The S&P/ASX 200 Index (ASX: XJO) is on course to end the week on a positive note. In afternoon trade, the benchmark index is up 0.7% to 8,805.9 points.
Four ASX shares that have failed to follow the market higher today are listed below. Here's why they are falling:
Aeris Resources Ltd (ASX: AIS)
The Aeris Resources share price is down 1.5% to 36 cents. This is despite there being no news out of the copper miner. However, its shares have been on fire recently, which could mean that some investors are taking a bit of profit off the table on Friday. For example, since this time last month, Aeris Resources shares are up over 75%.
Cochlear Ltd (ASX: COH)
The Cochlear share price is down 1% to $291.92. This may have been driven by the release of a broker note out of Citi this morning. According to the note, the broker has downgraded the hearing solutions company's shares to a neutral rating with a trimmed price target of $320.00. This follows the transfer of coverage to a new analyst and the broker's preference for pharmaceuticals over services and providers. It is worth noting that Citi's price target still implies potential upside of almost 10% for investors over the next 12 months.
Magellan Financial Group Ltd (ASX: MFG)
The Magellan share price is down a further 2.5% to $9.83. Investors have been selling this fund manager's shares this week following the release of a broker note out of Macquarie Group Ltd (ASX: MQG). Its analysts have downgraded Magellan's shares to an underperform rating with an $8.65 price target. They said: "We see downside risks to cons, with our FY26E EPS 7% below due to lower associate profits, higher sub-advisory fees and lower distribution income. We also see risks to accelerated net outflows due to the Infrastructure PM's departure, fund rating reviews and poor relative fund performance."
Sunrise Energy Metals Ltd (ASX: SRL)
The Sunrise Energy Metals share price is down 6.5% to $3.76. This may have been driven by profit taking from investors after the scandium developer's shares rocketed higher this week. This has been driven by news that it has received a letter of interest from the Export-Import Bank of the United States (EXIM) which outlines the potential to provide up to US$67 million in debt financing for the Syerston Scandium Project in central New South Wales. Management notes that based on its current estimates in the Feasibility Study, this represents approximately half the development capital for the project. Sunrise Energy Metals' shares remain up over 15% since this time last week and over 130% in a month.
