The S&P/ASX 200 Index (ASX: XJO) is on form and having a good session on Wednesday. In afternoon trade, the benchmark index is up 0.65% to 8,429 points.

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

Block Inc. (ASX: XYZ)

The Block Inc. share price is down 4.5% to $138.86. This follows a poor night of trade for the payments company's NYSE-listed shares on Wall Street. It is unclear what caused the selling but profit taking is a possibility. After all, Block's shares were up over 60% in the space of six months before today's pullback.

Canyon Resources Ltd (ASX: CAY)

The Canyon Resources share price is down over 4% to 22.5 cents. This morning, this bauxite developer announced a surprise change of CEO. According to the release, current CEO, Jean Sebastien Boutet, will be transitioning into a new role as chief commercial & corporate development officer from the start of July. He will be replaced by Peter Secker. The release notes that "Secker is a highly accomplished executive and leader, with over 40 years of extensive experience in project development spanning on-site operations and corporate growth within the global mining and resources industry."

Fisher & Paykel Healthcare Corporation Ltd (ASX: FPH)

The Fisher & Paykel Healthcare share price is down a further 1.5% to $31.29. This medical device company's shares have come under pressure this week amid concerns over US trade tariffs. For the first half of FY 2025, approximately 43% of revenue came from the United States. And approximately 60% of US volumes are supplied from the company's Mexico manufacturing facilities. As a result, the company warned that potential US tariffs on Mexican goods would likely delay the achievement of its margin improvement goal by two to three years.

Mesoblast Ltd (ASX: MSB)

The Mesoblast share price is down 3.5% to $3.08. This may have been driven by profit taking from some investors after stellar gains over the past 12 months. Thanks to the long-awaited approval of one of its stem cell therapies by the US FDA, Mesoblast's shares have rallied an incredible 1,000%+ over the past 12 months. Though, it is worth noting that not everyone believes that the gains are over. Bell Potter currently has a speculative buy rating and $3.90 price target on its shares. This implies potential upside of 26% for investors from current levels.