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Here’s the Reason of the Skyrocketing of Allena Pharmaceuticals, Inc. (ALNA) Stock in Premarket.

Allena Pharmaceuticals, Inc. (ALNA) is a leading late-stage biotherapeutic company. The company primarily focuses on treating difficult-to-treat metabolic diseases. One of the main drug candidate of the company is reloxaliase, which is in Phase 3 clinical trials for treating enteric hyperoxaluria. It is a condition in which there is a much higher level of urinary oxalate leads to kidney stones and chronic kidney diseases. Another product candidate is ALLN-346, which is in Phase 2 clinical trials for the treatment of hyperuricemia and gout.

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The price of ALNA stock during the regular trading on January 3, 2022, with a 9.27% increase was $0.65. At last check in the premarket on January 4, 2022, the stock remarkably skyrocketed by 50.80%.

ALNA: Events and Happenings

On January 04, 2022, ALNA reported its clinical and corporate update. Some of the key features of the update are

  • ALLN-346 demonstrated a significant reduction in serum uric acid in an initial unit of patients in the Phase 2a Study 201
  • ALLN-346 study vigorously registering the patients in corresponding units; data from both units is likely in Q1 2022
  • For the URIROX-2 Phase 3 trial of Reloxaliase, the company is trying to minimize its trial duration and discuss modifications with the FDA during Q1 2022
  • ALNA retained Stifel, Nicolaus & Company, merged to support in discovering strategic and financing substitutes.

On November 15, 2021, ALNA reported that the company’s executives presented at the Virtual Stifel 2021 Healthcare Conference held on November 15-17, 2021.

ALNA: Key Financials

On November 10, 2021, ALNA announced its financial results for the third quarter and nine months ended September 30, 2021. Some of the key updates are as follows.

Net Loss per Share

Basic and diluted net loss was $12.7 million or $0.17 per share for the third quarter of 2021, as compared to $8.0 million or $0.22 per share for the same period of 2020.

Assets

The total assets of the company for Q3 2021 were $43.8 million as compared to the same period of 2020 when the assets were $31.9 million.

On November 03, 2021, ALNA reported about the receipt of Fast Track designation from the FDA by one of its main drug candidates, ALLN-346. On September 29, 2021, ALNA reported about dosing the preliminary patients in the second Phase 2a trial of ALLN-346.

On September 09, 2021, ALNA reported that the company’s executives presented at the Virtual 23rd Annual H.C. Wainwright’s Global Investment Conference, held on September 13–15, 2021.

Conclusion

Although the price of ALNA stock is 49% dipped as compared to six months ago, yet the company is gaining its momentum back vigorously and at a very fast pace. The current market leap of the company is exclusively the result of its successful clinical and business update to the clients. The analysts are suggesting more good times for the company’s stock in the coming days.

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