Allena Pharmaceuticals (NASDAQ:ALNA) stock is rocketing higher on Thursday despite a lack of news from the company.
Instead, it looks like that movement is the result of heavy trading today. This has more than 130 million shares of the stock having been traded as of this writing. That’s well above the company’s daily average trading volume of 2.6 million shares.
So what does this mean for potential investors in ALNA stock? Be careful about making any investments in the company today. Allena Pharmaceuticals is the definition of a penny stock with shares only trading at around 8 cents each before today’s rally. It’s also sporting a market capitalization of $13.879 million.
All of this means that it’s incredibly susceptible to pump and dumps from retail traders. That appears to be what’s happening now as several popular traders on social media are talking about ALNA stock today.
Keeping all of that in mind, let’s talk about what Allena Pharmaceuticals actually does as a company.
- Allena Pharmaceuticals is a company dedicated to developing “oral enzymes for difficult-to-treat metabolic diseases.”
- Its pipeline includes Reloxaliase, which has one Phase 3 study and several Phase 2 studies underway.
- The company is also developing ALLN-346 for the treatment of hyperuricemia, gout, and chronic kidney disease.
- Leading the drug company is Lou Brenner, MD.
- He’s been serving in the CEO role since 2019 and prior to that served as its president since 2017, which is a role he still holds.
ALNA stock is up 103.7% as of Thursday morning.
Investors looking for more stock market news will want to keep reading!
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
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