SciQuest, which has seen its stock price plummet from $2.20 a share in January to 74 cents on Thursday, is moving to repurchase additional stock.

The company announced this morning that the board of directors has authorized the repurchase of up to $5 million in stock over the next 12 months. In recent months, SciQuest has already repurchased some 577,000 shares at an average price of just under $1 per share.

SciQuest (Nasdaq: SQST) said it has 30 million basic shares outstanding and has some $38 million in cash and investments.

SciQuest: www.sciquest.com