Allarity Therapeutics Inc [NASDAQ: ALLR] loss -4.87% or -0.01 points to close at $0.22 with a heavy trading volume of 7611523 shares. The company report on April 4, 2024 at 9:15 AM that Allarity Therapeutics Announces 1-for-20 Reverse Stock Split.
Boston (April 4, 2024) — Allarity Therapeutics, Inc. (“Allarity” or the “Company”) (NASDAQ: ALLR), a clinical-stage pharmaceutical company dedicated to developing personalized cancer treatments, today announced the implementation of a reverse stock split of its outstanding shares of common stock at a ratio of 1-for-20 (the “Reverse Stock Split”). The Reverse Stock Split will become effective at 9:30 a.m. Eastern Time on April 9, 2024. The Company’s common stock will begin trading on a split-adjusted basis when the market opens on April 9, 2024. This strategic move aims to regain compliance with the Nasdaq’s minimum bid price requirement, alongside achieving other operational benefits. The CUSIP number for the Company’s common stock following the Reverse Stock Split will be 016744401.
At Allarity’s Special Meeting of Stockholders held on April 1, 2024 (the “2024 Special Meeting”), the Company’s stockholders approved the amendment to the Company’s Certificate of Incorporation, as amended, to effect a reverse stock split of the Company’s common stock at a ratio of not less than 1-for-5 and not more than 1-for-20, with such ratio and the implementation and timing of such Reverse Stock Split to be determined by the Company’s Board of Directors in its sole discretion. The Board of Directors has now approved the implementation of a 1-for-20 Reverse Stock Split with the timing described above.
The daily chart for ALLR points out that the company has recorded -67.08% loss over the past six months.
If we look at the average trading volume of 265.49K shares, ALLR reached to a volume of 7611523 in the most recent trading day, which is why market watchdogs consider the stock to be active.
Here is what top equities market gurus are saying about Allarity Therapeutics Inc [ALLR]:
Based on careful and fact-backed analyses by Wall Street experts, the current consensus on the target price for ALLR shares is $8.00 per share. Analysis on target price and performance of stocks is usually carefully studied by market experts, and the current Wall Street consensus on ALLR stock is a recommendation set at 1.00. This rating represents a strong Buy recommendation, on the scale from 1 to 5, where 5 would mean strong sell, 4 represents Sell, 3 is Hold, and 2 indicates Buy.
Trading performance analysis for ALLR stock
Allarity Therapeutics Inc [ALLR] fell into the red zone at the end of the last week, falling into a negative trend and dropping by -18.90. With this latest performance, ALLR shares dropped by -46.73% in over the last four-week period, additionally sinking by -67.08% over the last 6 months – not to mention a drop of -99.60% in the past year of trading.
Overbought and oversold stocks can be easily traced with the Relative Strength Index (RSI), where an RSI result of over 70 would be overbought, and any rate below 30 would indicate oversold conditions. An RSI rate of 50 would represent a neutral market momentum. The current RSI for ALLR stock in for the last two-week period is set at 20.62, with the RSI for the last a single of trading hit 17.24, and the three-weeks RSI is set at 24.10 for Allarity Therapeutics Inc [ALLR]. The present Moving Average for the last 50 days of trading for this stock 0.3757, while it was recorded at 0.2330 for the last single week of trading, and 1.2417 for the last 200 days.
Allarity Therapeutics Inc [ALLR]: A deeper dive into fundamental analysis
Allarity Therapeutics Inc’s liquidity data is similarly interesting compelling, with a Quick Ratio of 0.14 and a Current Ratio set at 0.14.
Allarity Therapeutics Inc [ALLR]: An earnings per share (EPS) analysis
With the latest financial reports released by the company, Allarity Therapeutics Inc posted -177.2/share EPS, while the average EPS was predicted by analysts to be reported at -315.16/share. When compared, the two values demonstrate that the company surpassed the estimates by a Surprise Factor of 43.80%. The progress of the company may be observed through the prism of EPS growth rate, while Wall Street analysts are focusing on predicting the 5-year EPS growth rate for ALLR.
An analysis of Institutional ownership at Allarity Therapeutics Inc [ALLR]
The top three institutional holders of ALLR stocks are: VANGUARD GROUP INC with ownership of 1.32 billion shares, which is approximately 8.4983%. BLACKROCK INC., holding 1.04 billion shares of the stock with an approximate value of $200.69 billion in ALLR stocks shares; and BERKSHIRE HATHAWAY INC, currently with $174.35 billion in ALLR stock with ownership which is approximately 5.8386%.
