PRTY - Why Is Biora Therapeutics (BIOR) Stock Up 12% Today?
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Biora Therapeutics (NASDAQ:BIOR) stock is on the rise Wednesday following news of feedback from the FDA.
Today’s news concerns the company’s Targeted Therapeutics Platform and PGN-600 program for the treatment of ulcerative colitis (UC). It has to do with the company’s development plans, as well as what else is happening in 2023.
That includes the FDA providing feedback on its pre-Investigational New Drug (IND) Type C filing made in the fourth quarter of 2022. With that response, Biora Therapeutics is preparing to enter the clinic in the first half of 2023.
Following that, Biora Therapeutics also intends to make an IND filing, as well as start trials in the second quarter of the year. This has it expecting data readouts from those studies in the third quarter of 2023.
What This Means for BIOR Stock
Adi Mohanty, CEO of Biora Therapeutics, detailed what this 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 of the stock have changed hands. That’s well above its daily average trading volume of about 888,000 shares.
BIOR stock is up 12.3% as of Wednesday morning.
Investors looking for more recent stock market news are in the right place!
InvestorPlace is home to all of the hottest stock market coverage for Wednesday! A few examples of that include what has shares of CarMax (NYSE:KMX), Bionano Genomics (NASDAQ:BNGO), and Party City (NYSE:PRTY) stock on the move today. You can catch up on that news at the following links!
More Wednesday Stock Market News
- KMX Stock Alert: What to Know as JPMorgan Downgrades CarMax
- Bionano Genomics (BNGO) Stock Pops on Promising Publication
- 5 Investors Betting Big on Party City (PRTY) Stock
On the date of publication, William White did not have (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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