The S&P/ASX 200 Index (ASX: XJO) is on course to end the week with a decline. In afternoon trade, the benchmark index is down 0.3% to 8,499.4 points.
Four ASX shares that are falling more than most today are listed below. Here's why they are dropping:
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ANZ Group Holdings Ltd (ASX: ANZ)
The ANZ Group share price is down 2% to $28.54. This follows broad weakness in the banking sector today. All the major banks are in the red today, but it remains unclear what the catalyst for this has been. Especially given that US banks had a strong session of trade on Wall Street overnight. It is possible that some large investors have decided to take profit off the table after strong gains in the sector.
Clarity Pharmaceuticals Ltd (ASX: CU6)
The Clarity Pharmaceuticals share price is down 6% to $2.07. This radiopharmaceuticals company's shares continue to slide despite being championed by a leading broker. That broker is Bell Potter, which earlier this week put a speculative buy rating and $4.90 price target on its shares. It said: "CU6 has now established a multilayered and abundant supply of 64Cu capable of meeting prospective demand across multiple indications. We maintain our Buy (Spec) recommendation and Valuation $4.90." Clarity Pharmaceuticals shares are down 57% over the past 12 months.
IGO Ltd (ASX: IGO)
The IGO share price is down 3% to $3.92. This may have been driven by a broker note out of Citi this morning. According to the note, the broker has downgraded this battery materials company's shares to a neutral rating and cut the price target on them to $4.10. The broker believes that lithium prices will continue to fall until there are more significant supply cuts from producers. Citi has reduced its lithium price forecasts for the next three years by up to 20%.
Pilbara Minerals Ltd (ASX: PLS)
The Pilbara Minerals share price is down 4% to $1.24. This also appears to have been driven by a broker note out of Citi this morning. According to the note, the broker has downgraded the lithium miner's shares to a neutral rating with a reduced price target of $1.30. This is just a touch above where its shares are trading today. As mentioned above, the broker made the move after lowering its lithium price assumptions. This latest decline means the Pilbara Minerals share price is now down over 60% since this time last year.
