The S&P/ASX 200 Index (ASX: XJO) is having a reasonably positive start to the week. In afternoon trade, the benchmark index is up 0.35% to 7,100 points.
Four ASX shares that have failed to follow the market higher today are listed below. Here's why they are dropping:
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Imugene Limited (ASX: IMU)
The Imugene share price has continued its slide and is down a further 6% to 16.5 cents. This means that the biotech company's shares are now down over 60% since the start of the year. Valuation concerns have been weighing on its shares. There may also be fears that this trend could continue given its market capitalisation of almost $1 billion and no revenue.
Integrated Research Limited (ASX: IRI)
The Integrated Research share price has sunk 15% to 57.5 cents. This morning the global provider of user experience and performance management solutions revealed that trading conditions have been tough. As a result, it no longer expects to deliver profit growth in FY 2022.
Monash IVF Group Ltd (ASX: MVF)
The Monash IVF share price is down a further 5% to $1.01. This fertility treatment company's shares have now fallen 14% since the release of a disappointing trading update last week. That update revealed that the current environment has negatively impacted stimulated cycle activity and profitability between January to April as patients defer treatment.
Step One Clothing Ltd (ASX: STP)
The Step One share price has crashed 55% to 21.5 cents. Investors have been selling this underwear retailer's shares after it revealed that its expansion into the UK, US, and women's markets hasn't gone to plan. As a result, it expects to fall well short of its earnings guidance in FY 2022. This appears to have led to investors doubting that Step One has what it takes to successfully expand outside Australia. The company's shares are now down 86% from its November IPO price of $1.53.
