Shares of Allena Pharmaceuticals, Inc. (ALNA) stock continued to drop in the pre-market today on July 30, 2021. ALNA stock price saw a downtrend of 5.86% to drop at 0.90 a share at the time of this writing. The penny stock on Thursday closed at $0.957 per share with a 4.28% drop. Let’s discuss more this stock to understand the current behavior.

What’s Happening?

You might be curious to know the culprit behind the current bearish sentiment, but the reality is somewhat different. There was no announcement or ALNA stock-specific news to explain the current fall. No analysts downgrade or shrank targeted per share price of the ALNA stock has been in the news. For new individuals, Allena Pharmaceuticals is engaged in the development and manufacturing of therapeutics to treat patients with metabolic and kidney disorders. Its lead product is reloxaliase which is an oral enzyme that is used to treat hyperoxaluria. Hyperoxaluria happens in adults due to kidney stones. Reloxaliase is currently in phase three of the clinical trial.

ALNA stock’s Registered Direct Offering:

Allena stock on July 14, 2021, did announce the $28 million registered direct offering priced at the market under Nasdaq rules. Under this offering, the Allena stock signed definitive agreements with certain healthcare investors. The offering consisted of the sales and purchase of the 21,357,744 shares of ALNA common stock. Moreover, the offering also included warrants for the purchasing of an aggregate of 10,678,872 shares of ALNA common stock. The purchase price was $1.311 per share of the common stock. The exercise price of the warrant was $1.25 per share. This warrant will be exercisable for the next five years.

The offering closed on July 16, 2021, with gross proceeds of roughly $28 million without deducting placement agent fees and offering related expenses. The ALNA stock intends to use net proceeds for working capital along with general corporate purposes.

ALNA stock’s Clinical Development Programs:

ALLN-346:

Allena stock had completed the phase 1b study results of ALLN-346. It is the oral enzyme for the treatment of hyperuricemia and gout. 18 subjects participated in the study and received ALLN-346  for one week.

Reloxaliase

Reloxaliase is the oral enzyme for the treatment of hyperoxaluria, a cause of kidney stones. ALNA stock completed the URIROX-1 trial in the mid of July. URIROX-1 is one out of two pivotal phase 3 trials of Reloxaliase.

Wrap Up:

Things are not going in favor of Allena stock as far as market sentiment is concerned. However, the penny stock is continuing its clinical development programs which is a good sign.