The S&P/ASX 200 Index (ASX: XJO) has started the week in a disappointing fashion. In afternoon trade, the benchmark index is down 0.65% to 7,771.1 points.
Four ASX shares that are falling more than most today are listed below. Here's why they are dropping:
Bowen Coking Coal Ltd (ASX: BCB)
The Bowen Coking Coal share price is down almost 11% to 5 cents. Investors haven't responded positively to news that the company has completed the sale of a 10% interest in the Broadmeadow East Mine. Nevertheless, Bowen Coking Coal's CEO, Daryl Edwards, was pleased. He said: "The unification of ownership and operating structures for the Broadmeadow East Mine, the Burton Mine and the planned Lenton Coal Project provides BCB and MPC with significant operational flexibilities and efficiencies. It is satisfying to see this transaction successfully concluded."
Clinuvel Pharmaceuticals Limited (ASX: CUV)
The Clinuvel Pharmaceuticals share price is down 10% to $15.57. This may have been driven by profit taking after a very strong gain from this pharmaceuticals company's shares on Friday. That gain was driven by the release of an update on its CUV151 study, which is evaluating the DNA-repair capacity of afamelanotide on skin of healthy volunteers exposed to ultraviolet (UV) radiation. Chief scientific officer, Dr Dennis Wright, commented: "The results from RNA sequencing complement the earlier results we saw from immunohistochemistry, in that afamelanotide consistently seems to assist repair of UV-damaged DNA in the skin."
Meteoric Resources NL (ASX: MEI)
The Meteoric Resources share price is down 11% to 16 cents. This follows the release of the scoping study results for its 100%-owned Caldeira Rare Earth Ionic Clay Project in Brazil. That scoping study demonstrated a pre-tax net present value (8%) of US$1,235 million and a payback of 2.2 years. The market may have not responded positively to the study results, but its CEO, Nick Holthouse, was very pleased. He said: "These outcomes demonstrate that the Caldeira Project is disruptive to the global rare earth mining industry in the true sense of the word."
Pilbara Minerals Ltd (ASX: PLS)
The Pilbara Minerals share price is down 2% to $2.93. This is despite there being no news out of the lithium miner on Monday. However, it is worth highlighting that most ASX lithium stocks are under pressure today. This follows another bleak night of trade for lithium miners on Wall Street amid concerns over falling lithium prices. Following today's decline, Pilbara Minerals' shares are at a new 52-week low and down by 40% since this time last year.
