Here’s why the Anteotech (ASX:ADO) share price is up 57% in a month

It’s been a big month for Anteotech. Here’s what the company’s been up to.
The post Here’s why the Anteotech (ASX:ADO) share price is up 57% in a month appeared first on The Motley Fool Australia. –

The Anteotech Ltd (ASX: ADO) share price has been soaring over the last 30 days on the back of numerous announcements.

Over the last month, the company has signed 3 distribution agreements and submitted its SARS-CoV-2 Antigen Rapid Diagnostic Test to the Therapeutic Goods Administration (TGA) for approval.

Additionally, one of Anteotech’s directors indirectly purchased shares in the company recently.

The Anteotech share price finished yesterday’s session trading for 27.5 cents, 3.77% higher than its previous close and 57% higher than it was this time last month.

Let’s take a closer look at what’s been driving the research and development-focused company’s share price on the ASX lately.

The month that’s been for Anteotech

The Anteotech share price has recently been bolstered by a series of good news.

The last 30 days started out quiet for Anteotech before it began releasing a slew of news from early September.

First up, the company announced it had signed a distribution agreement that would see its EuGeni Reader Platform and SARS-CoV-2 Antigen Rapid Diagnostic Test available in Turkey.

The EuGeni Reader Platform is a rapid point-of-care testing device and the company’s COVID-19 antigen rapid tests are the first test available for use with the platform.

Anteotech signed another distribution agreement for EuGeni last fortnight. Under the second agreement, the platform and rapid COVID-19 tests will be distributed in Cyprus and Greece.

It hasn’t all been positive though. Last Tuesday wasn’t a great day for the Anteotech share price. It fell 12% despite one of the company’s directors indirectly purchasing 250,000 shares in Anteotech for between 22.5 cents and 23.5 cents apiece.

A director buying into a company’s stock is often seen as proof they have confidence in its ability to grow. However, Glenda McLoughlin’s purchase was completed on either 16 September or 17 September and announced on 21 September. Between 16 September and the ASX’s close on 20 September, the Anteotech share price gained 38%. That made McLoughlin’s purchase price minuscule.

Finally, Anteotech announced it had submitted EuGeni and its COVID-19 antigen rapid tests for TGA approval last week. If it gets approval, the system will be able to be sold and used in Australia.

It also signed a distribution agreement that will see the platform available in Romania.

Anteotech now has distribution agreements for EuGeni in place in 14 countries.  

Anteotech share price snapshot

It goes without saying that the last 30 days have been good for the Anteotech share price.

The company’s stock has also gained 150% since the start of 2021. It is also 243% higher than it was this time last year.

The post Here’s why the Anteotech (ASX:ADO) share price is up 57% in a month appeared first on The Motley Fool Australia.

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Motley Fool contributor Brooke Cooper 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.

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