In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record a decent gain. At the time of writing, the benchmark index is up 0.5% to 7,866.5 points.
Four ASX shares that are failing to follow the market's lead today are listed below. Here's why they are falling:
Actinogen Medical Ltd (ASX: ACW)
The Actinogen Medical share price is down a further 7.5% to 2.5 cents. This biotechnology company's shares have crashed deep into the red this week following the release of phase 2a trial topline results from its XanaCIDD trial. It was testing its Xanamem product in patients with cognitive dysfunction and major depressive disorder. Unfortunately, the trial failed with its primary endpoint of improving the "attention composite." Management blamed this failure on an unexpectedly large improvement in the placebo group. Its shares are now down almost 70% since this time last month.
ASX Ltd (ASX: ASX)
The ASX share price is down almost 3% to $64.02. This morning, the stock exchange operator revealed that the Australian Securities and Investment Commission (ASIC) has started proceedings against the company over alleged misleading statements about its Clearing House Electronic Subregister System (CHESS) replacement project. ASIC stated: "We allege that the true state of affairs as at 10 February 2022 was that the project was not "progressing well", contrary to ASX's announcement."
Burgundy Diamond Mines Ltd (ASX: BDM)
The Burgundy Diamond Mines share price is down 5% to 14.7 cents. This is despite the release of an announcement which revealed that its agreement with surety providers in relation to the reclamation bonds has been formally concluded. CEO Kim Truter was pleased with the news. He said: "This is a real game changer. Our revised long-term partnership and arrangement with our surety providers ensures our closure obligations are funded, releases cash to fund our mine extension options, and ensures we maintain a healthy cash reserve. Furthermore it reduces future financial liability related to reclamation requirements."
Lifestyle Communities Ltd (ASX: LIC)
The Lifestyle Communities share price is down almost 5% to $8.59. This follows the release of the retirement communities company's FY 2024 results. Lifestyle Communities reported a 25.6% decline in operating profit after tax to $52.9 million and a 29.4% fall in operating earnings per share to 48.1 cents. In addition, management revealed settlements that were run-rating significantly behind analyst expectations. This has been caused by customer sentiment being negatively impacted due to recent media coverage.
