In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record another gain. At the time of writing, the benchmark index is up 0.3% to 8,849 points.
Four ASX shares that have failed to follow the market higher on Thursday and named below. Here's why they are falling:
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4DMedical Ltd (ASX: 4DX)
The 4DMedical share price is down 2% to $4.20. This morning, this respiratory imaging technology company revealed that it has received total firm commitments from wholesale, professional, and sophisticated investors for a $150 million single-tranche institutional placement. These funds are being raised at $3.80 per new share, which represents an 11.4% discount to its last close price. The company's founder and CEO, Andreas Fouras, said: "We are pleased to welcome several high-quality global institutional investors to our share register and sincerely appreciate the strong ongoing support from existing shareholders. This placement provides 4DMedical with the balance sheet strength to accelerate U.S. commercialisation of CT:VQ at a time when unprecedented interest from clinicians is driving rapid adoption across leading academic medical centres."
Amaero Ltd (ASX: 3DA)
The Amaero share price is down 21% to 25.5 cents. Investors have been selling this high-value refractory and titanium alloy powders producer's shares after it downgraded its guidance for FY 2026. Amaero now expects revenue of $18 million to $20 million in FY 2026. This is down from its prior guidance of $30 million to $35 million. Management advised that this "primarily reflects timing delays in contract awards and revenue recognition associated with extended U.S government funding uncertainty and a temporary federal government shutdown during the December quarter."
Clarity Pharmaceuticals Ltd (ASX: CU6)
The Clarity Pharmaceuticals share price is down 4% to $3.46. This is despite the pharmaceuticals company revealing that its Phase II SECuRE clinical trial will continue as planned. This follows a formal safety review by independent doctors. The SECuRE trial is testing a targeted treatment for advanced prostate cancer using a copper-based approach.
Treasury Wine Estates Ltd (ASX: TWE)
The Treasury Wine share price is down 5% to $5.08. This may have been driven by a broker note out of Citi this morning. According to the note, the broker has downgraded the wine giant's shares to a sell rating (from neutral) with a $4.80 price target. The broker has concerns over its outlook in the United States amid reports that distributor RNDC could sell operations in seven states. In addition, given recent share price strength, the broker thinks its shares are now overvalued.
