Allarity Therapeutics (NASDAQ:ALLR) Trading Up 11% – Here’s Why

Shares of Allarity Therapeutics, Inc. (NASDAQ:ALLR) rose 11% during mid-day trading on Tuesday . The company traded as high as $1.12 and last traded at $1.11. Approximately 2,912,844 shares were traded during trading, an increase of 212% from the average daily volume of 933,015 shares. The stock had previously closed at $1.00.

Allarity Therapeutics Stock Up 11.0 %

The business’s fifty day simple moving average is $1.03 and its two-hundred day simple moving average is $1.36.

Allarity Therapeutics announced that its board has authorized a stock buyback plan on Monday, March 3rd that authorizes the company to repurchase $5.00 million in shares. This repurchase authorization authorizes the company to reacquire up to 128.1% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s board believes its shares are undervalued.

Institutional Investors Weigh In On Allarity Therapeutics

An institutional investor recently bought a new position in Allarity Therapeutics stock. Stonepine Capital Management LLC acquired a new position in Allarity Therapeutics, Inc. (NASDAQ:ALLR) in the fourth quarter, according to the company in its most recent filing with the SEC. The firm acquired 67,289 shares of the company’s stock, valued at approximately $79,000. Stonepine Capital Management LLC owned 1.52% of Allarity Therapeutics at the end of the most recent quarter. 11.53% of the stock is owned by hedge funds and other institutional investors.

About Allarity Therapeutics

Allarity Therapeutics, Inc, a clinical-stage biopharmaceutical company, engages in developing oncology therapeutics using drug-specific companion diagnostics generated by its drug response predictor technology. Its drug candidates include Stenoparib, a poly-ADP-ribose polymerase inhibitor that is in Phase 2 clinical trials for ovarian cancer; Dovitinib, a pan- tyrosine kinase inhibitor for the treatment of renal cell carcinoma; IXEMPRA (ixabepilone), a selective microtubule inhibitor in phase 2 for the treatment of metastatic breast cancer; LiPlaCis, a liposomal formulation of cisplatin, which is in Phase 2 clinical trials for metastatic breast cancer; and 2X-111, a liposomal formulation of doxorubicin that is in Phase 2 clinical trials for metastatic breast cancer and glioblastoma multiforme.