An equity research report may have triggered a sell-off in Helia Group shares, the lenders’ mortgage insurer has said in response to an Australian Securities Exchange query.

The ASX query came after Helia stock dropped from a high of $5.58 to a low of $5.07 last Tuesday.

“A research analyst issued a new equity research report late in the evening of [Monday] July 20,” Helia said. “Helia is not aware of any other explanation for the recent trading in its securities.”

The insurer did not name the analyst but some media reports say the note was from Macquarie and it reaffirmed an “underperform” rating on the stock.

Helia expects to release its first-half results on August 11.