The S&P/ASX 200 Index (ASX: XJO) is having a subdued finish to the week. In afternoon trade, the benchmark index is down slightly to 8,924.1 points.
Four ASX shares that are falling more than most today are listed below. Here's why they are dropping:
Image source: Getty Images
Imricor Medical Systems Inc (ASX: IMR)
The Imricor Medical Systems share price is down 2% to $2.01. This may have been driven by profit-taking from investors following a strong gain on Thursday. Investors were buying the medical device company's shares after it received US FDA approval for its NorthStar Mapping System. NorthStar is the first and only MRI-native 3D mapping and guidance system to receive FDA clearance. Imricor's chair and CEO, Steve Wedan, commented: "At Imricor, we have been building a comprehensive suite of uniquely MRI-compatible devices for two decades. These devices, which include both consumable products and capital equipment, enable doctors to harness the superior soft tissue imaging of MRI to precisely guide minimally invasive procedures in a 100% radiation-free setting."
Ioneer Ltd (ASX: INR)
The Ioneer share price is down 18% to 17 cents. Investors have been selling this lithium developer's shares after it raised capital. Ioneer revealed that it has received firm commitments from institutional, professional, and sophisticated investors to raise approximately US$50 million (approximately A$72 million) at a discount of 18 cents per new share. The company's executive chair, James Calaway, said: "The result of this offering is a strong endorsement of Ioneer's strategy and the market's understanding of the unique value and importance of Rhyolite Ridge to help onshore U.S. critical minerals production. This funding milestone allows us to aggressively move towards commencing construction and advancing discussions with potential strategic partners."
Star Entertainment Group Ltd (ASX: SGR)
The Star Entertainment share price is down 12.5% to 14 cents. This follows the release of the casino and resorts operator's quarterly update. Star reported a 6% increase in revenue to $301 million and positive group EBITDA of $6 million. The latter compares to an EBITDA loss of $13 million in the first quarter. It seems that the market was expecting even more from Star Entertainment.
Whitehaven Coal Ltd (ASX: WHC)
The Whitehaven Coal share price is down 4% to $9.06. This may have been driven by a broker note out of Bell Potter this morning. According to the note, the broker has downgraded the coal miner's shares to a sell rating with an $8.40 price target. It said: "We move to a Sell recommendation with strong recent share price performance. In the medium term, WHC are positioned to capitalise when coal markets sustainably improve with a diversified portfolio of assets in Queensland and New South Wales and strong organic growth optionality."
