The S&P/ASX 200 Index (ASX: XJO) has managed to get into positive territory on Tuesday. In afternoon trade, the benchmark index is up slightly to 8,595.5 points.
Four ASX shares that have failed to follow the market higher today are listed below. Here's why they are falling:
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Beetaloo Energy Australia Ltd (ASX: BTL)
The Beetaloo Energy share price is down 2% to 23 cents. This is despite the energy company announcing that hydraulic stimulation has been successfully completed by Halliburton on Beetaloo Energy's Carpentaria-5H well in Beetaloo Basin permit EP 187. This follows a 20-day campaign. The company will now undertake a coiled tubing run to clean out the well bore and initial flow back followed by shut-in for soak until mid-August.
Botanix Pharmaceuticals Ltd (ASX: BOT)
The Botanix Pharmaceuticals share price is down 46% to 16.75 cents. Investors have been selling this clinical dermatology company's shares following the release of a sales update. Botanix revealed that it has generated gross sales of $25 million for its Sofdra topical gel since its launch in January. The company's executive chairman, Vince Ippolito, was pleased with the launch. He said: "We are pleased with the overall performance of Sofdra since its launch in February 2025. The launch trajectory of Sofdra is trending in a positive direction, and we expect continued growth." However, it seems that these sales are well short of the market's expectations. Sofdra is the first and only new chemical entity approved by FDA to treat primary axillary hyperhidrosis (excessive sweating).
Cobram Estate Olives Ltd (ASX: CBO)
The Cobram Estate Olives share price is down 2.5% to $2.38. This appears to be a case of profit taking after a strong gain on Monday following an impressive business update. In addition, this morning, the team at Ord Minnett downgraded the olive oil producer's shares to an accumulate rating with a $2.66 price target.
Origin Energy Ltd (ASX: ORG)
The Origin Energy share price is down almost 1.5% to $11.41. This may have been driven by a broker note out of Morgan Stanley this morning. According to the note, the broker has retained its underweight rating and $9.46 price target on the company's shares. This implies potential downside of 17% from current levels. Though, it concedes that it could be a little more positive if rumours of GBP10 billion demerger of Kraken Technologies by Octopus Energy prove to be correct.
