The S&P/ASX 200 Index (ASX: XJO) looks set to end the week in a disappointing fashion. In late morning trade the benchmark index is down a sizeable 0.75% to 6,706.3 points.
Four shares that have fallen more than most today are listed below. Here's why they are tumbling lower:
Mesoblast limited (ASX: MSB)
The Mesoblast share price has crashed 35% lower to $2.44. Investors have been heading to the exits after it revealed that its COVID-19 trial was unlikely to meet its 30-day mortality reduction endpoint. In addition to this, the US Data Safety Monitoring Board advised Mesoblast to essentially end the trial early and recruit no further patients. Management has suggested that changes in the treatment regimens for COVID-19 patients are to blame for the trial's failure.
Paradigm Biopharmaceuticals Ltd (ASX: PAR)
The Paradigm share price has dropped 3% to $2.46. This is despite the biopharmaceutical company announcing that it has received feedback from the US Food and Drug Administration (FDA). This is in relation to its Zilosul product for the treatment of osteoarthritis. Investors may be disappointed that it will be over two years until the results of its Zilosul trial are available.
Qantas Airways Limited (ASX: QAN)
The Qantas share price is down 5% to $4.83. A number of travel shares have come under pressure today after the COVID-19 outbreak in New South Wales continued to grow. Western Australia has closed its border to the state and there are concerns that other states will soon follow suit. Border closures could possibly delay the recovery in the domestic travel market.
QBE Insurance Group Ltd (ASX: QBE)
The QBE share price has dropped 8.5% to $9.11. This follows the release of its guidance for FY 2020. According to the release, the insurance giant expects to report an adjusted net cash loss after tax of approximately $780 million. This includes a pre-tax impact of $470 million from COVID-19 costs. There are also additional claims from trade credit, lenders' mortgage insurance, casualty classes and business interruption.
