Biora Therapeutics (NASDAQ:BIOR), formerly known as PROG stock was up more than +182% in the first week of the new year.
Today, BIOR stock is up more than +98% this year.
The stock surged from $2 per share and peaked around $7.36 last Wednesday but closed at $6.70.
After hours, the stock experienced a -10% pullback.
Today, BIOR is trading at $4.66.
Is Biora Therapeutics (BIOR) stock only warming up for takeoff?
BIOR is extremely shorted, we’re talking about the company being one of the most shorted stocks in the market at the moment.
Ortex is reporting the company to have a whopping 243.95% short interest.
What makes this stock even more interesting is that on Wednesday, massive buying volume came out of the blue.
Was this rally the first domino to fall that will trigger a BIOR short squeeze soon?
Let’s break it all down below.
BIOR (PROG) Stock Short Interest Today
Biora Therapeutics (PROG) stock has a current short interest of 195.74% with approximately 1.20 day to cover, per Fintel and 243% per Ortex.
Dark pool volume has eaten more than 54% of intraday trading volume.
However, trading volume has been quite strong in the past weeks.
So, why the sudden volume surge?
Did shorts begin to close their positions due to an upcoming catalyst?
This could very well be true, as BIOR just released an update that could potentially put their extraordinary work to real-world use.
And if all goes according to plan, shareholders may expect a massive short squeeze from BIOR (NASDAQ:BIOR).
The latest Biora Therapeutics news has the potential to create a big drop in short interest, sending share prices skyrocketing.
Latest BIOR Stock News (PROG)
Biora Therapeutics is on track to move into clinic with its lead targeted therapeutics program.
For Biora’s Targeted Therapeutics Platform, which is focused on treatment of ulcerative colitis (UC), the company remains on track for an IND filing for its PGN-600 program followed by clinical trial initiation.
During Q4 2022, Biora continued its engagement with the FDA with a pre-IND supplemental Type C filing requesting agency feedback on its proposed PGN-600 clinical development plans, including the company’s proposed approach to toxicity studies and other aspects of its clinical plan.
“The recent Type C response from the FDA further strengthens our confidence in our plans to enter the clinic during the first half of 2023 with IND filing followed by trial initiation in Q2, and data readouts anticipated in Q3,” said Adi Mohanty, Chief Executive Officer of Biora Therapeutics.
Biora Therapeutics has previously shown the strong potential of its Targeted Therapeutics platform to help patients with ulcerative colitis (UC) through data demonstrating that:
- Higher tissue levels of tofacitinib in UC patients are correlated with endoscopic improvement.
- Biora’s device can accurately deliver liquid payload to the correct location in the colon of healthy volunteers.
- Biora’s device can accurately identify colon entry and deliver liquid payload to the site of disease in active ulcerative colitis patients, despite a challenging environment of inflammation, bleeding, and highly variable motility.
- Biora’s device can function as intended when administered both with and without food.
For Biora’s Systemic Therapeutics program, the company has been transitioning from early concept to a clinical-ready device.
With several of the key device upgrades implemented, the company expects to report data from preclinical studies on its next-generation device during Q1 and Q2 of 2023.
This is big news for the company and for BIOR shareholders alike.
The latest PROG stock news could be the reason why we’ve been seeing bullish price action this year.
If clinical trials prove to be a success, Biora Therapeutics’ platform will be approved for use.
This could yield a massive payout for shareholders invested in the company this year, a PROG short squeeze.
Source(s): Yahoo Finance
BIOR Stock Forecast: Is BIOR Stock a Buy?
Analysts are giving BIOR stock a high stock price prediction of $100 in the next 12-months, that’s a +2,045% gain.
Price targets for BIOR look good overall.
CNN is showing the biotech company has a medium stock forecast of $82.50 (+1,670%) and a low of $65 (+1,294%).
So, is BIOR stock a buy?
Based on expert price targets for 2023, Biora Therapeutics stock could prove to be a ‘buy’ for value long term investors.
Are you holding Biora Therapeutics stock?
Is this the catalyst shareholders have been waiting for?
Leave your thoughts below for the retail community to see.
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