Shares of Catenae Innovation PLC (LON: CTEA) surged 50.5% after signing a contract with ProMake Limited to provide data management services to the company exclusively.
ProMake is a global company specialising in material science and medical innovations and has unique technologies for collecting medical samples from patients.
Catenae share surged higher on the news as investors bought the stock based on the company’s leading position as a provider of COVID-19 vaccination passports, which are now mandatory in many countries.
The emergence of the virulent Delta variant of the coronavirus has forced many governments to require COVID-19 passports from passengers arriving from other nations to stop the spread of different variants of the coronavirus.
Catenae is now part of the consortium led by PreMake under the UK’s PHE Framework Agreement, which has been tasked with providing Research and Development Goods and Services under Lot 2 and Clinical Laboratory Diagnostic Testing Services under Lot 4.
The company will be tasked with securely capturing and processing patient and test data while controlling access to the data in a compliant manner and providing reporting services via dashboards, mobile apps, web and blockchain networks.
ProMake partnered with Catenae innovation to automate its entire supply chain and ensure that its Pre-Vent tubes, made of graphene and other nano-materials, are delivered and used by other firms in the PHE Framework Agreement.
ProMake has also partnered with Applied Graphene Materials to form its consortium.
Catenae Innovation shares have surged off a significant support level and are approaching a major resistance zone. Therefore, I would not open any new position until the price break above the resistance level or falls and retests the support level.
*This is not investment advice.
Catenae Innovation share price.
Catenae shares soared 50.48% to trade at 1.58p, rising from Friday’s closing price of 1.05p.
Should you invest in Catenae Innovation shares?
Catenae Innovation 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 Catenae Innovation shares the best buy? Our stock market analysts regularly review the market and share their picks for high growth companies