In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) has followed Wall Street's lead and is tumbling lower. At the time of writing, the benchmark index is down 0.75% to 7,224.5 points.
Four ASX shares that are falling more than most today are listed below. Here's why they are falling:
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Afterpay Ltd (ASX: APT)
The Afterpay share price is down 5% to $113.49. This follows a 5% pullback in the Square share price on Wall Street overnight. Afterpay and Square have agreed to an all-script takeover deal which will see the former's shareholders receive 0.375 Square shares for each Afterpay share they own. In light of this, the value of the takeover rises and falls with the Square price.
Atomo Diagnostics Ltd (ASX: AT1)
The Atomo share price has fallen 9% to 30.5 cents. Investors have been selling the medical device company's shares following the release of an announcement this morning. According to the release, Atomo and Access Bio have restructured their commercial relationship to reflect the evolving structural changes in the COVID-19 diagnostics market.
Opthea Ltd (ASX: OPT)
The Opthea share price is down almost 5% to $1.29. This is despite the biopharmaceutical company announcing the start of enrolment for its Phase 3 pivotal clinical program of OPT-302 in Europe. This clinical program is testing OPT-302 as a treatment for wet (neovascular) age-related macular degeneration (AMD).
Sealink Travel Group Ltd (ASX: SLK)
The Sealink share price is down 5% to $7.87. This morning UBS retained its buy rating but trimmed its price target on the travel and transport company's shares to $10.20. This follows news that it failed to win the Melbourne Metro Bus Franchise contract. UBS felt that the market had been anticipating that Sealink would win this large contract. Nevertheless, UBS remains positive on the company's outlook.
