Allarity Therapeutics, Inc. (NASDAQ:ALLR) Sees Large Drop in Short Interest

Allarity Therapeutics, Inc. (NASDAQ:ALLR) saw a significant drop in short interest in March. As of March 15th, there was short interest totalling 478,600 shares, a drop of 27.1% from the February 28th total of 656,500 shares. Approximately 14.1% of the company’s stock are sold short. Based on an average daily trading volume, of 2,630,000 shares, the short-interest ratio is currently 0.2 days.

Allarity Therapeutics Stock Down 1.0 %

Shares of NASDAQ ALLR opened at $1.04 on Monday. The business has a 50-day moving average of $1.03 and a two-hundred day moving average of $1.30. Allarity Therapeutics has a 1 year low of $0.68 and a 1 year high of $185.82.

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

Hedge Funds Weigh In On Allarity Therapeutics

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

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.