Sam is a professional trader and the lead stock market news writer at AskTraders. After starting his career in the forex market, Sam now focuses on gold and stocks with a preference for fundamental and macroeconomic analysis.
Shares of Avacta (LON: AVCT) are down Tuesday after the company had to halt sales of its AffiDX SARS-CoV-2 Lateral Flow Rapid Antigen Test in the UK.
As of November 1, new test validation rules in the UK came into effect. It is a new requirement for the supply of any COVID-19 test in the UK and is over and above the CE mark and other approvals needed.
The rules state that all suppliers of COVID-19 tests must submit information regarding their products for desktop review if they wish to remain on sale in the UK.
While Avacta said it submitted its information, as of 1 November, there were only 3 products for which the agency had completed its desktop review listed on the CTDA register for approved products.
Avacta stated that the suspension of sales in the UK due to the regulations coming into force will not impact the company's financial results for the financial year ending 31 December.
Avacta shares are down 8.65% at 110.3p at the time of writing.
Avacta shares are traded on the London stock exchange's AIM market (the alternative investment market), which is the submarket specifically for smaller companies. AIM stocks are attractive to investors as they have tax advantages and smaller companies have the potential to benefit from rapid growth. But are AVCT shares the best buy? Our stock market analysts regularly review the market and share their picks for high growth companies
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage . 75 % of retail investor accounts lose money when trading CFDs with this provider . You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money .