AnteoTech (ASX:ADO) share price lifts as Ellume US sales ramp-up

Anteotech shares are sharing in the love as unlisted Ellume ramps up for a COVID-19 sales boom…
The post AnteoTech (ASX:ADO) share price lifts as Ellume US sales ramp-up appeared first on The Motley Fool Australia. –

The AnteoTech Ltd (ASX: ADO) share price is bouncing around today with above-average trading volume. This comes as Ellume secures further approvals from the United States Food and Drug Administration (FDA) for its COVID-19 rapid antigen home test.

At the time of writing, the AnteoTech share price is up 4.17% to 25 cents. Meanwhile, the trading volume is around 4.3 million shares. This represents around 91% of the company’s average volume for a whole month.

Let’s look at the latest news and why AnteoTech shares are returning a positive reading today.

More tests to fly out the door

For those unaware, AnteoTech is connected to Ellume by providing its ‘AnteoBind’ technology for Ellume’s at-home tests.

According to recent reports, Brisbane-based Ellume is ramping up its rollout of the tests across the United States. This follows the local company receiving approval from the FDA to sell COVID tests to point-of-care providers. Such providers include doctors, pharmacists, and commercial venues.

While millions of at-home COVID tests are flying off the shelves, Australia can’t say the same. Due to Australian legislation, over-the-counter test kits are currently banned locally.

Additionally, in an interview with The Australian Financial Review, Ellume founder and CEO Mr Sean Parsons said:

Right now, the TGA [Therapeutic Goods Administration] are not able to review a submission we make for a home COVID test because there is a piece of legislation that is prohibiting them. Their hands are tied. The law was written when pandemics weren’t really imagined and they wanted to force people to record how many of those illnesses [went] through the health system. I don’t think it really makes sense now

The statement is timely given the current situation faced by the New South Wales Government. A further 98 local COVID-19 cases were recorded by the state overnight.

ASX-listed AnteoTech rides the Ellume buzz

The Anteotech share price has had a cracking 12 months, with shares gaining around 650% over the period. Incidentally, AnteoTech is possibly benefitting from the fact that Ellume is not a publically listed company. With Ellume being an AnteoTech customer, investors might consider the ASX-listed company to be the next best thing.

Finally, the AnteoTech share price was the best performing ASX-listed healthcare share in FY21. The company now holds a market capitalisation of around $478.5 million.

The post AnteoTech (ASX:ADO) share price lifts as Ellume US sales ramp-up appeared first on The Motley Fool Australia.

Should you invest $1,000 in AnteoTech right now?

Before you consider AnteoTech, you’ll want to hear this.

Motley Fool Investing expert Scott Phillips just revealed what he believes are the 5 best stocks for investors to buy right now… and AnteoTech wasn’t one of them.

The online investing service he’s run for nearly a decade, Motley Fool Share Advisor, has provided thousands of paying members with stock picks that have doubled, tripled or even more.* And right now, Scott thinks there are 5 stocks that are better buys.

*Returns as of May 24th 2021

More reading

The 5 best ASX shares of FY21 revealed

The 5 best performing ASX healthcare shares of FY21, did yours make the cut?

These 3 ASX biotech shares are all up at least 120% in a year

Motley Fool contributor Mitchell Lawler has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

Trade The World Anywhere & Anytime!

Mobile app platform with over 50,000 global listed securities across 12 markets (over 70% global market capitalisation), right from your Android or iOS device.

Integrated with exclusive trading idea and investment analysis tools to help you find actionable insight on virtually every financial instrument across our 12 global markets, to help you optimise your trading strategies.

Refer Your Friends

Tell your friends about Monex and gift them FREE access to our trading tools.

We respect your privacy and will only send this one email notification to your friends. 

Share With Your Friends

Share on facebook
Share on twitter
Share on linkedin

Monex Trading Tools Access and Usage Terms

The Monex Trading Tools (referred to as ‘tools’ hereafter) are available to you inside your client portal;

To activate access to the tools, you must have a verified and approved trading account and have made a deposit of at least AUD $1000.

An active and funded account with a positive trading balance is required to continue to have access to the tools;

Although the tools are available to you indefinitely, Monex Securities may at it’s discretion disable access to the tools in the future;

Monex securities reserves the right to change these terms and conditions from time to time, as it sees fit, without notice.

Important Notice
iOS & Android App - 12 International Markets & Over 70% Global Market Cap. $0 Brokerage On US Trades. Click Here!