Why Bubs, Mayne Pharma, Paradigm, & PointsBet shares are tumbling lower

These ASX shares are not having a great day…
The post Why Bubs, Mayne Pharma, Paradigm, & PointsBet shares are tumbling lower appeared first on The Motley Fool Australia. –

The S&P/ASX 200 Index (ASX: XJO) is out of form on Tuesday and on course to record a decline. At the time of writing, the benchmark index is down 0.35% to 7,466.6 points.

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

Bubs Australia Ltd (ASX: BUB)

The Bubs share price is down 4.5% to 41 cents. Earlier this week analysts at Citi responded to this struggling infant formula company’s disappointing quarterly update by retaining its sell rating and cutting its price target down to 33 cents. Citi isn’t expecting its performance to improve greatly in the near term, especially while international borders remain closed.

Mayne Pharma Group Ltd (ASX: MYX)

The Mayne Pharma share price has fallen 4.5% to 32 cents. This morning the pharmaceutical company announced that it has been hit with an investor class action. According to the release, the class action alleges the company undertook misleading or deceptive conduct and was in breach of continuous disclosure obligations. This relates to alleged anti-competitive conduct in the United States.

Paradigm Biopharmaceuticals Ltd (ASX: PAR)

The Paradigm share price has sunk 10% to $2.00. This follows the release of an update on its Investigational New Drug (IND) application submitted to the US Food and Drug Administration (FDA) in March. The release explains that the FDA has one remaining question relating to its application. And while management is confident it can resolve this question, the market seems less convinced.

PointsBet Holdings Ltd (ASX: PBH)

The PointsBet share price has tumbled 12% to $9.95. The catalyst for this was the completion of the sports betting company’s institutional placement and entitlement offer. PointsBet has raised $81 million at $8.00 per share and a further $215.1 million at $10.00 per share. It will now push ahead with its retail entitlement offer. These funds will be used to support North American marketing and client acquisition, technology and product development, and US market access and government licensing fees.

The post Why Bubs, Mayne Pharma, Paradigm, & PointsBet shares are tumbling lower appeared first on The Motley Fool Australia.

Wondering where you should invest $1,000 right now?

When investing expert Scott Phillips has a stock tip, it can pay to listen. After all, the flagship Motley Fool Share Advisor newsletter he has run for more than eight years has provided thousands of paying members with stock picks that have doubled, tripled or even more.*

Scott just revealed what he believes could be the five best ASX stocks for investors to buy right now. These stocks are trading at near dirt-cheap prices and Scott thinks they could be great buys right now.

*Returns as of May 24th 2021

More reading

Leading brokers name 3 ASX shares to sell today

What’s driving the PointsBet (ASX:PBH) share price sharply lower?
Mayne Pharma (ASX:MYX) share price drops on class action
ASX 200 midday update: Afterpay jumps again, Qantas stands down crew

Why the Paradigm (ASX:PAR) share price is sinking 14% 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. owns shares of and has recommended Pointsbet Holdings Ltd. The Motley Fool Australia has recommended BUBS AUST FPO and Pointsbet Holdings Ltd. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

Trade The World Anywhere & Anytime!

Mobile app platform with over 50,000 global listed securities across 12 markets (over 70% global market capitalisation), right from your Android or iOS device.

Integrated with exclusive trading idea and investment analysis tools to help you find actionable insight on virtually every financial instrument across our 12 global markets, to help you optimise your trading strategies.

Refer Your Friends

Tell your friends about Monex and gift them FREE access to our trading tools.

We respect your privacy and will only send this one email notification to your friends. 

Share With Your Friends

Share on facebook
Share on twitter
Share on linkedin

Monex Trading Tools Access and Usage Terms

The Monex Trading Tools (referred to as ‘tools’ hereafter) are available to you inside your client portal;

To activate access to the tools, you must have a verified and approved trading account and have made a deposit of at least AUD $1000.

An active and funded account with a positive trading balance is required to continue to have access to the tools;

Although the tools are available to you indefinitely, Monex Securities may at it’s discretion disable access to the tools in the future;

Monex securities reserves the right to change these terms and conditions from time to time, as it sees fit, without notice.

Important Notice
iOS & Android App - 12 International Markets & Over 70% Global Market Cap. $0 Brokerage On US Trades. Click Here!