The market may be pushing higher in 2021, but its modest gain is nothing in comparison to those recorded by the two ASX shares listed below.
Here's why these ASX shares have doubled in value this year:
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AnteoTech Ltd (ASX: ADO)
The AnteoTech share price has been rocketing higher in 2021 and is up 127% since the turn of the year. Investors have been scrambling to buy the nanotechnology company's shares due to developments with one of its major customers.
That customer is Ellume. Earlier this year the Australian medical device company signed a US$230 million (A$300 million) agreement with the U.S. Department of Defense (DOD) for its Emergency Use Authorization (EUA) COVID 19 at home test.
Ellume's COVID-19 test was the first at-home test to gain US FDA emergency approval. It reportedly has an accuracy rate of approximately 95%.
This is good news for AnteoTech because Ellume integrates the company's AnteoBind technology into its proprietary quantum dot diagnostics platform. Furthermore, the technology appears to be a key part of Ellume's test. Management notes that AnteoBind uses coordination chemistry and multipoint binding to optimise an assay's conjugation performance. This leads to better tests and better results.
Piedmont Lithium Ltd (ASX: PLL)
The Piedmont Lithium share price has been on fire this year and is up 147% year to date. Investors have been fighting to get hold of the lithium developer's shares for a number of reasons.
One is the increasingly positive outlook for the battery making ingredient due to the electric vehicle boom. This has supported a sharp rise in both demand and pricing.
In addition to this, an announcement late last year has got investors very excited about Piedmont Lithium's future. In September, the company signed a binding sales agreement with electric vehicles giant Tesla.
The two parties have signed an initial five-year term for the supply of spodumene concentrate (SC6) from Piedmont Lithium's North Carolina deposit. The deal also includes the option for a further five-year extension by mutual agreement.
