Biora Therapeutics Inc

Biora Therapeutics, Inc. (NASDAQ: BIOR) is a biotechnology company, which is focused on creating smart pills designed for targeted drug delivery to the gastrointestinal (GI) tract, and needle-free delivery of biotherapeutics. The Company's therapeutics pipeline includes two therapeutic delivery platforms: NAVICAP and BIOJET.

Recent Financial and Business Updates:

• Biora Therapeutics, Inc. to release financial results and offer a corporate overview pertaining to the second quarter concluding on June 30, 2023. The company's management will conduct a webcast and conference call on Monday, August 14, 2023, at 4:30 PM Eastern time 1:30 PM Pacific time, following the closure of financial markets.

• Biora Therapeutics, Inc. achieved significant milestones during the first quarter of 2023 and recently made several noteworthy announcements:
  • Completion of the toxicology study for the NaviCap BT-600 program showed no adverse events in preliminary data. The company is on track to file an Investigational New Drug (IND) application in the third quarter.
  • Ariella Kelman was appointed as Chief Medical Officer, further strengthening Biora's clinical team as they advance the NaviCap platform towards clinical development.
  • Preclinical testing using the BioJet platform in collaboration with another company's molecule has been conducted, and the results are being awaited. Findings will be shared at an appropriate time.
  • The company continued preclinical testing with an autonomous BioJet device, and data generation is expected in the second quarter. This data could enable other pharmaceutical collaborators to initiate testing the BioJet platform with their molecules.
  • Data from Biora's preclinical study of the BioJet platform with semaglutide, a GLP-1 receptor agonist, was accepted as a late-breaking abstract. Detailed results will be presented at an important scientific conference focused on diabetes in June 2023.

• Comparison of Three Months Ended March 31, 2023, and December 31, 2022:
  • Operating expenses were USD 15.5 million for the three months ended March 31, 2023, compared to USD 13.8 million for the three months ended December 31, 2022, primarily due to increased investment in device development and pre-clinical activities.
  • Net loss was USD 17.4 million, and net loss per share was USD 1.59 for the three months ended March 31, 2023, compared to a net loss of USD 13.7 million and net loss per share of USD 1.64 for the three months ended December 31, 2022.
  • The company successfully raised USD 12.9 million in gross proceeds from its ATM program during the first quarter, resulting in a stable cash balance of USD 30.5 million as of March 31, 2023.

• Comparison of Three Months Ended March 31, 2023, and March 31, 2022:
  • Operating expenses were USD 15.5 million for the three months ended March 31, 2023, compared to USD 20.0 million for the three months ended March 31, 2022.
  • Net loss was USD 17.4 million, and net loss per share was USD 1.59 for the three months ended March 31, 2023, compared to a net loss of USD 13.8 million and net loss per share of USD 1.88 for the three months ended March 31, 2022.
    

Technical Observation (on the daily chart)

Currently, the stock is currently near an important support level of USD 3.00-USD 3.50, from where price has taken support in the past. A further correction from the current level is expected to this support levels before a move towards upside. The RSI (14 period) momentum indicator is at a value of 47.00, with expectations of further consolidation or a short-term correction. Moreover, the price is currently positioned below both the 21-day SMA and 50-day SMA trend-following indicators, which may act as dynamic short-term resistance levels.

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As per the above-mentioned price action, recent key business and financial updates, momentum in the stock over the last month, expectations of results announcement, and technical indicators analysis, a ‘Watch’ rating has been given to Biora Therapeutics, Inc. (NASDAQ: BIOR) at the closing market price of USD 3.82 as of August 04, 2023.

Individuals can evaluate the stock based on the support and resistance levels provided in the report in case of keen interest taking into consideration the risk-reward scenario. 

Markets are trading in a highly volatile zone currently due to certain macro-economic issues and prevailing geopolitical tensions. Therefore, it is prudent to follow a cautious approach while investing. 

Related Risk: This report may be looked at from a high-risk perspective and a recommendation is provided for a short duration. This report is solely based on technical parameters, and the fundamental performance of the stocks has not been considered in the decision-making process. Other factors which could impact the stock prices include market risks, regulatory risks, interest rates risks, currency risks, social and political instability risks etc. 

How to Read the Charts?

The Green colour line reflects the 21-period simple moving average (SMA) while the red line indicates the 50- period simple moving average (SMA). SMA helps to identify existing price trends. If the prices are trading above the 21-period and 50-period moving average, then it shows prices are currently trading in a bullish trend.

The Black colour line in the chart’s lower segment reflects the Relative Strength Index (14-Period) which indicates price momentum and signals momentum in trend. A reading of 70 or above suggests overbought status while a reading of 30 or below suggests an oversold status.

The Blue colour bars in the chart’s lower segment show the volume of the stock. The volume is the number of shares that changed hands during a given day. Stocks with high volumes are more liquid than stocks with lesser volume as liquidity in stocks helps with easier and faster execution of the order.

The Orange colour lines are the trend lines drawn by connecting two or more price points and used for trend identification purposes. The trend line also acts as a line of support and resistance.

Technical Indicators Defined: -

Support: A level at which the stock prices tend to find support if they are falling, and a downtrend may take a pause backed by demand or buying interest. Support 1 refers to the nearby support level for the stock and if the price breaches the level, then Support 2 may act as the crucial support level for the stock. 

Resistance: A level at which the stock prices tend to find resistance when they are rising, and an uptrend may take a pause due to profit booking or selling interest. Resistance 1 refers to the nearby resistance level for the stock and if the price surpasses the level, then Resistance 2 may act as the crucial resistance level for the stock. 

Stop-loss: It is a level to protect further losses in case of unfavourable movement in the stock prices. 

The reference date for all price data, currency, technical indicators, support, and resistance levels is August 04, 2023. The reference data in this report has been partly sourced from REFINITIV. 

Abbreviations

CMP: Current Market Price

SMA: Simple Moving Average

RSI: Relative Strength Index

USD: United States dollar 

Note: Trading decisions require a thorough analysis by individual. Technical reports in general chart out metrics that may be assessed by individuals before any stock evaluation. The above are illustrative analytical factors used for evaluating the stocks; other parameters can be looked at along with additional risks per se. Past performance is neither an indicator nor a guarantee of future performance.