Allarity Therapeutics stock trading higher on abnormally high volume

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Allarity Therapeutics stock trading higher on abnormally high volume

Allarity Therapeutics Inc. ALLR shares are trading higher on abnormally high volume Monday after the company said it had treated the first patient in its trial studying advanced solid tumors.

What is to know: Allarity has begun a two-part, open label multicenter Phase 1 b clinical study examining the combination of stenoparib and dovitinib for the treatment of advanced solid tumors, including ovarian cancer.

The study will first examine stenoparib, a small molecule, dual-targeted inhibitor of Poly ADP-Ribose Polymerases and tankyrase 1 and 2, administered twice a day in participants. The second part of the study will be to evaluate dovitinib, a pan-tyrosine kinase inhibitor, when given in combination with the maximum tolerated dose of stenoparib determined in the first cohort.

We have seen improved efficacy after looking at novel combinations of anticancer agents, including a PARP inhibitor and an anti-angiogenic therapeutic. In combination of a PARP inhibitor with a pan-tyrosine kinase PTK inhibitor, we are anticipating efficacy in homologous recombination proficient tumors, said Kathleen Moore, principal investigator for Allarity's Phase 1 b study.

According to Benzinga Pro, Allarity has an average session volume of just over 2 million. The trading volume for Monday was already close to 20 million at the time of writing.

Allarity is a clinical-stage pharmaceutical company that develops novel oncology therapeutics with drug-specific DRP companion diagnostics for personalized cancer care.

Allarity shares were up 47.6% at 16 cents at the time of publication, according to Benzinga Pro.