Arovella Therapeutics (ASX:ALA) has responded to a price query from ASX Compliance, stating that the company is in compliance with Listing Rule 3.1 and is not aware of any unannounced information that could explain the recent trading in its securities.

The company also noted that it hosted a webinar on 4 April 2023 and released a presentation on ASX Market Announcements Platform, Merchant Funds Management Pty Ltd increased its holding in the company, and is presenting at the American Association for Cancer Research conference on 16 April 2023.

Following the announcement, shares of Arovella Therapeutics were up 11.43%.

Its shares have been up 56% the past five days.