Shares of Clinuvel Pharmaceuticals (ASX:CUV) surged up to 8.6% reaching A$14.34, marking their highest intra-day growth since February 19.

The company has announced an on-market share buyback program for approximately 3% of CUV’s outstanding share capital.

The duration of the share buyback program will be 12 months, pending regulatory approvals.

The shares reached their highest level since March 5, with over 133,170 shares changing hands.

This is significantly higher than the 30-day average volume of approximately 126,100 shares.

Despite this surge, the stock is down 17.5% this year as of the latest close, contrasting a 1.8% increase in the benchmark S&P/ASX 200 index.

Clinuvel Pharmaceuticals is a company specializing in developing drugs for the treatment of a range of severe skin disorders.