Why Is Biora Therapeutics (BIOR) Stock Up 12% Today?

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  • Biora Therapeutics (BIOR) stock is gaining alongside U.S. Food and Drug Administration (FDA) feedback.
  • This has the company moving forward with clinical trial plans.
  • Biora expects data from its study in the third quarter of 2023.
Packs of blue and pink pills are piled on top of each other representing BIOR stock.

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Biora Therapeutics (NASDAQ:BIOR) stock is on the rise Wednesday following feedback from the U.S. Food and Drug Administration (FDA).

Today’s news concerns the company’s Targeted Therapeutics Platform and PGN-600 program for the treatment of ulcerative colitis (UC). Specifically, it has to do with the company’s development plans and what else is happening for Biora in 2023.

This includes the FDA providing feedback on Biora’s pre-Investigational New Drug (IND) Type C filing made in the fourth quarter of 2022. With that FDA response, Biora Therapeutics is now preparing to “enter the clinic during the first half of 2023” with an IND filing and a start to trials in Q2 2023. The company expects data readouts in Q3 2023 as a result.

What This Means for BIOR Stock

Adi Mohanty, CEO of Biora Therapeutics, detailed what the upcoming clinical trial could mean for the company:

“These data, if consistent with data from our previous version of the device, which showed average bioavailability of approximately 25% with a variant of adalimumab, should enable us to progress the relationships with our existing pharma collaborators, and potentially establish relationships with additional entities.”

With today’s news, shares of BIOR stock are seeing heavy trading. As of this writing, more than 26 million shares have changed hands. That’s well above the daily average trading volume of about 888,000 shares.

BIOR stock is up 12.3% as of Wednesday morning.

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On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.


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