In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record a large decline. At the time of writing, the benchmark index is down 0.9% to 8,555.5 points.
Four ASX shares that are falling more than most today are listed below. Here's why they are dropping:
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Imricor Medical Systems Inc (ASX: IMR)
The Imricor Medical Systems share price is down over 2% to $1.17. Investors have been selling this medical technology company's shares this month after it revealed that the US approval process for its 3D MRI mapping system, NorthStar, has been delayed. Morgans remains upbeat, though. It said: "The share price has dropped 20% this morning, which we see as a complete overreaction. Therefore, a great buying opportunity has emerged. There are plenty of catalysts coming over the next few quarters which will drive the share price higher including the expected approval of the NorthStar mapping system. We have made no changes to our forecasts or valuation. We maintain a speculative buy recommendation on IMR."
Imugene Ltd (ASX: IMU)
The Imugene share price is down almost 12% to 37.5 cents. This follows news that the clinical stage immuno-oncology company has received firm commitments from institutional and sophisticated investors for a $22.5 million placement. These funds are being raised through the issue of 68.2 million shares at a 22% discount of 33 cents per new share. The company advised that the proceeds of the capital raising will primarily be used to fund the azer-cel program through to initiating a pivotal clinical trial in 2026. Post completion, Imugene will have a pro-forma cash balance of $64 million. With anticipated R&D rebates and other cost saving initiatives, it expects to have funding into second half of 2026. In addition, the potential exercise of attaching options provides for up to a further $36.6 million of near-term funding.
Newmont Corporation (ASX: NEM)
The Newmont Corporation share price is down 5% to $88.27. Investors have been selling gold miners today after the gold price pulled back overnight. This has seen the S&P/ASX All Ordinaries Gold index weigh heavily on the market today with a 2.5% decline. Despite today's weakness, Newmont Corporation shares are up approximately 46% year to date.
Pepper Money Ltd (ASX: PPM)
The Pepper Money share price is down 3.5% to $1.86. This has been driven by the release of a broker note out of the Macquarie equities desk this morning. According to the note, the broker has downgraded this non-bank lender's shares to a neutral rating with an improved price target of $1.70. While the broker believes that the current environment is favourable for non-bank lenders like Pepper Money, it thinks that this is now firmly priced into its share price.
