In late trade, the S&P/ASX 200 Index (ASX: XJO) looks set to record a disappointing decline. At the time of writing, the benchmark index is down 1.4% to 7,102.9 points.
Four ASX shares that are falling more than most are listed below. Here's why they are tumbling lower:
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A2 Milk Company Ltd (ASX: A2M)
The A2 Milk share price is down 5% to a multi-year low of $3.99. This morning analysts at Bell Potter downgraded the struggling infant formula company's shares to a hold rating and slashed their price target by a third to $4.75. The broker highlights that industry data is pointing to a difficult period for the company.
Imugene Limited (ASX: IMU)
The Imugene share price is down a further 10% to 16.3 cents. Investors continue to sell this biotech company's shares following the termination of a supply agreement with Merck. This afternoon, Imugene revealed that the ASX has been quizzing it around its continuous disclosures. The ASX highlighted a sizeable 14% decline in its share price the trading day before the announcement. Imugene stressed that it is complying with listing rules.
Liontown Resources Limited (ASX: LTR)
The Liontown Resources share price is down 8% to $1.27. This follows broad market weakness, which is being felt hardest among shares that are higher up the risk curve. Liontown wasn't the only lithium share tumbling today, the industry was a sea of red with heavy declines being recorded across the board.
Magellan Financial Group Ltd (ASX: MFG)
The Magellan share price is down 9% to $15.67. This morning the fund manager revealed that it has offloaded its stake in Guzman y Gomez. Magellan has agreed to sell its 11.6% stake for $140 million, which represents a $34 million profit on its original investment. Magellan made the sale to focus on its core funds management business. Some investors appear to believe the company should have held onto its stake.
