Shuttle Pharmaceuticals Holdings Inc (NASDAQ:SHPH) shares are trading lower by 1.69% to $2.33 Thursday morning, reversing following earlier strength, after the company announced the issuance of U.S. Patent No. 12,077,515, titled "Selective Histone Deacetylase Inhibitors for the Treatment of Human Disease."

The stock traded higher by as much as 44% to $3.41 during Thursday's pre-market session.

The patent covers selective histone deacetylase (HDAC) inhibitors designed to regulate genes involved in cancer progression, immune responses, and other biological processes. These inhibitors are being developed for various diseases, including cancer.

Shuttle Pharma says the company aims to develop drugs that sensitize cancers and protect normal tissues during radiation therapy. Their HDAC inhibitor platform is also being explored for treating autoimmune, inflammatory, metabolic, neurological and infectious diseases.

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Is SHPH A Good Stock To Buy?

An investor can make a few decisions when deciding whether a stock is a good buy. In addition to valuation metrics and price action which you can find on Benzinga's quote pages – like Shuttle Pharmaceuticals's page for example – there are factors like whether or not a company pays a dividend or buys a large portion of its stock each quarter.

These are known as capital allocation programs. Shuttle Pharmaceuticals does not pay a dividend, but obviously has a few ways it can return value to shareholders. Feel free to search Benzinga's dividend calendar for the next company that is due to pay a dividend and determine what kind of yield you can earn for holding a share of the company.

For example, if you're looking to earn an annualized return of 14.14%, you'll need to buy a share of Guggenheim Strategic Opps by the Sep. 13, 2024. Once done, you can expect to receive a nominal payout of $0.18 on Sep. 30, 2024.

Buyback programs are obviously different and highly variable. A company can approve a buyback program and purchase shares as it sees fit over the course of time in which the buyback was authorized. Looking through the latest news on Shuttle Pharmaceuticals will often yield whether or not the company has approved a buyback program recently. Buyback programs usually serve as a support for share prices, serving as a backstop for demand.

According to data from Benzinga Pro, SHPH has a 52-week high of $6.42 and a 52-week low of $1.28.