Motley Fool Australia Share Fallers These were the worst performing ASX 200 shares last week

James Mickleboro | July 18, 2020 8:46am | More on: AVH MP1 MSB PNV ASX 200

The S&P/ASX 200 Index(ASX: XJO) was back on form last week and stormed through the 6,000 points level once again. The benchmark index climbed 1.9% to 6033.6 points.

Unfortunately, not all shares were able to climb higher with the market. Heres why these were the worst performing ASX 200 shares last week:

TheAVITA Therapeutics Inc(ASX: AVH)share price was the worst performer on the ASX 200 last week and crashed 19% lower. This follows the release of the regenerative medicine companys fourth quarter and full yearsales update. For FY 2020, AVITAs total revenue came in at approximately US$14.32 million. While this was a sizeable increase of US$8.78 million or 160% over FY 2019s sales, it appears as though investors were expecting an even stronger sales result.

TheMesoblast limited(ASX: MSB) share price was some way behind with a 9.5% decline last week. This appears to have been driven by profit taking after some very strong gains. In fact, a week earlier the allogeneic cellular medicines developers shares were among the best performers. Investors were fighting to buy shares after it provided an updateon its allogeneic mesenchymal stem cell (MSC) product candidate, remestemcel-L. That update revealed that remestemcel-L has been given an expanded access protocol for compassionate use in the treatment of COVID-19 infected children with cardiovascular and other complications of multisystem inflammatory syndrome.

ThePolyNovo Ltd(ASX: PNV)share price was out of form last week and tumbled 7% lower. Once again, this appears to have been down to profit taking after strong gains in previous months. For example, even after last weeks declines, PolyNovos shares are still up over 35% since the start of the year.

The Megaport Ltd (ASX: MP1) share price was a poor performer last week and recorded a 6.9% decline. It appears as though investors were rotating funds out of the tech sector over the period. The provider of elastic interconnection services across data centres wasnt the only tech share taking a tumble. The S&P/ASX 200 Information Technology index ran out of steam last week and fell 3.5% despite the ASX 200 pushing 1.9% higher.

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James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of Avita Medical Limited, MEGAPORT FPO, and POLYNOVO FPO. The Motley Fool Australia has recommended Avita Medical Limited and MEGAPORT FPO. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

James Mickleboro has been a Motley Fool contributor since late 2015. After studying economics at university back home in the United Kingdom, James came to live in Australia and managed to land a job at an Australian fund manager. This was the start of a love affair with Australian equities and he hasnt looked back since. James is part of the CFA Institutes Chartered Financial Analyst program and hopes it teaches him how to become an astute investor which allows him to help others with their own investing. Outside of reading and researching he spends many a late night watching the English Premier League and Seinfeld reruns.

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