Why Bapcor, Mayne Pharma, Race Oncology, and TechnologyOne shares are sinking

These ASX shares are falling on Wednesday…
The post Why Bapcor, Mayne Pharma, Race Oncology, and TechnologyOne shares are sinking appeared first on The Motley Fool Australia. –

In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) has just dropped into the red. At the time of writing, the benchmark index is down slightly to 7,408.9 points.

Four ASX shares that are falling more than most today are listed below. Here’s why they are sinking:

Bapcor Ltd (ASX: BAP)

The Bapcor share price is falling again and down almost 5% to $7.11. Investors have been selling the auto parts retailer’s shares after the surprise announcement of the exit of its Chief Executive Officer and Managing Director, Darryl Abotomey. Mr Abotomey is stepping down after a decade leading the company on 28 February 2022.

Mayne Pharma Group Ltd (ASX: MYX)

The Mayne Pharma share price is down 3% to 29.2 cents. This appears to have been driven by the pharmaceutical company’s annual general meeting update this week. At the event, management was unable to provide guidance for the full year. It also warned that its performance has not been in line with expectations so far in FY 2022.

Race Oncology Ltd (ASX: RAC)

The Race Oncology share price has sunk 13% to $3.30. This means the oncology company’s shares have now given back all of yesterday’s gains and some more. Race’s shares jumped notably higher yesterday following the release of a study update.

TechnologyOne Ltd (ASX: TNE)

The TechnologyOne share price has continued to slide and is down a further 9% to $11.42. Investors have been selling the enterprise software company’s shares since the release of its full year results on Tuesday. TechnologyOne delivered a 43% increase in SaaS ARR to $192.3 million and a 19% lift in profit before tax to $97.8 million. However, this wasn’t enough for a couple of brokers. This morning both Macquarie and UBS downgraded the company’s shares to the equivalent of sell ratings. These downgrades were made largely on valuation grounds.

The post Why Bapcor, Mayne Pharma, Race Oncology, and TechnologyOne shares are sinking appeared first on The Motley Fool Australia.

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More reading

Why is the Race Oncology (ASX:RAC) share price plunging 12% today?

Why is the Technology One (ASX:TNE) share price tumbling 9% today?

Is the TechnologyOne (ASX:TNE) share price a buy after its results?

ASX 200 (ASX:XJO) midday update: BHP, Woodside rise, TechnologyOne falls

Why the Bapcor (ASX:BAP) share price is crashing 10% lower on Tuesday

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has recommended Bapcor. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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