Allarity Therapeutics (NASDAQ:ALLR) stock is rocketing higher on Thursday after the clinical-stage biopharmaceutical company shared results from a Phase 2 clinical trial.
Allarity Therapeutics announced the early conclusion of its Phase 2 study of stenoparib as a treatment for advanced recurrent ovarian cancer. The big news is that it showed effectiveness with tumor shrinkage and long-term disease stability.
Allarity Therapeutics notes that this is enough clinical proof that it wants to work on a follow-on trial. The company notes that it’s doing so with the intent of seeking approval from the Food and Drug Administration.
Allarity Therapeutics Thomas Jensen said the following about the results:
“Based on the substantial clinical benefit observed in the early stages of the trial, we have achieved proof of concept results that surpassed our initial expectations and provided the critical insights we were seeking. Concluding the trial now is the most effective way to re-allocate our financial resources to develop a follow-on trial with the fastest route to regulatory submission for stenoparib.”
ALLR Stock Movement Today
Investors are celebrating the clinical trial news today with heavy trading of ALLR stock. As of this writing, more than 66 million shares have changed hands, well above its daily average trading volume of about 556,000 shares.
ALLR stock is up 38.8% as of Thursday morning.
Investors will find more of the most recent stock market stories ready to go below!
We have all of the hottest market coverage available on Thursday! A few examples include what’s going on with shares of Plug Power (NASDAQ:PLUG) stock, why shares are up today and more. All of that info is good to go at the following links!
More Stock Market News for Thursday
- PLUG Stock: Plug Power Expands Cryogenic Sales
- Why Are Stocks Up Today?
- Peloton Layoffs 2024: What to Know About the Latest PTON Job Cuts
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.
