Why Advance Nanotek, Polynovo, Resolute, & Tyro shares are dropping lower

The S&P/ASX 200 Index (ASX: XJO) has dropped back from its highs but is still on course to record a gain. In afternoon trade the benchmark index is up 0.25% to 6,731.9 points.

Four shares that have failed to follow the market higher today are listed below. Here’s why they are dropping lower:

The Advance Nanotek share price is down 6% to $3.90 despite there being no news out of the advanced materials company. However, Advance Nanotek has been struggling in FY 2021 due to lower demand for its products because of COVID-19. This is expected to lead to a sharp drop in profits during the first half.

The PolyNovo share price has sunk a further 6% to $2.59. This medical device company’s shares have come under significant pressure…