In afternoon trade the S&P/ASX 200 index is on course to give back yesterday's gains. At the time of writing the benchmark index is down 0.25% to 6,655.5 points.
Four shares that have fallen more than most today are listed below. Here's why they have tumbled lower:
The Botanix Pharmaceuticals Ltd (ASX: BOT) share price has crashed 46% lower to 13 cents. Investors have been heading to the exits in their droves after the cannabis-focused medical dermatology company released topline data from its Phase 2 BTX 1503 study. That study was evaluating its safety and efficacy in patients with moderate to severe acne. Unfortunately, the topline data revealed that the primary endpoint of reducing inflammatory lesions did not achieve statistical significance.
The Elixinol Global Ltd (ASX: EXL) share price is down 10% to $1.90. The cannabis company's shares have come under pressure today following the release of an update on its Japanese operations. According to the release, Elixinol Global has established that non-compliant hemp-derived cannabidiol (CBD) products were being sold by Elixinol Japan. This non-compliance relates to the strict requirements in Japan on sourcing CBD from only hemp stalk and seed.
The Pro Medicus Limited (ASX: PME) share price has fallen 6% to $28.25. The healthcare technology company's shares have come under pressure today despite there being no news out of it. However, with its shares up significantly this year and trading on sky-high earnings multiples, I suspect that some investors have been taking a little profit off the table today.
The Tinybeans Group Ltd (ASX: TNY) share price has sunk 14.5% lower to $2.06. This morning the family-focused social media platform released its first quarter update. Although Tinybeans delivered strong revenue growth compared to the prior corresponding period, it fell quarter on quarter. At the end of the quarter, the company had Monthly Active Users of 1.28 million. This was up 50,000 on the previous quarter.
