Allarity Therapeutics (NASDAQ:ALLR) Stock Price Up 11% – Time to Buy?

Shares of Allarity Therapeutics, Inc. (NASDAQ:ALLR) shot up 11% during trading on Tuesday . The stock traded as high as $1.12 and last traded at $1.11. 2,912,844 shares were traded 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 stock’s fifty day moving average is $1.03 and its two-hundred day moving average is $1.36.

Allarity Therapeutics announced that its Board of Directors has initiated a share repurchase program on Monday, March 3rd that authorizes the company to buyback $5.00 million in outstanding shares. This buyback authorization authorizes the company to repurchase up to 128.1% of its shares through open market purchases. Shares buyback programs are typically a sign that the company’s leadership believes its shares are undervalued.

Hedge Funds Weigh In On Allarity Therapeutics

An institutional investor recently bought a new position in Allarity Therapeutics stock. Stonepine Capital Management LLC acquired a new stake in shares of Allarity Therapeutics, Inc. (NASDAQ:ALLR) in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 67,289 shares of the company’s stock, valued at approximately $79,000. Stonepine Capital Management LLC owned approximately 1.52% of Allarity Therapeutics at the end of the most recent quarter. 11.53% of the stock is currently 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.