Why AGL, Imugene, Star, and Woolworths shares are dropping today

The S&P/ASX 200 Index (ASX: XJO) is having another relatively poor session on Thursday. In afternoon trade, the benchmark index is down 0.2% to 8,164.1 points.

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

AGL Energy Limited (ASX: AGL)

The AGL Energy share price is down over 6% to $10.44. This appears to have been driven by a broker note out of Barrenjoey this morning. According to the AFR, the broker has cut its rating on the energy giant to underweight. That's the equivalent of a sell rating. It has also trimmed its earnings estimates and lowered its price target to $11.20 from $13.80.

Imugene Ltd (ASX: IMU)

The Imugene share price is down over 4% to 4.25 cents. This morning, the clinical stage immuno-oncology company released its quarterly update. Given that it is pre-revenue, Imugene was loss-making during the three months. The release reveals that it burned through a lot of cash during the quarter, which reduced its cash reserves from approximately $93 million to $54 million. It estimates that it has 2.3 more quarters of funding available.

Star Entertainment Group Ltd (ASX: SGR)

The Star Entertainment share price is down a further 7% to 23.7 cents. Investors have been selling the casino and resorts operator's shares following the release of its quarterly update this week. The struggling company posted an 18% decline in revenue to $351 million and an EBITDA loss of $18 million. Management said: "There continues to be a deterioration in operating performance from a challenging operating environment and the continued implementation of mandatory carded play and cash limits."

Woolworths Group Ltd (ASX: WOW)

The Woolworths share price is down a further 2% to $30.26. This supermarket giant's shares have been sold off since the release of its first quarter update on Wednesday. Woolworths reported a 4.5% increase in group sales over the prior corresponding period to $18 billion. However, management warned that Australian Food EBIT for the first half is forecast to be below its previous expectations. It now expects "H1 F25 EBIT, including $40 million of incremental supply chain costs, to be within a range of $1,480 million to $1,530 million compared to $1,595 million in H1 F24." The team at Goldman Sachs remains positive on the company. This morning, the broker retained its buy rating on its shares with a reduced price target of $36.20. This implies almost 20% upside for investors.

The post Why AGL, Imugene, Star, and Woolworths shares are dropping today appeared first on The Motley Fool Australia.

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has positions in and has recommended Goldman Sachs Group. The Motley Fool Australia has no position in any of the stocks mentioned. 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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