Why Allarity Therapeutics Stock Is Ripping Higher Wednesday

Allarity Therapeutics, Inc. ALLR shares are soaring Wednesday after the company said the initial data from Phase 2 trial of Ixempra shows potential for improved clinical benefit in DRP-selected metastatic breast cancer patients.

The Details:

Allarity stated that there were promising signs of clinical benefit in four out of four evaluable cases including one partial responder (PR) (tumor shrinkage of 66%), one partial responder (PR) (tumor shrinkage of 59%), one patient experienced 24 weeks of stable disease and one patient experienced 19 weeks of stable disease.

"We are enthusiastic about these promising very early trial results since the observed clinical benefit rate exceeds what has been historically observed for IXEMPRA^® treatment without the DRP^®-IXEMPRA^® CDx patient selection ... Accordingly, the DRP^®-IXEMPRA^® CDx, if approved, may provide clinicians with an important diagnostic to guide patient treatment in this hard-to-treat population," said Marie Foegh, M.D., CMO of Allarity.

ALLR shares are moving on very heavy volume with over 5.3 million shares already traded in Wednesday's session, according to data from Benzinga Pro, far exceeding the 100-day average of just over 115 thousand shares.  ALLR is receiving attention from retail investors and is currently one of the top trending tickers on social media, including StockTwits.

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ALLR Price Action: According to Benzinga Pro, shares of Allarity are currently trading 58% higher at $9.95 at the time of publication.