In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is fighting hard to get into positive territory but has fallen a touch short. The benchmark index is down slightly to 8,203.4 points.
Four ASX shares that are falling more than most today are listed below. Here's why they are dropping:
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Elixir Energy Ltd (ASX: EXR)
The Elixir Energy share price is down 55% to 7.4 cents. This follows the release of an update on the Daydream-2 well at the 100% owned Project Grandis in Queensland's Taroom Trough. Although Daydream-2 delivered gas flow rates from five out of the six stimulated zones, the stabilised flow rate was less than previously measured. Management blamed the reduction in the stabilised rate on condensate or water banking immediately around the wellbore. It is now planning for the Daydream-3 appraisal well, but it seems that many investors aren't sticking around to find out if that will be a success.
Neuren Pharmaceuticals Ltd (ASX: NEU)
The Neuren Pharmaceuticals share price is down 6% to $13.37. This decline means that the pharmaceuticals company's shares have now given back yesterday's gains and more. Investors were buying Neuren's shares on Monday following the release of an update on its meeting with the US FDA. Management revealed positive outcomes from its End of Phase 2 Meeting with the regulator to discuss proposals for the first ever pivotal clinical trial program in Phelan-McDermid syndrome (PMS). Neuren CEO, Jon Pilcher, said: "We are pleased with the outcomes of a very collaborative meeting with the FDA and are eager to move forward in our mission to develop NNZ-2591 as a first approved treatment for Phelan-McDermid syndrome, which has an overwhelming unmet need."
Reece Ltd (ASX: REH)
The Reece share price is down 2% to $26.69. This has been driven partially by the plumbing parts company's shares going ex-dividend this morning for its latest dividend. In August, Reece released its full year results and declared a fully franked final dividend of 17.8 cents per share. This will be paid to eligible shareholders later this month on 23 October.
TechnologyOne Ltd (ASX: TNE)
The TechnologyOne share price is down 2.5% to $23.97. This is likely to have been caused by a broker note out of Goldman Sachs. This morning, the broker downgraded the enterprise software provider's shares to a neutral rating with an improved price target of $24.05. Goldman said: "TNE has justifiably re-rated from 40x to 56x NTM P/E since its May-24 result, which validated that organic growth momentum is accelerating as the on-prem to cloud transition concludes. […] However, given TNE is now trading in line with high quality ASX TMT peers and GSe/VA Consensus are already sitting above FY24E PBT guidance (+17% vs +12-16% guidance), risk-reward appears fair with balanced risks to both the upside and downside."
