In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on form again and on course to record a solid gain. At the time of writing, the benchmark index is up 0.75% to 7,337.6 points.
Four ASX shares that have failed to follow the market higher today are listed below. Here's why they are falling:
CogState Limited (ASX: CGS)
The CogState share price is down 5.5% to $1.84. Investors appear to have been selling this neuroscience technology company's shares following the release of results from an Alzheimer's trial. Although the trial delivered very impressive results, there are concerns about potential side effects from the treatment. Excitement around the trial sent the neuroscience technology company's shares rocketing higher a couple of months ago.
Downer EDI Ltd (ASX: DOW)
The Downer share price is down 3% to $5.00. This morning this integrated services provider announced the exit of its CEO Grant Fenn. Mr Fenn will be replaced by the company's current COO, Peter Tompkins, when he retires in February.
Temple & Webster Group Ltd (ASX: TPW)
The Temple & Webster share price is down 2.5% to $5.14. This appears to have been driven by a broker note out of Macquarie this morning. Although the market responded very positively to the online furniture retailer's trading update yesterday, Credit Suisse wasn't impressed. In response, the broker retained its neutral rating but cut its price target to $5.03. It has also slashed its earnings estimates following the update.
Woodside Energy Group Ltd (ASX: WDS)
The Woodside share price is down 2% to $36.48. This follows the release of the energy producer's investor briefing this morning. Woodside advised that it expects to grow its production by a compound annual growth rate of 4% between 2023 and 2027. This will be underpinned by its Sangomar oil development and Scarborough gas start-up. Investors appear to have been expecting stronger production growth.
