ALNA Stock Alert: 5 Things to Know as Little-Known Allena Pharmaceuticals Soars 100%

Allena Pharmaceuticals (NASDAQ:ALNA) stock is rocketing higher on Thursday despite a lack of news from the company.

Packs of blue and pink pills are piled on top of each other representing ALNA Stock.

Source: Shutterstock

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!

We’ve got all the hottest stock market news traders need to know about today. Among that is what’s going on with shares of Coupang (NYSE:CPNG), MicroStrategy (NASDAQ:MSTR), and Lordstown Motors (NASDAQ:RIDE) stock. You can read up on that at the following links!

More Thursday Stock Market News

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 Publishing Guidelines.

With only the rarest exceptions, InvestorPlace does not publish commentary about companies that have a market cap of less than $100 million or trade less than 100,000 shares each day. That’s because these “penny stocks” are frequently the playground for scam artists and market manipulators. If we ever do publish commentary on a low-volume stock that may be affected by our commentary, we demand that’s writers disclose this fact and warn readers of the risks. 

Read More:Penny Stocks — How to Profit Without Getting Scammed

Article printed from InvestorPlace Media,

©2023 InvestorPlace Media, LLC