What's Going On With Biora Therapeutics Stock?

Biora Therapeutics Inc BIOR shares are trading higher on abnormally-high volume Wednesday. Here's a look at what's going on.

What's Going On: Biora shares are trending across social media platforms as traders highlight high short interest in the name. 182.93% of the company's float is currently sold short, according to Benzinga Pro. Short interest has crossed the 200% mark, per Fintel.

Biora's average session volume over a 100-day period is less than 1 million, according to Benzinga Pro. Wednesday's trading volume has already exceeded 49 million at the time of writing.

Check This Out: A Massive Short Squeeze Is Underway: Bed Bath And A Few Favorites Are In Play

How We Got Here: Bior Therapeutics announced a 25-for-1 reverse stock split at the end of December. Shares began trading on a split-adjusted basis on Jan. 3.

Biora shares then soared on Monday after the biotech company provided program updates and feedback from the FDA on its clinical development plans for its PGN-600.

"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," Adi Mohanty, CEO of Biora, said on Monday. 

Shares continued to trade higher Tuesday after HC Wainwright & Co analyst Joseph Pantginis maintained Biora with a Buy rating and adjusted his price target to $65 to reflect the split.

The stock was halted for volatility Wednesday morning as traders continued to circle the name across social platforms. Biora was the top trending ticker on Stocktwits at last check. 

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BIOR Price Action: Biora shares are up 22.3% at $6.61 at time of publication, according to Benzinga Pro.

Photo: sindhu digital from Pixabay.