The S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has followed the lead of international markets and is on course to finish the week on a positive note. In afternoon trade the benchmark index is up 0.3% to 6,187.6 points.
Four shares that have failed to follow the market higher today are listed below. Here's why they are ending the week in the red:
The Ellex Medical Lasers Ltd (ASX: ELX) share price has tumbled 10% to 74 cents. After the market close on Thursday the medical technology company released the results of its LEAD study. The three-year, randomised, multi-centre clinical trial was investigating the efficacy of Ellex 2RT Retinal Rejuvenation Therapy in intermediate age-related macular degeneration (AMD) patients. Although the results demonstrated a four-fold reduction in the rate of progression to late stage AMD in 76% of patients, the primary endpoint of the trial was not met.
The Michael Hill International Ltd (ASX: MHJ) share price has fallen 3% to 86.5 cents after the jewellery retailer announced the resignation of its CEO. According to the release, Phil Taylor has advised the board that he has been diagnosed with a health issue and has decided to resign to focus on his treatment and recovery. Specialty Fashion Group Ltd (ASX: SFH) CEO Daniel Bracken will be Mr Taylor's replacement.
The Pendal Group Ltd (ASX: PDL) share price has dropped 7% to $8.52. This morning a note of UBS revealed that its analysts had held firm with their neutral rating but cut the price target on the fund manager's shares by almost 7% to $9.80. The broker appears a touch concerned by the challenging outlook that its key JO Hambro business faces.
The Premier Investments Limited (ASX: PMV) share price has continued its decline and is down a further 4.5% to $18.15. Following the release of its full year result, the retail conglomerate's shares were downgraded by UBS to a hold rating from buy with a price target of $18.50. The broker has made the move largely on valuation grounds. I would have to agree with this assessment.
