The S&P/ASX 200 Index (ASX: XJO) is having a good session on Thursday. In afternoon trade, the benchmark index is up 0.4% to 8,983.9 points.
Four ASX shares that have failed to follow the market higher today are listed below. Here's why they are falling:
Elders Ltd (ASX: ELD)
The Elders share price is down 3% to $7.11. This follows the release of a trading update this morning which appears to have fallen short of the market's expectations. Commenting on its performance, managing director and CEO, Mark Allison, said: "Elders noted negative impacts from dry conditions to our Retail business, most pronounced in South Australia and Western Victoria. These impacts continued through April and May as drought conditions persisted." And while trading conditions improved in the fourth quarter, this was not enough to offset the impact from challenging conditions in the third quarter. This offset news that the ACCC has approved the acquisition of Delta Agribusiness.
Larvotto Resources Ltd (ASX: LRV)
The Larvotto Resources share price is down 3% to 82.5 cents. This morning, this gold explorer released drilling results from the Hillgrove Antimony-Gold Project in New South Wales. While the market wasn't overly impressed, Larvotto's managing director, Ron Heeks, was pleased with them. He said: "It is very encouraging to see our drilling program at Eleanora-Garibaldi continuing to produce high-grade drill results. Ongoing drilling is set to generate consistent news flow and strong momentum through the remainder of 2025."
PYC Therapeutics Ltd (ASX: PYC)
The PYC Therapeutics share price is down 3% to $1.17. This is despite the biotechnology company releasing an update this morning. PYC revealed that the Safety Review Committee (SRC), which is monitoring the single ascending dose (SAD) study of PYC-001, has reviewed the 4-week safety/tolerability data for the third and final patient cohort. The good news is that it has confirmed that there are no safety concerns in any of the three doses assessed in this study. As a result, the company is now preparing to progress into a global Multiple Ascending Dose (MAD) study. PYC-001 aims to treat a blinding eye disease called Autosomal Dominant Optic Atrophy (ADOA). It affects 1 in every 35,000 people and there are currently no approved treatment options.
Regis Resources Ltd (ASX: RRL)
The Regis Resources share price is down 3% to $6.06. This may have been driven by profit taking from some investors after strong gains this year. For example, despite today's weakness, this gold miner's shares are up 130% since the start of the year thanks to the booming gold price.
