Archer (ASX:AXE) share price retreats despite positive update

The Archer Materials Ltd (ASX: AXE) share price has retreated in late-afternoon trade after soaring as high as 93.5 cents. This comes after the company announced that it has begun to progress on the pathway for sub-10 nanometre biochip fabrication.

At the time of writing, the advanced material company’s shares are fetching 90 cents apiece, flat for the day.

Development plans

Archer shares were trading on a high earlier on but have since fallen back to yesterday’s market close.

According to its release, Archer advised it has commenced development to produce biochip components that are under 10 nanometres (nm) in size. In comparison, a human…