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Here’s Why Catenae (CTEA) Shares Plunged 11.2% Today

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Simon Mugo

Shares of Catenae Innovation PLC (LON: CTEA) today fell 11.2% extending the downtrend that started after rallying to new multi-month highs on November 5 after announcing the signing of a Memorandum of Understanding with Afrik-ID.

The firm’s shares had rallied to a high of 4.88p, which was last seen in July following the announcement and has been trending lower ever since then.

At the time, Catenae noted that Afrik-ID was interested in utilising and leveraging the opportunities created by the partnership between Catenae and BHA-Medical, which we covered on the site.

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The MoU provides Afrik-ID with a framework to access to BHA-Medical’s coronavirus (COVID-19) Near-Patient Healgen Antigen and the Three-Antibody test kits, as well as its professional clinical consultancy service to enable the tests to be conducted safely and successfully.

The services would be rolled out via Afrik-ID’s network across sectors including construction, logistics, mining, sports, healthcare, human rights services, law-enforcement and travel and tourism.

Catenae also clarified that it could provide its associated GDPR-compliant blockchain-based identity technology, including its data management platform and Onsite ID mobile app, to help process the results.

The company’s shares are trading far below its April highs of 9.90p. They may present an excellent investment opportunity for long-term investors who do not mind waiting for a substantial rally.*

*This is not investment advice.

Catenae Innovation share price

Tradingview chart of Catenae share price 11112020

Catenae Innovation shares today fell 11.2% to trade at 2.54p having dropped from Tuesday’s closing price of 2.86p.

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Simon Mugo
Simon Mugo
Contributor

Simon ist Autor und Analyst für den Bereich Finanzwesen und blickt auf über sechs Jahre professionelle Erfahrung als Trader zurück. Er absolvierte einen Bachelor in Mathematik und Informatik und hat eine Leidenschaft für die Finanzmärkte. Simon handelt FX, Rohstoffe und Aktien. Er konzentriert sich auf Price Action Trading.