Biora Therapeutics, Inc. (NASDAQ: BIOR) is a biotech company working on developing innovative pills designed for targeted drug delivery to the GI tract. After announcing its intention to start clinical trials for its DDS device in Q2, BIOR stock soared by more than 160%. Given the scale of this update, many investors are bullish BIOR stock could be poised for a continuation over the coming days. With the stock witnessing an extremely high short interest rate, BIOR stock could be one to watch as a potential short squeeze could occur in the near term.
BIOR Fundamentals
As previously covered, BIOR is mainly focused on developing its DDS device for the treatment of ulcerative colitis. With this in mind, BIOR has been accelerating its efforts to start clinical trials for the device to make it available for UC patients as soon as possible. Last summer, BIOR shared the results of its PM-602 study aiming to evaluate the localization and delivery function of DDS in UC patients in a fasted state. This study has shown success as the DDS was well tolerated and performed as intended in active UC patients. During the study, the device identified entry into the colon accurately, triggered release of a liquid payload, and achieved distribution across the entire colon. With the company completing 3 successful studies on the device, BIOR stock could be one of the best early stage biotech stocks to invest in for the long-term.
Following the device’s successful results, BIOR engaged with the FDA with a pre-IND supplemental filing requesting feedback on its PGN-600 clinical development plans. On that note, BIOR recently received FDA feedback on its program which has strengthened the company’s confidence in its plans to start clinical trials for its DDS device. With this in mind, BIOR intends to file for an IND application followed by trial commencing in Q2 with trial results expected in Q3. Considering the substantial potential of this update, BIOR stock soared more than 155% as investors are extremely bullish on the company’s prospects in 2023. In light of this, BIOR stock could be one to hold onto in anticipation of more updates regarding clinical trials.
Looking to maintain enough cash to finance its upcoming trial, BIOR entered into an agreement with an institutional investor to receive $6 million in exchange for issuing shares and warrants. At the same time, BIOR received $3.7 million as an in-kind payment in the form of a waiver of a $3.7 million cash interest payment obligation due on convertible senior notes. By adding these funds to the company’s existing cash balance, BIOR appears to be in a strong financial position to navigate through its upcoming clinical trials.
In addition to this funding, BIOR agreed to license its Preecludia rule-out test for preeclampsia to Avero Diagnostics. According to this deal, Avero will receive the right to the assets and IP related to the Preecludia test while BIOR will receive commercial milestone payments and royalties on the test’s net sales. In this way, BIOR could now realize revenues from every sale of Preecludia without having to burn cash to commercialize the test. With the company recently receiving a $65 price target by an HC Wainwright & Co. analyst, BIOR’s efforts to start clinical trials could allow the stock to run near this price target. In light of this, BIOR could be well-positioned to fund its clinical trials without having to issue shares to raise capital.
Meanwhile, BIOR recently effected a 25 to 1 reverse split to regain compliance with the NASDAQ listing requirements. As a result, BIOR stock now has an extremely attractive share structure of 164 million AS, 8.9 million OS, and a float of 5.8 million. Considering that many investors are increasingly attracted to reverse split plays, the recent updates regarding the company’s DDS device sent the stock on an impressive 150% run. With this in mind, many investors are speculating this run could be the result of a short squeeze. According to Ortex data, BIOR stock has an extremely high short interest rate of 113.5% which could see the stock continue climbing in the coming days if enough volume is present. In light of this, BIOR stock could be one to watch closely over the coming weeks.
BIOR Financials
According to its Q3 report, BIOR’s assets declined to $62.6 million compared to $108.8 million at the beginning of the year. This decline is mainly the result of the company’s cash balance decreasing from $88.3 million to $37 million. Meanwhile, the company was able to reduce its liabilities to $160 million from $193.8 million mainly due to warrant liability declining to $3.2 million compared to $18.7 million.
Since BIOR remains an early stage biotech company, the company reported only $80 thousand in revenues from providing molecular testing products – representing a steep decline from $182 thousand last year. However, operating costs decreased significantly from $30.7 million to $13.9 million. Based on this, BIOR reported a net loss of $5.1 million – a major improvement from $43.7 million a year ago.
Technical Analysis
BIOR stock is currently trading at $5.4 near its resistance at 5.46 and shows other resistances near 7.51 and 9.51. Meanwhile, the stock shows supports near 4.28, 3.58, and 2.02. Following its impressive run on the latest update, BIOR stock is climbing investors’ watchlists thanks to its extremely high short interest rate. Given the bullish sentiment surrounding the stock, BIOR stock could be poised to further soar in the near-term. For this reason, the current PPS could be a good entry for bullish investors to take a starter position and average up as the price moves.
In light of BIOR’s recent update, accumulation witnessed a major spike as the company is set to enter clinical trials for its DDS device. Similarly, the MACD is bullish to the upside. The RSI climbed from 37 to 91 indicating that BIOR stock is extremely overbought. In light of this, long-term investors could wait for these indicators to reset to enter at a better price level. Meanwhile, traders could find it profitable to enter a position in BIOR thanks to its short squeeze potential.
BIOR Forecast
As the company is preparing to start clinical trials for its PGN-600 program in Q2, BIOR stock is one to watch closely this year as it could be set to reach new highs. With the company planning to share phase 1 trial data in Q3, BIOR stock could witness a major run if the results are positive. Considering that the DDS device showed positive results in 3 studies, the PGN-600 program has major potential to prove its success in clinical trials. Given BIOR’s recent capital raise, the company could now navigate through clinical trials without worrying about its cash position. Meanwhile, BIOR’s deal to license Preecludia to Avero could allow the company to realize constant revenues as it would receive royalties on the test’s net sales. Considering the stock’s high short interest rate, BIOR stock could be well-positioned to soar over the coming days as a short squeeze could be triggered with a high trading volume.
BIOR Fundamentals
As previously covered, BIOR is mainly focused on developing its DDS device for the treatment of ulcerative colitis. With this in mind, BIOR has been accelerating its efforts to start clinical trials for the device to make it available for UC patients as soon as possible. Last summer, BIOR shared the results of its PM-602 study aiming to evaluate the localization and delivery function of DDS in UC patients in a fasted state. This study has shown success as the DDS was well tolerated and performed as intended in active UC patients. During the study, the device identified entry into the colon accurately, triggered release of a liquid payload, and achieved distribution across the entire colon. With the company completing 3 successful studies on the device, BIOR stock could be one of the best early stage biotech stocks to invest in for the long-term.
Following the device’s successful results, BIOR engaged with the FDA with a pre-IND supplemental filing requesting feedback on its PGN-600 clinical development plans. On that note, BIOR recently received FDA feedback on its program which has strengthened the company’s confidence in its plans to start clinical trials for its DDS device. With this in mind, BIOR intends to file for an IND application followed by trial commencing in Q2 with trial results expected in Q3. Considering the substantial potential of this update, BIOR stock soared more than 155% as investors are extremely bullish on the company’s prospects in 2023. In light of this, BIOR stock could be one to hold onto in anticipation of more updates regarding clinical trials.
Looking to maintain enough cash to finance its upcoming trial, BIOR entered into an agreement with an institutional investor to receive $6 million in exchange for issuing shares and warrants. At the same time, BIOR received $3.7 million as an in-kind payment in the form of a waiver of a $3.7 million cash interest payment obligation due on convertible senior notes. By adding these funds to the company’s existing cash balance, BIOR appears to be in a strong financial position to navigate through its upcoming clinical trials.
In addition to this funding, BIOR agreed to license its Preecludia rule-out test for preeclampsia to Avero Diagnostics. According to this deal, Avero will receive the right to the assets and IP related to the Preecludia test while BIOR will receive commercial milestone payments and royalties on the test’s net sales. In this way, BIOR could now realize revenues from every sale of Preecludia without having to burn cash to commercialize the test. With the company recently receiving a $65 price target by an HC Wainwright & Co. analyst, BIOR’s efforts to start clinical trials could allow the stock to run near this price target. In light of this, BIOR could be well-positioned to fund its clinical trials without having to issue shares to raise capital.
Meanwhile, BIOR recently effected a 25 to 1 reverse split to regain compliance with the NASDAQ listing requirements. As a result, BIOR stock now has an extremely attractive share structure of 164 million AS, 8.9 million OS, and a float of 5.8 million. Considering that many investors are increasingly attracted to reverse split plays, the recent updates regarding the company’s DDS device sent the stock on an impressive 150% run. With this in mind, many investors are speculating this run could be the result of a short squeeze. According to Ortex data, BIOR stock has an extremely high short interest rate of 113.5% which could see the stock continue climbing in the coming days if enough volume is present. In light of this, BIOR stock could be one to watch closely over the coming weeks.
BIOR Financials
According to its Q3 report, BIOR’s assets declined to $62.6 million compared to $108.8 million at the beginning of the year. This decline is mainly the result of the company’s cash balance decreasing from $88.3 million to $37 million. Meanwhile, the company was able to reduce its liabilities to $160 million from $193.8 million mainly due to warrant liability declining to $3.2 million compared to $18.7 million.
Since BIOR remains an early stage biotech company, the company reported only $80 thousand in revenues from providing molecular testing products – representing a steep decline from $182 thousand last year. However, operating costs decreased significantly from $30.7 million to $13.9 million. Based on this, BIOR reported a net loss of $5.1 million – a major improvement from $43.7 million a year ago.
Technical Analysis
BIOR stock is currently trading at $5.4 near its resistance at 5.46 and shows other resistances near 7.51 and 9.51. Meanwhile, the stock shows supports near 4.28, 3.58, and 2.02. Following its impressive run on the latest update, BIOR stock is climbing investors’ watchlists thanks to its extremely high short interest rate. Given the bullish sentiment surrounding the stock, BIOR stock could be poised to further soar in the near-term. For this reason, the current PPS could be a good entry for bullish investors to take a starter position and average up as the price moves.
In light of BIOR’s recent update, accumulation witnessed a major spike as the company is set to enter clinical trials for its DDS device. Similarly, the MACD is bullish to the upside. The RSI climbed from 37 to 91 indicating that BIOR stock is extremely overbought. In light of this, long-term investors could wait for these indicators to reset to enter at a better price level. Meanwhile, traders could find it profitable to enter a position in BIOR thanks to its short squeeze potential.
BIOR Forecast
As the company is preparing to start clinical trials for its PGN-600 program in Q2, BIOR stock is one to watch closely this year as it could be set to reach new highs. With the company planning to share phase 1 trial data in Q3, BIOR stock could witness a major run if the results are positive. Considering that the DDS device showed positive results in 3 studies, the PGN-600 program has major potential to prove its success in clinical trials. Given BIOR’s recent capital raise, the company could now navigate through clinical trials without worrying about its cash position. Meanwhile, BIOR’s deal to license Preecludia to Avero could allow the company to realize constant revenues as it would receive royalties on the test’s net sales. Considering the stock’s high short interest rate, BIOR stock could be well-positioned to soar over the coming days as a short squeeze could be triggered with a high trading volume.