The S&P/ASX 200 Index (ASX: XJO) is back on form on Wednesday and pushing higher. In afternoon trade, the benchmark index is up 0.4% to 7,768.7 points.
Four ASX shares that have failed to follow the market higher today are listed below. Here's why they are falling:
Brainchip Holdings Ltd (ASX: BRN)
The Brainchip share price is down a further 5% to 23.25 cents. Investors have been hitting the sell button this week after competition in the artificial intelligence chip market intensified significantly with both AMD and Nvidia announcing their latest releases. Given how much these companies (and others) are pouring into their research and development, some investors may now be thinking that Brainchip doesn't have a hope in competing with these giants. Brainchip shares have lost more than 50% of their value since late February.
Immutep Ltd (ASX: IMM)
The Immutep share price is down almost 8% to 41.5 cents. This follows the successful completion of its institutional placement and the institutional component of its entitlement offer. The biotechnology company raised gross proceeds of approximately $89.6 million at an offer price of $0.38 per new share. Management notes that the placement attracted strong demand from existing institutional shareholders and also introduced several new institutional investors to the Immutep register. Dr Russell Howard, Chairman of Immutep, said: "We're delighted to have such strong and unwavering support from our shareholders who share our belief in efti and have continued to invest in Immutep through this financing."
Liontown Resources Ltd (ASX: LTR)
The Liontown Resources share price is down 5% to $1.22. This is despite there being no news out of the lithium developer on Wednesday. However, it is worth noting that most ASX lithium stocks are trading lower today. This follows a reasonably poor session for their counterparts on Wall Street overnight. This latest decline means that Liontown's shares are now down by 55% since this time last year.
Xero Ltd (ASX: XRO)
The Xero share price is down 4.5% to $125.85. This has been driven by the cloud accounting platform provider launching a new convertible notes offering. Xero was aiming to raise US$850 million (A$1.28 billion) through fixed coupon guaranteed senior unsecured convertible notes due in 2031. It eventually successfully priced US$925 million 1.625% senior unsecured convertible notes. Xero's CFO, Kirsty Godfrey-Billy, said: "We're pleased with the response and the very strong demand for this offer. This will provide us with flexibility as we continue to execute our strategic priorities."
