The Archer Materials Ltd (ASX: AXE) share price has struggled to get into the green today.
Shares in the high-tech materials company have tumbled more than 5% in today’s session.
Let’s take a closer look at why the Archer Materials share price is struggling today.
What’s weighing down the Archer Materials share price?
Archer Materials has not released any price-sensitive news that could explain today’s bearish price action.
As a result, it can be assumed that multiple factors are weighing down shares in the high-tech material company.
In addition to general weakness in the broader market, investors could also be locking in profits.
The Archer Materials share price has had a solid month thus far, spurred by its recent patent grant in the US.
The company hit a commercialisation milestone last week after securing a patent in the US for its CQ quantum computing chip.
According to Archer, the patent will provide the company with protection of the related intellectual property rights in the US.
Archer regards the US as a critical strategic jurisdiction to help protect and potentially commercialise its products.
Shares in Archer Materials rocketed more than 29% on the day of the announcement.
As a result, many investors could be looking to lock in their profits.
More on the Archer Materials share price
Archer Materials operates within the semiconductor industry and has a vast pipeline of devices that are in various developmental and commercialisation stages.
In addition to a strong month, the Archer share price has also had a stellar year thus far.
Shares in the high-tech material company have soared more than 232% since the start of 2021.
The company’s share price surged to a record high of $3.08 last month, following another patent update.
However, the company’s share price came under pressure following media speculations regarding its patent application in Australia.
The company rejected the accusations made against its CQ quantum computer chip patent.
At the time of writing, the Archer share price is down more than 4% for the day.
Shares in the tech company were down more than 5% earlier, after hitting an intra-day low of $1.78.