Why Dimerix, New Hope, Pro Medicus, and West African Resources shares are sinking today

These shares are having a tough time on Thursday. But why?

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In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record a strong gain. At the time of writing, the benchmark index is up 1% to 7,818.3 points.

Four ASX shares that have failed to follow the market higher today are listed below. Here's why they are falling:

A male investor wearing a blue shirt looks off to the side with a miffed look on his face as the share price declines.

Image source: Getty Images

Dimerix Ltd (ASX: DXB)

The Dimerix share price is down 4% to 45 cents. This is despite the release of an update from the biopharmaceutical company this morning. It advised that the independent data monitoring committee has confirmed the dose of DMX-200 to be used in adolescent patients aged 12-17 years participating in the ACTION3 clinical trial. This trial is for patients with focal segmental glomerulosclerosis (FSGS). Dimerix's Chief Medical Officer, Dr David Fuller, said: "This is especially important as paediatric FSGS remains an area of high unmet need with limited therapeutic options and a high risk of progression to end-stage kidney disease."

New Hope Corporation Ltd (ASX: NHC)

The New Hope share price is down 4% to $5.06. This follows news that the coal miner has raised $300 million via a convertible notes offering. The initial conversion price of the notes is $6.63 per share, which represents a conversion premium of 30% over the reference share price. New Hope's CEO, Rob Bishop, commented: "The capital provided by this global investor base at favourable terms will be instrumental to our pursuit of initiatives that are consistent with our strategy to maximise shareholder returns."

Pro Medicus Limited (ASX: PME)

The Pro Medicus share price is down 4% to $130.86. This may have been driven by profit taking after very strong gains from the health imaging technology company's shares in the last financial year. In addition, this morning Citi retained its sell rating on the company's shares but lifted its price target from $80.00 to $95.00. While the broker is forecasting very strong growth, it feels that Pro Medicus' share price indicates that even stronger growth is expected by the market.

West African Resources Ltd (ASX: WAF)

The West African Resources share price is down 13% to $1.38. This morning, this gold miner announced that it has received firm commitments from institutional and sophisticated investors for a placement. It is raising $150 million through the issue of 109.5 million new shares at a discount of $1.37 per new share. Management notes that there was strong support from both domestic and offshore institutions for the placement. The proceeds will support development activities at the Kiaka Gold Project.

Citigroup is an advertising partner of The Ascent, a Motley Fool company. Motley Fool contributor James Mickleboro has positions in Pro Medicus. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has positions in and has recommended Pro Medicus. The Motley Fool Australia has recommended Pro Medicus. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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