In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) has dropped back into the red. At the time of writing, the benchmark index is down 0.15% to 7,442.1 points.
Four ASX shares that are falling more than most today are listed below. Here's why they are tumbling:
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Actinogen Medical Ltd (ASX: ACW)
The Actinogen Medical share price has sunk 15% to 16.2 cents. This is despite Actinogen announcing the receipt of approval from the US FDA for its Investigational New Drug (IND) application. This application is for a Phase 2 protocol which will test Xanamem in treating male adolescents and young adults with Fragile X Syndrome. The trial will enrol approximately 50 patients for a 12-week treatment period, with results expected in 2023.
AVITA Medical Inc (ASX: AVH)
The AVITA Medical share price is down 12% to $4.48 following the release of its first quarter update. The regenerative medicine company announced a 39% increase in revenue to US$7 million but still recorded a loss of US$5.9 million. Looking ahead, management isn't expecting sequential growth in the second quarter. It has guided to revenue of US$7 million for the period. This reflects the anticipated impact of hospital staffing challenges as well uncertainty with the pandemic.
Inghams Group Ltd (ASX: ING)
The Inghams share price is down a further 3% to $3.43. Investors continue to sell this poultry company's shares in response to its annual general meeting update last week. At the event, management warned that its financial performance was being impacted by sustained input cost pressures.
National Australia Bank Ltd (ASX: NAB)
The NAB share price is down almost 2% to $28.62. This follows the release of the banking giant's full year results this morning. Although NAB delivered a 76.8% increase in cash earnings to $6,558 million, this was slightly below expectations. For example, Morgans was forecasting cash earnings of $6,597 million for FY 2021. In addition, management warned that competitive pressures are expected to continue in FY 2022, impacting housing lending margins.
