Why Mesoblast, Temple & Webster, Xero, & Zip shares are dropping lower

In late morning trade the S&P/ASX 200 Index (ASX: XJO) is on course to extend its winning run with another solid gain. At the time of writing the benchmark index is up 0.8% to 6,695.7 points.

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

The Mesoblast share price is down 5% to $4.24. This appears to have been driven by profit taking after a meteoric rise over the last few days. Prior to today, the Mesoblast share price was up 37% over the prior three trading days. Investors have been buying the biotech company’s shares following the announcement of a major deal with pharma giant Novartis.

Temple & Webster Group Ltd (ASX: TPW)

The Temple & Webster share…