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:
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.
Where to invest $1,000 right now
When investing expert Scott Phillips has a stock tip, it can pay to listen. After all, the flagship Motley Fool Share Advisor newsletter he has run for more than eight years has provided thousands of paying members with stock picks that have doubled, tripled or even more.*
Scott just revealed what he believes are the five best ASX stocks for investors to buy right now. These stocks are trading at dirt-cheap prices and Scott thinks they are great buys right now.
*Returns as of February 15th 2021
More reading
- The Sayona (ASX:SYA) share price is tumbling 5% today
- Why Airtasker, Netwealth, Piedmont Lithium, & Resolute Mining are tumbling lower
- Here’s why the Piedmont Lithium (ASX:PLL) share price is crashing 17% lower
- Piedmont Lithium (ASX:PLL) successfully completes US public offering
- Piedmont Lithium (ASX:PLL) shares in trading halt after proposed US public offering
Motley Fool contributor James Mickleboro 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.
The post These ASX shares have doubled in value in 2021 appeared first on The Motley Fool Australia.
from The Motley Fool Australia https://ift.tt/3dEVMKe
Leave a Reply