Why Hillstream BioPharma Shares Are Trading Higher Today?

Hillstream BioPharma Inc HILS shares are trading higher after it authorized a share repurchase program to acquire up to $1 million in common stock.
As of March 31, Hillstream had approximately $11.1 million in cash and 11.4 million shares of common stock.
"We have demonstrated strong execution and, as a result, have seen significant advancement of our pipeline," said Randy Milby, Hillstream's CEO.
"The current market situation allows us to capture additional value for all investors through this measured buyback program. Our interests have always been and continue to be aligned with our shareholders," he added.
Hillstream BioPharma is working on a new anti-cancer mechanism resulting in iron-mediated cell death for drug-resistant and devastating cancers.
Hillstream's most advanced candidate is HSB-1216 targeting a variety of solid tumors.
Price Action: HILS shares are up 42.80% at $1.10 during the premarket session on the last check Monday.