Plus Therapeutics (NASDAQ:PSTV) stock is climbing higher on Monday after the company revealed a stock buyback program.
According to a press release from the company, its board of directors approved the repurchase of up to $2 million worth of PSTV stock. The company will use available cash on hand to fuel its repurchase of the shares.
As for the timing of the repurchase, that will take place from time to time over the next 12 months. This will have the company repurchasing shares at market value. Plus Therapeutics says it will buy back shares based on market conditions and other factors.
Marc H. Hedrick M.D., president and CEO of Plus Therapeutics, said the following in the news release.
“This share repurchase program reflects our continued confidence in our long-term strategy and the strength of the balance sheet and reinforces our commitment to deliver value to shareholders.”
Investors will note that this share buyback plan was announced following positive results from two clinical trials. These cover the company’s treatments for recurrent glioblastoma and leptomeningeal metastases. These trials are still ongoing but early results are promising.
Today’s news has PSTV stock seeing heavy trading volume. That has more than 52 million shares on the move as of this writing. For perspective, the company’s daily average trading volume is closer to 82,000 shares.
PSTV stock is up 38.1% as of Monday afternoon but is down 33.5% since the start of the year.
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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.