The biotechnology company within a month is quite volatile; prices have ranged between $0.8773 and $0.9334 with a significant difference. But today, in the pre-market trading session, the price is stunningly soaring over 35% with a $68 million market cap.
Despite that, the ALLN-346, which is a urate-degrading enzyme, received a Fast Track designation from the U.S. Food and Drug Administration (FDA). As you noticed, the price climbed sharply after the announcement of this news from the FDA. Currently, the price is open at $1.0324, giving a trading volume of 38,399,462 shares, compared to its average volume of 976,324.
Details, the ALLN-346 is a first-in-class study for the chronic treatment of hyperuricemia in patients with Gout and progressive chronic kidney disease. Also, the Fast Track Designation is an FDA mechanism that speeds up the development and evaluation of medications that cure serious diseases or satisfy unmet medical needs. The main idea of this process is to make necessary new drugs available to the patient earlier. Now the ALLN-346 is on trial studies, and Allena plans to present the initial data of these studies starting from the end of 2021 or the beginning of 2022.