In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record another gain. At the time of writing, the benchmark index is up 0.2% to 7,269.2 points.
Four ASX shares that have failed to follow the market higher today are listed below. Here's why they are falling:
Bubs Australia Ltd (ASX: BUB)
The Bubs share price has continued its slide and is down a further 1.5% to 29 cents. This morning, analysts at Bell Potter retained their speculative hold rating and slashed their price target on the struggling infant formula company's shares by 22% to 35 cents. This follows a trading update which revealed that half year revenue is expected be flat despite delivering strong first quarter growth and the much-hyped US expansion.
Collins Foods Ltd (ASX: CKF)
The Collins Foods share price is down a further 4% to $7.73. Investors have been selling this quick service restaurant operator's shares since the release of its half year results. Collins Foods revealed solid top line growth but significant margin weakness. Unfortunately, the latter is expected to remain in the second half. Though, it is worth noting that Morgans sees value in Collins Foods' shares after these declines. This morning it retained its add rating with a $9.50 price target.
Dusk Group Ltd (ASX: DSK)
The Dusk share price is down 9% to $1.87. This follows the release of a trading update from the speciality retailer. Dusk revealed that total sales for the first 19 weeks of FY 2023 were up 23.9% on the prior corresponding period. This is a slowdown from 33.2% growth reported for the first 8 weeks of the financial year.
Mayne Pharma Group Ltd (ASX: MYX)
The Mayne Pharma share price is down 19% to 22 cents. This has been driven by the release of a disappointing trading update at the pharmaceutical company's annual general meeting. For the four months ended 31 October, Mayne Pharma's revenue from continuing operations came to $59 million. This is down 29.5% over the prior corresponding period.
