In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record a decent gain. At the time of writing, the benchmark index is up 0.6% to 8,778.3 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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Catapult Sports Ltd (ASX: CAT)
The Catapult Sports share price is down 6.5% to $3.69. This is despite there being no news out of the sports technology company today. However, it is worth highlighting that Catapult's shares have been in fine form since the release of its results last month. This could have led to some investors taking a bit of profit off the table today.
Harvey Norman Holdings Ltd (ASX: HVN)
The Harvey Norman share price is down 4% to $4.31. This may have been driven by the release of a broker note out of Macquarie Group Ltd (ASX: MQG) on Wednesday. According to the note, the broker has downgraded Harvey Norman's shares to a neutral rating (from outperform) with a heavily reduced price target of $4.50 (from $6.60). Macquarie made the move on concerns that retailers could struggle in the current economic environment.
Inghams Group Ltd (ASX: ING)
The Inghams share price is down 5% to $1.96. Investors have been selling this poultry producer's shares after it was also downgraded by analysts at Macquarie. According to the note, the broker has downgraded its shares to an underperform rating (from neutral) with a $1.80 price target. Once again, this was due to concerns around consumer spending in the tough economic environment.
Opthea Ltd (ASX: OPT)
The Opthea share price is down 97% to 1.8 cents. This biotechnology company's shares have been smashed after returning from a suspension that lasted over a year. Opthea is shifting its focus from retinal diseases due to a clinical trial failure and is relaunching with a new strategy focused on OPT-302 as a potential treatment for lymphangioleiomyomatosis (LAM). LAM is a rare, chronic lung disease that primarily affects women. The company believes OPT-302 could have a role because the disease is associated with elevated VEGF-C and VEGF-D signalling, which OPT-302 is designed to inhibit. Opthea's executive chair, Dr Jeremy Levin, said: "Opthea is relaunching with a focused strategy centered on OPT-302 and a clear objective: to evaluate a differentiated, mechanism-driven therapeutic opportunity in LAM while leveraging the Company's substantial existing development, manufacturing and clinical infrastructure."
