- TransCode Therapeutics Inc (NASDAQ:RNAZ, RNAZ:US) saw its stocks attract significant traction on Thursday, September 23.
- Its lead candidate’s mention in Cancer Nanotechnology is likely to have triggered interest among investors and given way to this stock price hike.
- On Friday, however, the scrip slid by nearly 13 per cent at opening bell.
TransCode Therapeutics Inc (NASDAQ:RNAZ, RNAZ:US), an RNA oncology company, saw its stocks attract significant traction on Thursday, September 23.
The biotechnology stock shot up from Wednesday’s close of US$ 2.62 apiece by more than 53 per cent to settle at a value of US$ 4.02 on Thursday after exchanging 226.5 million shares.
On Friday, however, the scrip slid by nearly 13 per cent at opening bell.
Before digging through its stock health, let’s first find out what caused RNAZ scrips to spike on Thursday.
Why TransCode Therapeutics Inc (NASDAQ:RNAZ, RNAZ:US) stock rose?
TransCode, which aims to treat the cancer with effective RNA therapeutics, said on Thursday that a preclinical research on its leading candidate TTX-MC138 has been published in cancer-focused journal Cancer Nanotechnology.
The study, TransCode said, was performed at the Athinoula A Martinos Center for Biomedical Imaging in the Department of Radiology at Massachusetts General Hospital and Harvard Medical School.
Its key results had found that when administered intravenously, TTX-MC138 “accumulated in metastatic lesions”, which TransCode said was an indication that its TTX platform carries the therapeutic candidate as intended. The company added that it believes this supports its lead candidate’s “clinical evaluation”.
TransCode also noted that the development of a microdosing PET-MRI approach defined in the study could be used to measure the RNA candidate’s biodistribution in patients and delivery to clinical metastases.
Its lead candidate’s mention in Cancer Nanotechnology is likely to have triggered interest among investors and given way to Thursday’s latest stock price hike.
Let’s take a look at RNAZ stock’s recent performance.
TransCode Therapeutics stock performance
Thursday session’s price spike aside, RNAZ stock has noted a growth of 41 per cent in the last one week. It also surged by nearly 15 per cent in the past month.
But since going public in July this year, biotech stock has fallen by a significant 51 per cent from its 52-week high of US$ 7, which it attained on July 9.
Image description: TransCode Therapeutics Inc (NASDAQ:RNAZ, RNAZ:US) stock performance
At its initial public offering (IPO) a couple of months ago, TransCode Therapeutics offered 6.25 million shares at a price of US$ 4 per piece with an aim to raise about US$ 25 million. In its second quarter 2021 result, though, the biotech firm said that it generated a capital of about US$ 28.8 million from its IPO.
However, its final IPO price of US$ 4 apiece was a significant dip from its initial price band of US$ 8 to US$ 10.
TransCode Therapeutics is a fairly new company in the stock market universe, with a market cap of just about US$ 52 million. Thus, its performance could be considered difficult to gauge at the moment.
Industry-wise, however, the biotech and RNA research field is an ever-developing space that is known to draw investor attention when significant developments crop up. So, RNAZ stock’s performance going forward is likely to depend on how the therapeutic candidate develops.