The S&P/ASX 200 Index (ASX: XJO) is on course to end the month in the red. In afternoon trade, the benchmark index is down 0.7% to 7,237.5 points.
Four ASX shares that are falling more than most today are listed below. Here's why they are dropping:
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Bubs Australia Ltd (ASX: BUB)
The Bubs share price is down 8% to 62.5 cents. This appears to have been driven by a combination of profit taking after a strong gain yesterday and a broker note out of Bell Potter. In respect to the latter, this morning the broker downgraded this infant formula company's shares to a speculative hold rating with a 75 cents price target. It is treating Bubs' 1.25 million tin order from the US largely as a temporary sales boost.
Polynovo Ltd (ASX: PNV)
The PolyNovo share price is down 5% to $1.24. Investors may have been selling this medical device company's shares after data showed that short sellers continue to increase their positions. Approximately 11.4% of its shares are held by short sellers at present, making it one of the most shorted on the market.
Suncorp Group Ltd (ASX: SUN)
The Suncorp share price is down over 5% to $11.46. This appears to have been driven by a broker note out of Morgan Stanley. According to the note, the broker has downgraded Suncorp's shares to an underweight rating with a $10.50 price target. Morgan Stanley has warned that Suncorp is one of the companies most exposed to the structural risks stemming from climate change
Zip Co Ltd (ASX: ZIP)
The Zip share price is down 5.5% to 92 cents. Investors have been selling Zip shares amid weakness in the tech sector on Tuesday. That weakness has seen the S&P/ASX All Technology Index fall 1.9% this afternoon and comes despite Nasdaq futures pointing to gains on Wall Street tonight.
