The S&P/ASX 200 Index (ASX: XJO) fought hard on Friday but it wasn't enough. The benchmark index lost 0.2% of its value over the five days to end the period at 7,443 points.
While a number of shares dropped with the market, some fell more than most. Here's why these were the worst performers on the ASX 200 last week:
Nearmap Ltd (ASX: NEA)
The Nearmap share price was the worst performer on the ASX 200 last week with a 19% decline. This followed the release of the aerial imagery technology and location data company's guidance for FY 2022 ahead of its annual general meeting. Nearmap advised that it expects annual contract value (ACV) of between $150 million and $160 million on a constant currency basis in FY 2022. This is up from $128.2 million in FY 2021 and represents growth of 17% to 24.8%. The market may have been expecting stronger growth.
Polynovo Ltd (ASX: PNV)
The PolyNovo share price was a poor performer and tumbled 14% over the period. The medical device company's shares were sold off amid the surprise resignation of its Managing Director, Paul Brennan. According to the release, Mr Brennan's interactions with senior staff and his management style led to increasing differences between him and the Board.
Eagers Automotive Ltd (ASX: APE)
The Eagers Automotive share price wasn't far behind with an 11% decline. This was despite there being no news out of the auto retailer. However, with new car sales being impacted by chip shortages and lockdowns, some investors may be concerned that Eagers Automotive could be underperforming expectations.
Clinuvel Pharmaceuticals Limited (ASX: CUV)
The Clinuvel share price was out of form and sank 9.4% over the period. Investors were selling the biopharmaceutical company's shares in response to a recent broker note out of Jefferies. According to the note, the broker has downgraded the company's shares to a hold rating. Jefferies has a few concerns over the launch of a new product competing with Clinuvel's Scenesse therapy in the treatment of EPP.
