The S&P/ASX 200 Index (ASX: XJO) is having a better session on Wednesday. In afternoon trade, the benchmark index is up 0.3% to 8,828.3 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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4DMedical Ltd (ASX: 4DX)
The 4D Medical share price is down a further 6% to $1.57. Investors have been taking profit with this respiratory imaging technology company's shares over the past couple of sessions after some incredible gains this month. In fact, despite dropping over 30% in two days, the 4DMedical share price remains up over 200% since this time last month. The key driver of this has been its ventilation-perfusion product, CT:VQ, receiving U.S. Food and Drug Administration (FDA) 510(k) clearance. This was then backed up with news that the U.S. Centers for Medicare & Medicaid Services (CMS) have confirmed that reimbursement for the software falls under Category III Current Procedural Terminology (CPT) codes 0721T and 0722T, and will be paid at US$650.50 per scan.
Iluka Resources Ltd (ASX: ILU)
The Iluka Resources share price is down 13% to $5.61. This morning, this mineral sands producer revealed that it has decided to suspend production activities at its Cataby mine and Synthetic Rutile Kiln 2 (SR2) in Western Australia, effective 1 December 2025. The company stated: "This decision has been taken given subdued demand for mineral sands and their associated downstream products, particularly pigment. Lower levels of global economic activity continue to weigh on both the purchasing behaviour of customers and their ability to forecast with certainty."
Medibank Private Ltd (ASX: MPL)
The Medibank Private share price is down 1% to $4.91. This has been driven by the private health insurance giant's shares going ex-dividend for its latest payout. Last month, the company released its full year results and declared a fully franked final divided of 10.2 cents per share. This will be paid to eligible shareholders next month on 9 October.
Pilbara Minerals Ltd (ASX: PLS)
The Pilbara Minerals share price is down 15% to $2.03. Pilbara Minerals and other ASX lithium stocks are being hammered today on some big industry news. According to Bloomberg, Chinese lithium giant CATL is restarting its Jiangxi mine sooner than expected after resolving its permit issues. This is a big blow to the lithium market, which has been battling an oversupply of the white metal. The Jiangxi mine represents in the region of 3% of global mined lithium output.
