ASX stock of the day: AnteoTech (ASX:ADO) shares top ASX

The AnteoTech Ltd (ASX: ADO) share price is on fire today, topping the All Ordinaries Index. Here’s why investors are so bullish

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The Anteotech Ltd (ASX: ADO) share price is one the best performing shares on the ASX today, topping the All Ordinaries Index (ASX: XAO) and besting every share in the S&P/ASX 200 Index (ASX: XJO). At the time of writing, Anteotech shares are up a very robust 13.11% to 34 cents a share after opening at 20 cents this morning.

It’s been an incredible few months for Anteotech, as well as an incredible year. Over the past month alone, Anteotech is up 38%. Year to date in 2021 so far, investors have enjoyed gains of roughly 213%. And over the past 12 months, Anteotech shares have risen a mind-boggling 1,625%. Want one better? Since November 2019, Anteotech is up 3,350%. Enough said.

So who is this company? And why are Anteotech shares rocketing today?

Anteo-who?

Anteotech is a tech company that specialises in ‘surface management technology’. It has two flagship products: AnteoBind and AnteoCoat. AnteoBind is a glue of sorts that has a myriad of biomedical uses, including more recently the management of COVID-19. AnteoCoat uses a similar sort of technology but employs it in the energy space. This is most prominent in battery manufacturing. With this technology, Anteotech aims to increase the charge capacity of rechargeable batteries, as well as reducing size, weight and costs in battery manufacturing.

Anteotech has a range of patents that apply to its technology, which it hopes to use for future growth.

Why are Anteotech shares topping the ASX today?

It’s not entirely clear why Anteotech shares are rocketing today. There has been no major news or announcements out of the company this week.

However, there have been a number of positive developments recently that are likely to be feeding into Anteotech share price today.

Back on 9 April, Anteotech shares jumped 9% on news of a new contract. Under the arrangement, Anteotech will be providing silicon composite for the Super Anode Project, run by the Future Battery Industries Cooperation Research Centre. As my Fool colleague Brooke reported at the time, the company is set to spend roughly $500,000 on the project. In exchange, it will receive some intellectual property rights on any technological developments or breakthroughs.

Further, on 12 April, Anteotech announced that European regulators have given its EuGeni COVID-19 rapid diagnostic test the tick of approval for sale in the European Union and the United Kingdom. That announcement sent Anteotech shares up another 8% at the time.

That was the last major update we got from the company. Saing that, ASX data shows that there has been a significant uptick in the volume of Anteotech shares traded today, which is inevitable from a share price jump like what we’ve seen. 11.4 million shares have traded today so far, significantly above the 5.2 million that swapped hands yesterday. We could be seeing some large institutional buying today, or just some good old fashioned momentum.

Either way, Anteotech investors are probably a very happy bunch right now. At the current share price, Anteotech has a market capitalisation of $636.4 million.

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Motley Fool contributor Sebastian Bowen 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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