Why Appen, GQG, Paradigm, and Talga shares are tumbling lower

The S&P/ASX 200 Index (ASX: XJO) is on course to end the week with a decline. In afternoon trade, the benchmark index is down 0.6% to 6,774.4 points.

Four ASX shares that are falling more than most today are listed below. Here's why they are dropping:

Appen Ltd (ASX: APX)

The Appen share price is down a further 2.5% to $2.87. Investors have continued to sell down this artificial intelligence data services company's shares in response to a very disappointing update on Thursday. That update reveals that Appen expects FY 2022 revenue in the range of US$375 million to US$395 million and constant currency EBITDA of US$13 million to US$18 million. The latter will be down 77.2% to 83.5% over the prior corresponding period. In other news, this morning Ord Minnett retained its sell rating and cut its price target to $2.60.

GQG Partners Inc (ASX: GQG)

The GQG share price is down 4% to $1.53. This has been driven by a disappointing funds under management (FUM) update from GQG this morning. The fund manager revealed that its FUM fell 9.3% during September to US$79.2 billion.

Paradigm Biopharmaceuticals Ltd (ASX: PAR)

The Paradigm Biopharmaceuticals share price is down 13% to $1.68. This is despite there being no news out of the drug development company today. However, with its shares rocketing materially higher this week, some traders could be taking profit off the table. After all, the Paradigm share price is still up 15% this week despite this decline. This strong gain was driven by the release of promising study results.

Talga Group Ltd (ASX: TLG)

The Talga share price is down 12% to $1.17. This has been driven by the battery materials company announcing firm commitments for a $22 million placement. The company is raising the funds at a price of $1.10 per share, which represents a 17% discount to the Talga share price prior to its trading halt. Proceeds will be used partly to fund Talga's advancement of the Vittangi Anode Project and the expanded operation of the Electric Vehicle Anode qualification plant.