The company is on track to initiate clinical trials for its ulcerative colitis treatment
Biora Therapeutics Inc (NASDAQ:BIOR) is looking to extend yesterday's pop, last seen up 8.5% at $5.86. This bull gap comes after the U.S. Food and Drug Administration (FDA) provided feedback for its program targeting ulcerative colitis, with the company saying that it is on track to file plans to initiate clinical trials in the second quarter. Plus, Wainwright raised its price target to $65 from $6.
The security is fresh off a Jan. 6, record low of $1.95, but yesterday closed above the 40-day moving average for the first time since August. The shares are today trading at their highest level in more than one month. Year-over-year, though, BIOR Is down 86.8%.
Short sellers are already starting to hit the exits, with short interest down 9.4% in the last two reporting periods. Still the 11.73 million shares sold short account for 5.6% of BIOR's available float.