The S&P/ASX 200 Index (ASX: XJO) has run out of steam on Wednesday and is dropping lower. In late morning trade the benchmark index is down a sizeable 0.9% to 6,099.5 points.
Four shares that have fallen more than most today are listed below. Here's why they are tumbling lower:
The Afterpay Ltd (ASX: APT) share price is down 3.5% to $72.44. Investors appear to be taking profit after the payments company's shares raced higher on Tuesday following a strong day for tech shares. Afterpay isn't the only tech share tumbling lower today. At the time of writing, the S&P/ASX 200 Information Technology index is down 2.5%.
The BHP Group Ltd (ASX: BHP) share price has fallen 2.5% to $37.81. Investors may be selling the mining giant's shares today after they were downgraded by analysts at Citi. According to the note, the broker has downgraded BHP's shares to a neutral rating with a $40.00 price target. Citi appears a little underwhelmed with the company's production guidance for FY 2021 and has revised its earnings estimates to reflect this.
The Cann Group Ltd (ASX: CAN) share price is down 5% to 62.5 cents. This morning the cannabis company released an update on its share purchase plan. It confirmed that it is seeking to raise up to $10 million at a price of 40 cents per share. This represents a massive discount of 51.2% to the last closing price prior to the announcement of its placement.
The Mesoblast limited (ASX: MSB) share price is down 6.5% to $3.46. This appears to have been driven by profit taking after a strong gain on Tuesday. Investors were buying the biotech company's shares following the announcement of a review date for its remestemcel-L treatment by the U.S. FDA. The review will assess data supporting Mesoblast's application for approval for remestemcel-L in the treatment of steroid-refractory acute graft versus host disease in children.
