On Monday, Biora Therapeutics (NASDAQ:BIOR) received a reiterated Buy rating and a $15.00 stock price target from H.C. Wainwright. The reaffirmation follows the company's announcement of its second-quarter 2024 earnings after the market closed on Sunday, where it reported earnings per share (EPS) of $0.18. This figure notably surpassed the estimates of negative $0.42 and negative $0.45 projected by the firm and the consensus, respectively. The positive EPS was attributed to non-cash expenses accounted for during the quarter.
Biora Therapeutics concluded the quarter with a cash balance of $5.3 million. This amount does not reflect an additional $16 million procured from a financing agreement with existing convertible note holders. The company has previously reported favorable results from the Phase 1 trial of its BT-600 product and has emphasized these findings during a recent Key Opinion Leader (KOL) event.
The company is planning to present data from the BT-600 clinical trial at the American College of Gastroenterology meeting in October. Moreover, Biora is gearing up to launch a Phase 1b trial for active Ulcerative Colitis (UC) by the end of 2024. Progress is also being made in Biora's second primary program, Biojet, with strategic evaluation of business development interest in this program being a key focus for the company.
H.C. Wainwright anticipates an increase in business development and collaboration announcements over the next year, viewing it as a significant chance for Biora to push forward with its programs. The firm's stance reflects confidence in the potential of Biora's devices to improve drug delivery for a range of indications.
In other recent news, Biora Therapeutics has announced noteworthy advancements in its BT-600 program and BioJet platform. The company reported successful Phase I clinical trial results for BT-600, which uses the NaviCap platform to deliver drugs directly to the colon, resulting in lower systemic drug levels compared to traditional oral delivery methods. Biora also plans to commence a clinical study on ulcerative colitis patients and present its findings at the American College of Gastroenterology Annual Meeting in October.
Financially, Biora raised $16 million from existing noteholders to bolster its operations and future milestones. The company disclosed $7.5 million in general and administrative expenses, $7 million in research and development expenses, and a core operating expense expenditure of $11.7 million for the second quarter.
Looking ahead, Biora aims to initiate a partnership for its BioJet platform in 2024 and increase production of its NaviCap devices through automation. These recent developments underscore Biora's commitment to advancing its innovative drug delivery technologies and preparing for potential growth and partnerships.
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