how restrictive policies could impact the company's key markets and lead to lower-than-expected service demand.
JB Hi-Fi Ltd (ASX: JBH)
The JB Hi-Fi share price is down over 1% to $57.38. This morning, analysts at Goldman Sachs downgraded the retail giant's shares to a sell rating with a new $50.00 price target (from $56.50). This implies a potential downside of approximately 13% from where its shares trade today. Goldman notes that the company faces "stronger competition on JBH AU from several fronts including expanding range at Amazon, recovery of execution from HVN, and intensifying competition from Officeworks."
PYC Therapeutics Ltd (ASX: PYC)
The PYC Therapeutics share price is down almost 5% to 10 cents. This follows the release of a trial update from the clinical-stage biotechnology company. PYC is developing a pipeline of first-in-class precision medicines for patients who have genetic diseases and have no treatment options available. Today's update revealed that the company has completed dosing in patient cohort 4 of the ongoing Single Ascending Dose (SAD) study. This is for its trial of patients with a blinding eye disease called Retinitis Pigmentosa type 11 (RP11). Judging by the share price reaction, investors appear to have seen something in the update that didn't meet their expectations.
Renascor Resources Ltd (ASX: RNU)
The Renascor Resources share price is down 11.5% to 11.5 cents. This may have been driven by profit-taking from some investors after the battery materials company's shares surged on Wednesday. Investors were buying the company's shares in response to the Federal Budget. They appear to believe that the company's proposed vertically integrated Battery Anode Material Manufacturing Project in South Australia could benefit from the Budget. The Government is investing $8.8 billion over the decade to strengthen critical minerals supply chains. This Budget establishes a production tax incentive for processing and refining critical minerals at an estimated cost of $7 billion over the decade.
