The S&P/ASX 200 Index (ASX: XJO) is having a strong session on Tuesday and is storming higher. At the time of writing, the benchmark index is up 1% to 8,384.9 points.

Four ASX shares that have failed to follow the market higher today are listed below. Here's why they are falling:

Elders Ltd (ASX: ELD)

The Elders share price is down almost 9% to $7.89. Investors have been selling this agribusiness company's shares today after it completed the institutional component of its capital raising. Elders notes that it attracted strong support from both existing and new institutional shareholders and raised approximately $143 million at an offer price of $7.85 per new share. This represents a 9.2% discount to its last close price. Elders is raising funds after entering into an agreement to acquire 100% of the shares in Delta Agribusiness for an enterprise value of $475 million. It provides rural products and advisory services through a network of 68 locations and approximately 40 independent wholesale customers.

KMD Brands Ltd (ASX: KMD)

The KMD Brands share price is down 2.5% to 38 cents. This follows the release of the Rip Curl and Kathmandu owner's trading update at its annual general meeting. The company revealed that group sales were down 5.8% on the prior corresponding period for the first quarter of FY 2025. Rip Curl was the worst performer of the two, reporting a 6.7% decline in sales. Kathmandu sales were down 2.7%.

Lovisa Holdings Ltd (ASX: LOV)

The Lovisa share price is down a further 1% to $27.79. This fashion jewellery retailer's shares have come under pressure this week after analysts assessed its store rollouts in FY 2025. The data appears to show that the company has fallen behind expectations so far this financial year. As a result, analysts at Citi sees downside risk to consensus estimates. In light of this, on Monday, the broker downgraded Lovisa's shares to a sell rating from neutral with a reduced price target of $25.05.

Telix Pharmaceuticals Ltd (ASX: TLX)

The Telix Pharmaceuticals share price is down 1.5% to $22.44. This appears to have been driven by the announcement of a new acquisition by the radiopharmaceuticals company this morning. Telix advised that it is expanding its theranostic pipeline with new assets targeting Fibroblast Activation Protein (FAP). It is one of the most promising pan-cancer targets in nuclear medicine. Telix has entered into asset purchase and exclusive worldwide in-licence agreements for a suite of clinically validated FAP-targeting therapeutic and precision medicine radiopharmaceutical candidates developed by Professor Frank Roesch. Telix has agreed a small upfront fee but will pay a further 132 million euros contingent upon achievement of certain clinical development and regulatory milestones.