An Austin-based %Biotech company is getting some major attention Monday morning after the company announced that its Board of Directors has approved a share repurchase program with authorization t repurchase up to $2.0 million of the company’s outstanding common stock. According to the release, the repurchase will be conducted using available cash. This sent shares of %PlusTherapeutics () soaring during Monday’s premarket.
Plus Therapeutics Inc is a clinical-stage pharmaceutical company. The company focused on the discovery, development, and delivery of complex and innovative treatments for patients battling cancer and rare diseases. Its product pipeline includes Patented RNL and Patented %DocePLUS .
Traders were eager to get their hands on shares of this micro cap as shares are currently bid up at $0.9322/share (+77.56% implied open for sellers) at the time of writing. Seeing that $2 million would’ve been over 16% of the company’s total market cap using Friday’s close of $0.525, it’s no wonder why traders bid up the shares.
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