Allarity Therapeutics (ALLR) stock rocketed on Tuesday after the clinical-stage biopharmaceutical company received Fast Track designation for stenoparib from the U.S. Food and Drug Administration (FDA). Stenoparib is the company’s investigational treatment for patients with advanced ovarian cancer.
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Being granted Fast Track designation is a huge win for Allarity Therapeutics, as it allows the company to speed up the development of stenoparib. The company has already started enrolling patients in a Phase 2 clinical trial for the potential advanced ovarian cancer treatment. This new trial will expand on a previous one, which has patients who have been on it for 22 months as of this writing.
Thomas Jensen, CEO of Allarity Therapeutics, said, “This recognition underscores the significant unmet need facing women with advanced ovarian cancer and reflects the potential of stenoparib to meaningfully improve treatment outcomes. We look forward to engaging closely with the FDA as we advance this program.”
Allarity Therapeutics Stock Movement Today
Allarity Therapeutics stock was up 93.35% on Tuesday, following a slight dip yesterday. Investors will also note that the company’s shares have fallen 19.55% year-to-date and 81.01% over the past 12 months. Today’s news brought heavy trading to ALLR stock, with some 60 million shares traded, compared to a three-month daily average of about 447,000 units.
Is Allarity Therapeutics Stock a Buy, Sell, or Hold?
Turning to Wall Street, the analysts’ consensus rating for Allarity Therapeutics is Moderate Buy, based on a single Buy rating over the past three months. With that comes a $9 price target, representing a potential 856.12% upside for the shares.
TipRanks’ AI analyst Spark rates Allarity Therapeutics an Underperform (28) with no price target. It cites “significant financial challenges, including no revenue and consistent operational losses” as reasons for this stance.
