Investing.com -- Niagen Bioscience Inc (NASDAQ:NAGE) stock gained 3.1% in premarket trading Thursday after the NAD+ science company announced a new share repurchase program.
The company’s board approved a plan to buy back up to $10 million of its outstanding common stock over approximately 24 months. The repurchases may occur through open market transactions or privately negotiated deals, with timing and pricing to be determined by management.
"We believe Niagen Bioscience is an excellent investment and the Program is a compelling use of the company’s capital presently," said Rob Fried, Chief Executive Officer of Niagen Bioscience.
The company, which focuses on the science of healthy aging through its work with nicotinamide adenine dinucleotide (NAD+), noted that the program could be modified, suspended, or terminated at any time without prior notice. There is no obligation for the company to repurchase any specific number of shares under the newly announced program.
Share buyback programs typically signal management’s confidence in a company’s financial position and future prospects, as they reduce the number of outstanding shares, potentially increasing earnings per share.
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