The S&P/ASX 200 Index (ASX: XJO) has had a strong start the week. In afternoon trade, the benchmark index is up 0.55% to 7,363.4 points.
Four ASX shares that have failed to follow the market higher today are listed below. Here's why they are falling:
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Advanced Human Imaging Ltd (ASX: AHI)
The Advanced Human Imaging share price has tumbled 10% to $1.00. This morning the software company announced plans to raise US$15 million. The proceeds will be use research and development, business development, and marketing. The remainder of the proceeds will be used for general corporate purposes. This could include investing in or acquiring synergistic companies that are complementary to its technologies and working capital.
ResMed Inc. (ASX: RMD)
The ResMed share price is down 5% to $35.27. This decline appears to have been driven by a lukewarm response from brokers to last week's quarterly update. This morning Macquarie retained its neutral rating and lifted its price target ever so slightly to $38.00. While it was pleased with its performance during the quarter, it feels its shares are close to full value now.
Western Areas Ltd (ASX: WSA)
The Western Areas share price is down almost 3% to $3.07. This morning the team at Citi reduced their FY 2022 earnings estimates for this nickel producer following its first quarter update. The broker has, however, held firm with its neutral rating and $3.40 price target.
Westpac Banking Corp (ASX: WBC)
The Westpac share price is down 6.5% to $24.01 following the release of its full year results. Although the banking giant doubled its cash earnings in FY 2021, this was still a touch short of expectations. In addition, a softening net interest margin and smaller than expected share buyback appear to be weighing on its shares. In respect to the latter, Australia's oldest bank announced a $3.5 billion off-market share buyback. A note out of Morgans reveals that its analysts were forecasting a $5 billion buyback
