Allarity Therapeutics (NASDAQ:ALLR) Board Authorizes Share Buyback Program

Allarity Therapeutics (NASDAQ:ALLR) announced that its board has authorized a share repurchase program on Monday, March 3rd, RTT News reports. The company plans to buyback $5.00 million in outstanding shares. This buyback authorization authorizes the company to buy up to 128.1% of its shares through open market purchases. Shares buyback programs are typically an indication that the company’s board believes its stock is undervalued.

Allarity Therapeutics Stock Up 10.2 %

NASDAQ ALLR opened at $0.88 on Tuesday. The firm’s fifty day moving average price is $1.05 and its two-hundred day moving average price is $1.83. Allarity Therapeutics has a fifty-two week low of $0.68 and a fifty-two week high of $257.40.

Allarity Therapeutics Company Profile

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.