Allarity Therapeutics (NASDAQ:ALLR) Stock Price Up 11% – What’s Next?

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

Allarity Therapeutics Trading Down 7.9 %

The firm’s 50-day moving average price is $1.03 and its 200 day moving average price is $1.36.

Allarity Therapeutics declared that its Board of Directors has initiated a stock buyback program on Monday, March 3rd that allows the company to buyback $5.00 million in shares. This buyback authorization allows the company to repurchase up to 128.1% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s management believes its stock is undervalued.

Institutional Trading of Allarity Therapeutics

A hedge fund recently bought a new stake in Allarity Therapeutics stock. Stonepine Capital Management LLC purchased a new stake in shares of Allarity Therapeutics, Inc. (NASDAQ:ALLR) during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 67,289 shares of the company’s stock, valued at approximately $79,000. Stonepine Capital Management LLC owned 1.52% of Allarity Therapeutics as of its most recent filing with the Securities and Exchange Commission (SEC). Hedge funds and other institutional investors own 11.53% of the company’s stock.

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.