Allena Pharmaceuticals Inc. (NASDAQ:ALNA) Stock Sees Buying Interest At Lower Level

Allena Pharmaceuticals Inc. (NASDAQ:ALNA) is up 14%, but the stock is down 27% in a month. Recently the company announced the signing of a definitive agreement with various accredited healthcare-focused institution investors for the sale and purchase of around 21.36 million shares of its common stock and warrants to acquire approximately 10.78 million shares of its common stock.

The company offers the shares at $1.311 per common share and a related warrant for gross proceeds of $28 million in an at-the-market registered direct offering as per the Nasdaq rules. 

The company also updated its first-in-class oral urate degrading enzyme, ALLLN-346, currently under clinical development for gout and hyperuricemia treatment in the chronic kidney disease setting.

In addition, the company also offered updates in reloxalaise, ALLN-177, which is an oxalate degrading enzyme the company is developing to treat enteric hyperoxaluria patients. ALLN-346 completed Phase 1b study is expected to enter Phase 2a studies in Q3 2021.  So in the coming weeks, ALNA is a stock to watch.

Market Reaction:

On Wednesday, ALNA stock soared 14.16% at $1 with more than 19.38 million shares, compared to its average volume of 2.04 million shares. The stock has moved within a range of $0.8760 – 1.0400 after opening the trade at $0.89. Over the past 52-week, the stock has been trading within a range of $0.7500 – 2.7800.