In early afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record a solid gain. At the time of writing, the benchmark index is up 0.6% to 8,034.2 points.
Four ASX shares that have failed to follow the market higher today are listed below. Here's why they are falling:
Dimerix Ltd (ASX: DXB)
The Dimerix share price is down 7.5% to 37.5 cents. This is despite the release of a positive announcement out of the biopharmaceutical company this morning. According to the release, the first patient has successfully completed the ACTION3 Phase 3 clinical trial and has chosen to enter the global open-label extension (OLE) study. The OLE study is optional for all qualifying patients who have completed the ACTION3 Phase 3 clinical trial. It offers a 2-year treatment with DMX-200, which is being trialled as a potential treatment to address the significant unmet need of patients with focal segmental glomerulosclerosis.
Life360 Inc (ASX: 360)
The Life360 share price is down 6% to $17.45. This follows a sharp pullback in the location technology company's NASDAQ listed shares overnight. The catalyst for that decline appears to have been news of some heavy insider selling. According to the release, Life360's independent non-executive director, James Synge, sold a total of approximately 100,000 Life360 shares for an average of ~US$37.36. This equates to a total consideration of approximately US$3.7 million. Synge was a very early investor in Life360, having first invested more than 10 years ago in a private equity capacity.
S2 Resources Ltd (ASX: S2R)
The S2 Resources share price is down 7.5% to 8.6 cents. This may have been driven by a broker note out of Bell Potter this morning. According to the note, the broker has downgraded this gold explorer's shares to a speculative hold rating with a 10 cents price target (from 24 cents). In response to its drilling results, Bell Potter said: "The Greater Fosterville Project remains S2R's most advanced gold exploration project. Limited initial results at the first prospect drilled have returned economic grades and widths, but not sufficient data to define the scale of the opportunity."
SG Fleet Group Ltd (ASX: SGF)
The SG Fleet share price is down 10% to $2.63. This has been caused by the fleet management company's shares going ex-dividend this morning for its final dividend of FY 2024. Last month, the company declared a mammoth fully franked final and special dividend totalling 24.3 cents per share. This was the equivalent of an 8.4% dividend yield based on yesterday's close price. Eligible shareholders can look forward to receiving this payout on 25 September.
