It’s a rough day on the ASX for healthcare stocks.
The post Why is the Cochlear (ASX:COH) share price tumbling 5% on Thursday? appeared first on The Motley Fool Australia. –
Key points
Cochlear is one of the worst performing ASX 200 healthcare stocks on Thursday
Right now, its share price is 5.2% lower, trading at $181.54
No news to explain the slump but some brokers are bearish on revenue growth
The Cochlear Limited (ASX: COH) share price is in the red today. In fact, its slump places it as one of the worst-performing healthcare stocks on the S&P/ASX 200 Index (ASX: XJO) on Thursday.
At the time of writing, the Cochlear share price is $181.54, 5.2% lower than its previous close.
For context, the ASX 200 is also in the red right now, having dipped 2.3% by lunchtime.
Let’s take a look at what’s happening with the hearing device manufacturer and distributor.
What’s dragging the Cochlear share price lower today?
Cochlear’s shares are weighing on the S&P/ASX 200 Health Care Index (ASX: XHJ) on Thursday.
Right now, healthcare is one of the ASX 200’s worst-performing sectors, having slumped 3.8%.
Though, the title has evaded it due to the S&P/ASX 200 Information Technology Index‘s (ASX: XIJ) 4.86% tumble.
Amongst the ASX healthcare stocks, the Clinuvel Pharmaceuticals Limited (ASX: CUV) share price is down 5%. The Resmed CDI (ASX: RMD) and CSL Limited (ASX: CSL) share prices are both down by about 3.7%.
To make Cochlear’s tumble more baffling, there’s been no price-sensitive news from the company since August. Then, it released its results for the financial year 2021, inspiring the market to bid the Cochlear share price 7.4% lower.
The company isn’t expected to release its results for the first half of the financial year 2022 until around 22 February.
However, The Motley Fool Australia has recently reported on multiple broker updates regarding the Cochlear share price.
For instance, Macquarie recently dropped its price target for Cochlear shares to $222.50, representing a 22% upside on its current level. Credit Suisse is bullish on the future of Cochlear, slapping a $235 price target on its shares.
Though, my Foolish colleague Tony recently reported that some experts are concerned about the company’s revenue growth amid the ongoing COVID-19 pandemic.
The post Why is the Cochlear (ASX:COH) share price tumbling 5% on Thursday? appeared first on The Motley Fool Australia.
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More reading
Top brokers name 3 ASX shares to buy today
Here are the latest broker updates from Macquarie. It’s not all pretty for ASX shares.
Leading brokers name 3 ASX shares to sell today
Cochlear (ASX:COH) share price higher on FDA approval
Hear this: Why the Cochlear (ASX:COH) share price had such a difficult time in 2021
Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns and has recommended CSL Ltd. and Cochlear Ltd. The Motley Fool Australia has recommended Cochlear Ltd. and ResMed Inc. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.
