At the time of writing, the small cap ASX stock is up 42% to 3.7 cents.

Why is this small cap ASX stock rocketing?

Investors have been fighting to get hold of the clean energy solutions company's shares this morning following the release of a follow up announcement.

On Tuesday, Anteotech announced that it has received the first commercial order for its proprietary Ultranode battery anode technology.

Ultranode is the small cap ASX stock's proprietary ultra-high silicon anode design currently containing 70% silicon. It is constructed using commercially available low-cost silicon as the active material (instead of graphite) and is enabled by AnteoTech's technologies to offer a high performance and sustainable option for lithium-ion batteries.

The company's initial announcement revealed that the $40,000 purchase order came from a European electric vehicle (EV) manufacturer that it referred to as EV1. This was for an initial quantity of Ultranode for testing and evaluation over the coming months.

The small cap ASX stock's CEO, David Radford, commented:

We are pleased to expand our relationship with EV1 and support not only their current battery optimisation programme using Anteo X, but their future battery vision of increased silicon content anodes, which we believe only our Ultranode can offer them.

The anode that is being purchased contains 70% silicon which is significantly higher than the anode currently being evaluated which has 10% silicon active material. This new commercial sale and evaluation will take place of the coming months and deepen our potential future engagement with this leading EV manufacturer.

EV1 unveiled

As we have seen in the past, the Australian stock exchange operator doesn't like it when announcements don't reveal the name of customers.

In light of this, the company's shares were put in a trading halt while it prepared to respond to an ASX query. In response, the small cap ASX stock said:

The ASX has advised the Company that under Listing Rule 3.1 the counterparty referred to as EV1 must be identified.

The Company advises that: the counterparty, referred to as "EV1" in the Announcement, is Mercedes-Benz AG of Waiblingen, Germany, part of Mercedes-Benz Group AG (Mercedes-Benz) it has previously taken all efforts to protect the confidentiality of Mercedes Benz as "EV1" due to the stage of commercial relationship and the confidential nature of the work being undertaken.

Investors appear excited that the auto giant is testing its technology. Though, as we saw with Brainchip Holdings Ltd (ASX: BRN) and Mercedes-Benz previously, it is worth remembering that there's no guarantee that this will lead to anything meaningful in the future.

The post Guess which small cap ASX stock is rocketing 42% on Mercedes-Benz deal appeared first on The Motley Fool Australia.

Four shares that are not letting that hold them back today are listed below. Here's why they are pushing higher:

Althea Group Holdings Ltd (ASX: AGH)

The Althea share price is up 19% to 9.5 cents. This morning the cannabis company released a trading update which revealed $22 million in receipts from customers for FY 2022. This is an increase of 113% from the previous year. This followed a record final quarter with $6.5 million in receipts from customers.

AnteoTech Ltd (ASX: ADO)

The AnteoTech share price is up 5% to 8.4 cents. This follows the announcement of positive test results from "two respected and recognised global companies operating in the lithium-ion battery (LIB) value chain" for its drop-in cross-linker additive for LIB anodes, AnteoX. The additive has driven an uplift in electrochemical performance for lithium batteries.

New Hope Corporation Limited (ASX: NHC)

The New Hope share price is up almost 6% to $3.81. This is despite there being no news out of the coal miner today. Though, it is worth noting that coal prices had a positive finish to the week. This was possibly driven by China's stimulus plans.

Omni Bridgeway Ltd (ASX: OBL)

The Omni Bridgeway share price is up 3.5% to $3.86. This morning this litigation funder announced that it achieved annual commitments of $463 million for FY 2022. This is a record level and a 12% increase year-on-year. Management advised that the growth in commitments was achieved without any deterioration in the quality of underwriting or compression in margins.

The post Why Althea, AnteoTech, New Hope, and Omni Bridgeway shares are pushing higher appeared first on The Motley Fool Australia.

In morning trade, the surface chemistry company's shares were up as much as 20% to 9.6 cents.

The AnteoTech share price has pulled back since then but remains up 7.5% to 8.6 cents.

Why is the AnteoTech share price racing higher?

Investors have been bidding the AnteoTech share price higher this morning following the release of an announcement.

While AnteoTech may be best known as a company focused on COVID rapid antigen testing, today's update has nothing to do with that.

According to the release, the company has received the latest test results from "two respected and recognised global companies operating in the lithium-ion battery (LIB) value chain" for its drop-in cross-linker additive for LIB anodes, AnteoX.

The results reveal that a high performance lithium-ion battery developer found an uplift in electrochemical performance using AnteoX, whereas a global battery manufacturer also demonstrated an uplift in electrochemical performance testing with three different binder chemistries.

AnteoTech believes that the results provide further validation and confirmation of AnteoX's performance enhancing properties, particularly in silicon-rich and high energy anode designs.

The company also notes that AnteoX has now passed a first-stage evaluation and validation by a battery manufacturer. In light of this, the manufacturer has expressed interest in conducting further testing on full cells and combining AnteoX with more commercial anode formulations.

'An important development milestone'

AnteoTech's Head of Energy, Manuel Wieser, was excited with the news. He said:

Having proven AnteoX in our laboratories it is exciting to see the independent validation of AnteoX from two respected battery companies, this marks an important development milestone for AnteoTech.

Whilst there is further development and validation work to be done with both companies, the energy team is very pleased with the results to date. These collaborations are ongoing, and we would like to thank both parties for their roles in our technology development to this point. We will continue to provide further updates as the collaborations advance to the next stage.

The post Anteotech share price surges 20% after passing first lithium battery hurdle appeared first on The Motley Fool Australia.

While the 1.25% intraday lift by the benchmark is laudable, these two ASX All Ordinaries shares are rewarding shareholders with far bigger gains.

Next-generation semiconductor developer rockets 22%

Weebit Nano Ltd (ASX: WBT) develops next-generation memory technology for the semiconductor industry.

The Weebit share price is up 19.38% at the time of writing, having been up as much as 27% earlier in the day.

Today's action sees the ASX All Ordinaries share returning a 12 month gain of 46%, while the share price is still down 3% in 2022.

With no news out from Weebit, it looks as if the company may have piqued investor interest at the International Memory Workshop taking place in Dresden, Germany this week. Weebit presented there yesterday.

As the Motley Fool reported earlier, Weebit Nano's chief scientist Gabriel Molas appeared to outline test results of Weebit ReRAM in 28nm. This was to include details about the technology's endurance and reliability at high temperatures.

Weebit's ReRAM technology is based on silicon oxide, reported to be more efficient and cheaper than contemporary flash technology.

This ASX All Ordinaries share is soaring 35% today

You won't find shareholders of AnteoTech Ltd (ASX: ADO) complaining today.

The ASX All Ordinaries share is up 33% on yesterday's close, having posted early morning gains of up to 60%.

Despite that big surge, the AnteoTech share price remains down 57% in 2022.

Investors are bidding up the share price today after the nanotechnology-focused company released a positive announcement related to the global pandemic.

AnteoTech reported that it's received European regulatory approval for its EuGeni COVID-19 Rapid Antigen Test.

As the Motley Fool reported this morning, "Management stated that the new registration is for the same core SARS-CoV-2 Ag Rapid Diagnostic Test registered in April 2021. However, this now covers multiple use claims to include combined nose and throat sampling and nasal mid-turbinate sampling."

Judging by the ASX All Ordinaries share's rocketing price, investors appear to believe the approval could have a material impact on the company's future performance.

The post Why these 2 ASX All Ordinaries shares are surging more than 20% today appeared first on The Motley Fool Australia.

This comes after the nanotechnology company announced a regulatory update regarding its COVID-19 Rapid Antigen Test (RAT).

At the time of writing, AnteoTech shares are soaring 32.98% higher to 12.5 cents a pop.

AnteoTech expands market access

Investors are fighting to get a hold of the AnteoTech share price after the company received regulatory approval in Europe.

According to its release, AnteoTech advised it has successfully registered an updated EuGeni COVID-19 (RAT) in Europe. This comes under the In Vitro Diagnostic Directive (IVDD) 98/79/EC Regulations.

Management stated that the new registration is for the same core SARS-CoV-2 Ag Rapid Diagnostic Test registered in April 2021. However, this now covers multiple use claims to include combined nose and throat sampling and nasal mid-turbinate sampling.

By securing the latest registration, this strengthens EuGeni COVID-19 RAT's competitive position by broadening sampling methods to current European trends.

Currently, the European clinical trial that is underway is also evaluating the updated multiple-use claim to be included in the EU Common List registration application.

AnteoTech said it will phase out the original nasopharyngeal test following orders for the updated multiple-use claim test kits.

About the AnteoTech share price

Despite today's euphoric gains, the AnteoTech share price has lost around 60% in value over the past 12 months.

The company's shares touched a 52-week low of 8.5 cents last week after being pounded by the broader market weakness.

Based on valuation metrics, AnteoTech presides a market capitalisation of roughly $374.3 million.

The post Why the AnteoTech share price is rocketing 33% today appeared first on The Motley Fool Australia.

AnteoTech shares are currently swapping hands at 10 cents, a 3.09% gain, after hitting 10.5 cents in early trading. In comparison, the S&P/ASX 200 Index (ASX: XJO) is up 0.49% at the time of writing.

So what did Anteotech announce today?

CEO resigns

AnteoTech CEO Derek Thomson has resigned from the company. AnteoTech, based in Brisbane, developed a COVID-19 rapid antigen test (RAT) and EuGeni Reader diagnostic platform.

Thomson will serve out his six month notice period. During this time, Thomson will work with executive director Christopher Parker and the management team to continue advancing the commercial activities of the company.

Anteotech said the board is grateful for Thomson's contribution since joining the team in July 2019 and has led the company through "a period of considerable growth and development".

Commenting on the resignation, AnteoTech chair Dr Jack Hamilton said:

On behalf of the board, we wish Derek well in his future endeavours. Since he joined AnteoTech in mid 2019, the company has experienced considerable growth and its operations have diversified considerably, thanks to the work he and the senior leadership team have undertaken.

Speaking on the succession plans, Hamilton added:

The Board is committed to ensuring it secures a suitably experienced CEO candidate that can successfully drive commercialisation of our technology and capitalise on the progress made to date.

We will keep shareholders informed of progress here and with all material operational development.

Parker was recently re-appointed executive director of the company. He will take an active role supporting Thomson to ensure "critical streams" of the Life Sciences and Energy division remain on track. He previously served as CEO of the company between April 2018 and May 2019. The board has agreed to pay Parker up to $21,000 per month for this transition work.

AnteoTech is still awaiting Therapeutic Goods Administration approval for its COVID-19 rapid antigen test. The TGA has requested more data from the company to align with World Health Organisation and European Medical Device Coordination Group requirements.

Share price snapshot

The AnteoTech share price has dropped 59% in the past year. Further, it's fallen around 67% year to date and is down 47% in the past month alone.

In contrast, the broader ASX 200 Index has returned about 9% over the past 52 weeks.

AnteoTech has a market capitalisation of around $199 million based on its current share price.

The post Here's why the Anteotech (ASX:ADO) share price is leaping 6% today appeared first on The Motley Fool Australia.

At the time of writing, the AnteoTech share price is down 8.5% to 22 cents.

Let's take a look at what's happening…

New requirement for AnteoTech RAT tests

AnteoTech is seeking approval from the Therapeutic Goods Administration (TGA) to register its RAT test for COVID-19.

The RAT incorporates AnteoTech's existing EuGeni Reader technology with a SARS CoV-2 Ag Rapid Diagnostic Test (RDT).

If successful, the approval would allow AnteoTech to market and commercialise its RAT for Australian use. There is also the potential for expansion into larger markets.

The company prides its EuGeni Reader as being a "fast, accurate and compact solution for rapid point-of-care testing". It has been adapted to create the RAT and results so far indicate "a 97.3% sensitivity" rate.

However, AnteoTech has not yet been successful.

The healthcare company made the initial submission back in September. Today marks the third registration update released to shareholders. In it, the TGA asks for more clinical data from COVID-19 patients using the device.

In order to proceed with the application, further clinical trials will be conducted in Europe and Australia. Once the required data is obtained, AnteoTech intends to compile a new submission to the TGA.

Comment from management

AnteoTech said these new trials will demonstrate the product's performance "relating to new variants of concern listed by the World Health Organisation (WHO), lower limit of detection and other performance measures from a vaccinated population".

AnteoTech CEO Derek Thomson said:

We have worked directly with the TGA to understand the most efficient method of supplying the data they now require and our highest priority is to generate this data as quickly as possible.

These further trials will provide AnteoTech with the opportunity to gain additional clinical data which will enhance the growing body of evidence for performance of both the EuGeni Reader and the RDT.

AnteoTech share price snapshot

The AnteoTech share price started to pick up in the middle of 2020, right in the midst of the pandemic. Beforehand, its shares were trading around 1 cent each.

Shares reached a new high in April last year, hitting 44 cents each.

The AnteoTech share price has been fluctuating in 2022. The highlight has been a 30% gain in the first week of February.

The healthcare company has a market capitalisation of $426 million and 1.97 billion shares on issue.

The post The AnteoTech (ASX:ADO) share price RAT-tles down 8% following TGA update appeared first on The Motley Fool Australia.

Four ASX shares that have failed to follow the market higher today are listed below. Here's why they are dropping:

AnteoTech Ltd (ASX: ADO)

The AnteoTech share price is down 8.5% to 21.5 cents. This follows news that the Therapeutic Goods Administration wants more clinical data before it approves its EuGeni Reader and SARS CoV-2 Ag Rapid Diagnostic Test. AnteoTech intends to collect further clinical data based on samples collected directly from patients and immediately analysed on the EuGeni Reader before making another submission.

ASX Ltd (ASX: ASX)

The ASX share price is down 5% to $82.47. This follows the surprise announcement that its CEO, Dominic Stevens, will retire later this year. The market appears concerned at the timing of the exit given the major clearing and settlement system replacement project it is undertaking. This project, which is behind schedule and over budget, is expected to complete in 2023.

CIMIC Group Ltd (ASX: CIM)

The CIMIC share price is down 7% to $15.90 following the release of its full year results. For the 12 months, the engineering company reported a 35.2% decline in net profit after tax to $402.1 million. This was well short of the market consensus estimate of $422.7 million.

Temple & Webster Group Ltd (ASX: TPW)

The Temple & Webster share price has tumbled 5% to $8.37. Investors have been selling this online furniture retailer's shares amid a lukewarm response to its half year results from brokers. For example, the team at Macquarie has retained its neutral rating and cut its price target by 20% to $9.70. While pleased with its result, it has cut its earnings forecasts to reflect higher cost estimates.

The post Why AnteoTech, ASX, CIMIC, and Temple & Webster shares are dropping appeared first on The Motley Fool Australia.

So far, the new month has treated the biotechnology company much better than January. A month that saw AnteoTech shares plunge 36% as the Therapeutic Goods Administration (TGA) sought more information from the company for its EuGeni Reader and COVID-19 Rapid Diagnostic Test (RDT).

Since the beginning of February, the AnteoTech share price has climbed 30%. For context, the S&P/ASX 200 Index (ASX: XJO) is only up 3.1% over the same period.

At market close, ASX-listed AnteoTech finished the day up 13.04% to 26 cents apiece.

Although, investors might be scratching their heads wondering what could be behind this recovery. It's time to take a closer inspection of what's been happening.

ASX investors' change directions on AnteoTech

Market sentiment towards AnteoTech was impacted in January. The disruptions to the company's study timeline created by the Omicron outbreak depressed the share price.

In addition, the market was unimpressed with its quarterly business update. Upon the release of its update, AnteoTech shares continued to sell-off.

Fortunately, AnteoTech shareholders have been treated to a few news items that have been well received this month. Firstly, reports suggested the Federal Government might allow the use of unapproved rapid antigen tests for personal use in Australia.

Secondly, the government unveiled it would make COVID-19 tests tax-deductible. Several ASX-listed companies, including AnteoTech, experienced a jump in share prices on the news. A caveat is that the deduction only applies to COVID-19 tests used for work-related purposes.

Lastly, rapid antigen tests (RATs) are now compulsory for anyone arriving at Western Australia hospitals as of yesterday. Health Minister Amber-Jade Sanderson revealed that the screening process will be a requirement before entering hospitals.

Perhaps AnteoTech investors are viewing this as a positive for RAT demand.

AnteoTech share price snapshot

ASX-listed AnteoTech has been riding a rollercoaster over the past 12 months. In fact, shareholders have needed to grit their teeth through violent swings between 50 cents and 16 cents. Nonetheless, AnteoTech shares have provided a 49% return over the last year.

Despite the rise to prominence, the company continues to be a loss-making operation. Additionally, AnteoTech's revenue for the trailing 12-months as of 30 June 2021 was $2.3 million. This is typically considered to not be a meaningful amount.

The post Rats! How have AnteoTech (ASX:ADO) shares already gained 30% in February? appeared first on The Motley Fool Australia.

ASX-listed companies that manufacture COVID-19 tests include Atomo Diagnostics Ltd (ASX: AT1), Lumos Diagnostics Holdings Ltd (ASX: LDX) and AnteoTech Ltd (ASX: ADO.

Atomo's share price is currently climbing 1.19% today, while Lumos is in the green 2.49 and Anteotech is jumping 6.98%.

Let's take a look at the news that could be giving these shares a bump today.

Tax deductible COVID-19 tests

COVID-19 tests for people who need them for work will be tax deductible from this year, the Financial Review reported.

Sonic Healthcare Limited (ASX: SHL) and Healius Ltd (ASX: HLS) process COVID-19 tests in Australia. Sonic has conducted millions of PCR tests, while Healius is processing 40,000 COVID-19 tests every day.

Treasurer Frydenberg will discuss the tax deduction policy in a speech to the Australian Industry Group today. In a copy of the speech, reported by the SBS, he states:

Today, I'm announcing that we will ensure that COVID-19 testing expenses are tax deductible for testing taken to attend a place of work, giving businesses and individuals more clarity and assurance.

We will also ensure that fringe benefits tax will not be incurred by employers where COVID-19 tests are provided to employees for this purpose.

The Lumos share price surged 5% last week on news the Victorian Government intends to support local manufacturing of its RAT tests.

Atomo secured up to 20 million COVID-19 rapid antigen tests for Australia and New Zealand in 2022, my Foolish colleague Aaron reported in January.

Anteotech is still awaiting Therapeutic Goods Administration (TGA) approval for use of its COVID-19 rapid antigen test in Australia.

Ellume is another Australian company working on TGA approval to sell its RATs in Australia. However, it is not listed on the ASX.

Share price recap

Some COVID-19 test shares have benefitted from the pandemic, making major gains in the past 52 weeks.

In the past year, Anteotech has rocketed 27%, while Sonic has surged 9% and Healius has gained 8%.

However, that's not true across the board. The Atomo share price has slumped 27% while the Lumos share price is down 17%.

In contrast, the S&P/ASX 200 Index (ASX: XJO) has returned more than 3.4% in the past year.

The post Why are ASX COVID test shares climbing today? appeared first on The Motley Fool Australia.

• The AnteoTech share price shot 15% higher today
• It follows media speculation RATs not approved by the TGA may be imported into Australia
• Yesterday, the company's shares fell 13%

The AnteoTech Ltd (ASX: ADO) share price surged today in a massive turnaround from its plummet yesterday.

The scientific research company's shares finished the day at 22.5 cents, a 15.38% gain. In contrast, the S&P/ASX 200 Index (ASX: XJO) closed up 0.49% today.

Let's take a look at what might have impacted the AnteoTech share price today.

What's happening at AnteoTech?

AnteoTech has developed a COVID-19 rapid antigen test (RAT) for its EuGeni Reader diagnostic platform. However, the company is still awaiting approval from the Therapeutic Goods Administration for its use in Australia.

Now speculation is mounting that RATs not currently approved by the TGA could be allowed into Australia.

The Guardian reported today the federal government has "quietly agreed" to allow unapproved rapid antigen tests into the country for personal use.

AnteoTech's share price has surged today after a 13% fall yesterday.

As my Foolish colleague Aaron reported, the company is continuing to engage with the TGA on regulatory approval for its RAT test. AnteoTech also received $1.96 million from the federal government's Research and Development tax incentive scheme.

The regulator has asked the company to supply more clinical data. Chief executive officer Derek Thomson said:

The TGA has advised us we must add prospective clinical data to support our test performance claims generated using stored samples to align our technical data with the [Medical Device Coordination Group] MDCG guidelines.

We are currently collecting this data via trials in Australia and Europe, which will also provide the required data set for entry to the EU Common List and [In Vitro Diagnostic Regulation] IVDR registration.

The company's application for TGA approval was submitted in September. The Australian reported that although the RATS are not approved for use in Australia, they are made in Eight Miles Plains in Queensland and shipped offshore.

Meanwhile, federal opposition leader Anthony Albanese pledged on Sunday to prioritise locally-manufactured RAT tests if elected, The Canberra Times reported.

Share price snapshot

The AnteoTech share price has skyrocketed 125% in the past year. However, it's dropped around 26% in the past month and is down 39% in the past week alone.

In contrast, the broader ASX 200 Index has returned about 5% in the past 52 weeks.

AnteoTech has a market capitalisation of $444 million based on its current share price.

The post AnteoTech (ASX:AD) share price surges 15% as COVID-19 RAT race continues appeared first on The Motley Fool Australia.

• AnteoTech shares fall again on the back of a quarterly business update
• Management noted high barriers to market entry
• Company still in collaboration with TGA regarding regulatory approval for its RDT

The AnteoTech Ltd (ASX: ADO) share price tumbled today following the release of a business update from the company.

At market close, the nanotechnology company's shares finished down 13.33% to 19.5 cents.

Ever since AnteoTech's announcement last week regarding its EuGeni Reader and COVID-19 Rapid Diagnostic Test (RDT), its shares have dropped by 45%.

AnteoTech signals challenging market entry

Investors have continued to sell off AnteoTech shares after digesting the company's business update for the second quarter of FY22.

According to the release, AnteoTech advised that its engagement with the Therapeutic Goods Administration (TGA) is ongoing. The company is hoping to achieve regulatory approval for its EuGeni Reader and COVID-19 RDT.

Management noted that governments worldwide are continuing to heavily regulate in-vitro diagnostic (IVD) devices for market entry.

The products must be supported by the manufacturer and integrate the support of OEM suppliers, distributors and supply chain organisations. While many companies close to AnteoTech have failed to adhere to the stringent guidelines, this has forced them to remove product batches or entire products from the market.

For AnteoTech, being associated with these companies has caused valuable reputational damage and is hindering further developments.

At the Annual General Meeting in November, CEO Derek Thomson presented the CY22 Revenue Generation Approach, outlining the four key areas of focus. These areas were increasing market footprint, regulatory approvals, building reputation, and maximising revenues.

The business team is expected to drive sales and marketing processes to sell to target segments. This will be executed by utilising the company's global distribution network.

Looking at a financial standpoint, AnteoTech advised that cash receipts for the quarter totalled $2.13 million. This primarily came from a $1.96 million refund under the Federal Government's Research & Development (R&D) tax incentive scheme.

Net cash outflows from operating activities stood at $0.61 million.

The Company stated it remains well-funded to support its near-term commercial and clinical milestones.

At the end of the calendar year, AnteoTech had $16.62 million cash on hand and no debt.

About the AnteoTech share price

Despite today's heavy losses, the AnteoTech share price has advanced by 95% over the past 12 months.

The company's shares reached an 8-month high of 41.5 cents on 24 January, before crashing back down.

Based on today's closing price, AnteoTech has a market capitalisation of roughly $384.94 million, with more than 1.97 billion shares outstanding.

The post Why did the AnteoTech (ASX:ADO) share price tumble 13% on Monday appeared first on The Motley Fool Australia.

Four ASX shares that are falling more than most today are listed below. Here's why they are dropping:

Ansell Limited (ASX: ANN)

The Ansell share price is down 14% to $26.95. Investors have been selling the health and safety products company's shares after it downgraded its earnings guidance. Ansell now expects its earnings per share to be between 125 US cents to 145 US cents in FY 2022. This is down materially from its previous guidance of 175 US cents to 195 US cents. Management blamed this on softening demand and COVID-related operational challenges.

AnteoTech Ltd (ASX: ADO)

The AnteoTech share price has crashed a further 11% to 20 cents. Investors have been selling off this medical device company's shares since the release of an update on its EuGeni Reader and COVID-19 Rapid Diagnostic Test (RDT). Instead of receiving approval, that update revealed that AnteoTech has received a request for further information from the Therapeutic Goods Administration (TGA).

Dubber Corp Ltd (ASX: DUB)

The Dubber share price is down 5% to $1.80. This morning the global unified call recording and voice intelligence cloud service provider released its second quarter update. Although that update revealed an 82% increase in annualised recurring revenue (ARR) to $51.8 million, weak cash receipts appear to be weighing on sentiment. Management advised that its cash receipts were ~$1 million less than expected due to a delayed payment from a large customer.

NIB Holdings Limited (ASX: NHF)

The NIB share price has fallen 5.5% to $6.26. Investors have been selling the private health insurer's shares after JP Morgan downgraded them to an underweight rating with a $6.10 price target. The broker has concerns over margin pressures, among other things.

The post Why Ansell, AnteoTech, Dubber, and NIB shares are dropping appeared first on The Motley Fool Australia.

Four ASX shares that have failed to follow the market higher today are listed below. Here's why they are falling:

AnteoTech Ltd (ASX: ADO)

The AnteoTech share price has crashed 25% to 23.5 cents. This follows the release of an update on its EuGeni Reader and COVID-19 Rapid Diagnostic Test (RDT). According to the release, AnteoTech has received a request for further information from the Therapeutic Goods Administration (TGA). This relates to the collection of additional clinical data, together with other aspects of information. These delays could see AnteoTech miss out on the incredible demand for rapid antigen tests at present.

Newcrest Mining Ltd (ASX: NCM)

The Newcrest share price is down 6% to $21.64. Investors have been selling gold shares today following a pullback in the price of the precious metal. In addition, Newcrest released its second quarter update this morning which shows that it will need a very strong second half to achieve its guidance. Newcrest recorded half year gold production of 832.3koz, which compares to its FY 2022 guidance of 1,800koz to 2,000koz.

Nitro Software Ltd (ASX: NTO)

The Nitro share price is down 3.5% to $1.78. This is despite the document productivity company releasing a fourth quarter update which revealed that it achieved the low end of its guidance in FY 2021. Nitro delivered a 41% increase in Annual Recurring Revenue (ARR) to US$40.1 million over the 12 months. Investors appear to have been expecting stronger growth.

ResMed Inc. (ASX: RMD)

The ResMed share price is down 1% to $31.11 after its second quarter update fell a touch short of expectations. The sleep treatment company reported a 12% increase in revenue to US$894.9 million and a 12% lift in net income to US$201.8 million. Goldman Sachs notes that its revenue was 3% below consensus estimates due to weaker than expected device sales because of supply chain challenges.

The post Why AnteoTech, Newcrest, Nitro, and ResMed shares are falling appeared first on The Motley Fool Australia.

• AnteoTech shares sink on additional request for information by the TGA
• The company submitted a performance report last week to the TGA
• Study timeline date impacted by Omicron outbreak and staff shortage across healthcare system

The AnteoTech Ltd (ASX: ADO) share price is freefalling today regardless of the All Ordinaries (ASX: XAO) edging higher.

At the time of writing, the nanotechnology company's shares are down 23.81% to 24 cents. This brings its week's losses to a tad over 35% for shareholders.

In comparison, the broader ASX index is up 0.19% to 7,128.2 points.

AnteoTech receives additional request information

Investors are selling AnteoTech shares after digesting the company's update regarding its EuGeni Reader and COVID-19 Rapid Diagnostic Test (RDT).

In its release, AnteoTech received a request for further information for its COVID-19 RDT by the Therapeutic Goods Administration (TGA). This relates to the collection of additional clinical data, together with other aspects of information.

The latest update follows the company's submission last week providing a performance report of the RDT's detection of SARS-CoV-2 variants.

Currently, the TGA is collaborating with AnteoTech on how best to address the clinical data requirements.

Late last year, the company supplemented its EuGeni studies by conducting a prospective clinical trial at the Alfred Hospital and Burnet Institute in Melbourne. This was conducted through a prospective clinical trial to further evaluate the performance of the EuGeni SARS- CoV-2 Ag RDT.

AnteoTech stated that the trial could provide further data in which the TGA may need to meet the clinical data requirements.

However, due to the current Omicron outbreak and healthcare staff shortage, the study timeline has been pushed back.

About the AnteoTech share price

Despite today's heavy losses, the AnteoTech share price has advanced by more than 120% over the past 12 months.

The company's shares reached an 8-month high of 41.5 cents last week, before crashing back down.

Based on today's price, AnteoTech has a market capitalisation of roughly $473.78 million, with more than 1.97 billion shares outstanding.

The post Why the AnteoTech (ASX:ADO) share price is plummeting 23% on Friday appeared first on The Motley Fool Australia.

Four ASX shares that have managed to avoid the selloff and push higher are listed below. Here's why they are rising today:

Anteotech Ltd (ASX: ADO)

The Anteotech share price is up 3% to 38 cents. This means the medical device company's shares are up almost 18% in the space of a week. Investors have been buying Anteotech's shares amid hopes that its rapid antigen test will be approved for sale in Australia in the very near future.

Appen Ltd (ASX: APX)

The Appen share price is up 2% to $10.50. This artificial intelligence data services provider's shares have been positive performers this week thanks largely to a broker note out of Citi. Its analysts suggested that no trading update was good news for investors and could mean Appen has achieved its guidance in FY 2021. It feels this could make consensus estimates too low.

Boral Limited (ASX: BLD)

The Boral share price is up over 2% to $5.87. This is despite there being no news out of the building materials company today. However, prior to today, its shares had lost around a quarter of their value in the space of six months. This could have led to some bargain hunters picking up shares today.

Kogan.com Ltd (ASX: KGN)

The Kogan share price is up 2% to $7.37. This ecommerce company's shares are avoiding the market selloff today, potentially due to already being sold off this week. Kogan's shares have come under pressure amid underwhelming updates from a number of peers. Investors don't appear to believe this bodes well for its performance during the first half.

The post Why Anteotech, Appen, Boral, and Kogan shares are rising today appeared first on The Motley Fool Australia.

• The AnteoTech share price soared again today, taking its gains over the past week to 42%
• Demand for rapid antigen tests is increasing
• The company's CEO is hitting media headlines this week

The AnteoTech Ltd (ASX: ADO) share price has been skyrocketing amid momentum for COVID-19 rapid antigen tests.

Shares in the company soared 7.25% on Thursday to close at 37 cents apiece. That's a 42% gain on last Thursday's closing price.

Let's take a look at what may be impacting AnteoTech shares.

What is happening at AnteoTech?

The AnteoTech share price is surging amid the rising demand for rapid antigen tests in Australia. In fact, the company has been hitting media headlines in recent days as it seeks approval for local production.

CEO Derek Thomson told the Courier Mail he has been seeking permission to manufacture the tests for nearly two years. He said:

We could supply millions now, it's a good volume and it would certainly make a dent in the Queensland need at the moment.

The company has been producing rapid antigen tests in the European market including Spain while it waits for approval from Australia's Therapeutic Goods Administration.

My Foolish colleague James noted on Friday the company plans to ramp up local production in the near future, and sales in 2022 could rocket due to RAT shortages. The AnteoTech share price jumped on the news.

Speaking on the pending TGA approval, Thomson told the Courier Mail:

We're supplying them some more information, we've continued to do that and we believe that we're in the final stages of our of our processing.

We would have liked it to go quicker but we understand that they have a responsibility and we're working with them as best we possibly can.

Thomson also appeared on the Today Show on Thursday morning, where he said he believes the company will get through the TGA approval process "soon".

Rapid antigen tests have been dominating media headlines in recent weeks, with other Australian companies also awaiting approval on the tests.

Among these are Lumos Diagnostics Holdings Ltd (ASX: LDX) and unlisted Brisbane-based diagnostics developer Ellume.

AnteoTech share price snapshot

The AnteoTech share price has returned 221% in the past year. This year to date, it has gained around 21%, while it has soared almost 95% in the past month.

Meanwhile, the S&P/ASX 200 index (ASX: XJO)'s has returned 8.45% in the past year.

The post AnteoTech (ASX:ADO) share price gains 42% in a week amid RAT race appeared first on The Motley Fool Australia.

Four ASX shares that are not letting that hold them back are listed below. Here's why they are charging higher:

AnteoTech Ltd (ASX: ADO)

The AnteoTech share price is up 18% to 30 cents. Investors have been buying this medical device company's shares amid reports the company is planning to ramp up production of its rapid antigen test now that the device is in the final stages of TGA approval. Given supply shortages in Australia, this bodes well for the company's sales in 2022.

BrainChip Holdings Ltd (ASX: BRN)

The BrainChip share price has jumped over 16% to $1.63. This morning the artificial intelligence technology company announced that it has submitted a capital call notice to LDA Capital. It expects to bring in $20 million of funds from the issue of up to 15 million shares. These funds will be used to support its commercialisation strategy.

City Chic Collective Ltd (ASX: CCX)

The City Chic share price has surged 12% higher to $5.01. This follows the release of a trading update by the plus sized fashion retailer. City Chic revealed that it expects to report first half sales growth of 49.8% but flat earnings for the period. However, investors appear to be looking beyond the latter given that it was caused by one-off COVID impacts to margins.

ResMed Inc (ASX: RMD)

The ResMed share price is up 4% to $35.05. This gain may have been driven by news this week that rival Philips is increasing its device recall from 3 to 4 million CPAP devices to over 5 million devices. This bodes well for ResMed and could keep Philips out of the market for longer than first anticipated.

The post Why AnteoTech, BrainChip, City Chic, and ResMed shares are charging higher appeared first on The Motley Fool Australia.

• The AnteoTech share price is up 4% in early morning trade.
• The gain may relate to reports AnteoTech's boss is hopeful its RAT device is in the final stages of TGA approval
• The company's reportedly preparing to ramp up production in Australia on the back of the regulator's green light

The AnteoTech Ltd (ASX: ADO) share price is in the green this morning.

The gain comes amid reports AnteoTech plans to ramp up Australian production of its point-of-care rapid testing device as it awaits the Therapeutic Goods Administration's (TGA's) tick of approval.

At the time of writing, the AnteoTech share price is trading at 26.5 cents, 3.92% higher than its previous close.

AnteoTech shares climb as it readies for Australian approval

The AnteoTech share price is gaining after the company's CEO Derek Thomson told ABC News it's getting ready to hit the ground running as soon as its RAT is given the green light for use in Australia.

The Australia-based company is also reportedly prepared to push some of its tests produced in Spain into its home country until domestic manufacturing gets on its feet.

The ABC quoted Thomson as saying:

We can manufacture, currently, a small volume of tests here…

Our plan now, as Australian governments have indicated that RATs are going to be a frontline tool for the pandemic, is to scale up manufacturing here in Brisbane significantly over the next 9 to 12 months.

AnteoTech's RAT works through its EuGeni Rapid Diagnostic Platform. It's a point-of-care platform – meaning it can be operated by healthcare professionals. The company's COVID-19 RAT is the first test to be used with EuGeni.

Thomson said AnteoTech had put an order in for equipment that could see it producing 12 million RAT strips annually in Australia. It expects production to start in the second quarter of 2022.

Additionally, he told the publication AnteoTech would be able to make more than that 12 million over the next 12 months, providing "a real sovereign manufacturing capability for the Australian market".

Finally, Thomson noted the company's tests could be in the final stages of TGA approval. He said AnteoTech was planning to supply more information to the regulator next week.

Spotlight on RATs

There's plenty of other news likely putting the focus on RAT developers today.

Overnight, United States President Joe Biden announced the government will soon hand out 1 billion at-home RATs – meaning they'll be out shopping for an additional 500 million tests.

Meanwhile, controversy surrounding the Australian Federal Government's acquisition of RATs hit headlines today. If reports are correct, demand for RATs at retail outlets may well increase.

According to yesterday's reporting by SBS, retailers claim the government seized their RAT orders at the point of import. The Department of Health has denied diverting supplies.

AnteoTech share price snapshot

The AnteoTech share price has had a rough start to 2022. Prior to today's open, it had fallen 17% since the final close of last year.

However, shares in the company are currently trading 120% higher than this time last year.

The post AnteoTech (ASX:ADO) share price surges amid ambition to join scramble for RATs appeared first on The Motley Fool Australia.

Four ASX shares that are not letting that hold them back are listed below. Here's why they are pushing higher:

Anteotech Ltd (ASX: ADO)

The Anteotech share price is up 5.5% to 29 cents. This appears to have been driven by optimism that this surface chemistry company will benefit greatly from demand for COVID-19 rapid antigen tests. Late last year the company completed its TGA submission for the EuGeni Reader and SARS-CoV-2 Ag Rapid Diagnostic Test. However, it is worth noting that it is still waiting for approval in Australia.

Brainchip Holdings Ltd (ASX: BRN)

The Brainchip share price has continued its rise and is up a further 23% to 96.5 cents. Investors have been buying the artificial intelligence technology company's shares this week following reports that Mercedes has included Brainchip's Akida chip in its Vision EQXX electric concept car. The chip is reportedly being used to power its "Hey Mercedes" smart assistant feature.

RAIZ Invest Ltd (ASX: RZI)

The RAIZ Invest share price is up 2% to $1.79 following the release of its monthly update. That update revealed that the micro-investing platform provider's active customers increased 3.3% globally to 594,992 during December. Though, taking some of the shine off the news was a decline in Australian active customers.

Santos Ltd (ASX: STO)

The Santos share price is up 2.5% to $6.76. Investors have been buying this energy producer's shares after oil prices rose overnight. Prices pushed higher despite OPEC revealing that it will go ahead with its plan to raise its output target by 400,000 barrels per day next month. The Santos share price is now up 10% in the space of two weeks.

The post Why Anteotech, Brainchip, RAIZ, and Santos shares are pushing higher appeared first on The Motley Fool Australia.