Allarity more than doubles on US FDA's 'fast track' tag for ovarian cancer therapy

** Shares of drug developer Allarity Therapeutics ALLR.O rise 132% to over 10-month high of $2.19

** Stock set for its biggest one-day pct gain on record, if gains hold

** Co says U.S. FDA granted fast track designation to its experimental ovarian cancer therapy, stenoparib

** Stenoparib, an oral drug, works by blocking two enzymes that cancer cells use to repair themselves and keep growing

** FDA's "fast track" tag aims to speed development and review of drugs for serious conditions with unmet medical need

** The therapy was originally developed by Japan's Eisai 4523.T and later licensed to Allarity, which secured global rights to develop and commercialize the drug

** As of last close, stock down 20% YTD