Connect with us

Stocks

Why Is TransCode Therapeutics (RNAZ) Stock Up 45% Today?

Source: CI Photos / Shutterstock.com

TransCode Therapeutics (NASDAQ:RNAZ) stock is rocketing higher on Wednesday following positive study results.
The big news here has to do with TTX-RIGA, which is the company’s immunotherapy candid…

Source: CI Photos / Shutterstock.com

TransCode Therapeutics (NASDAQ:RNAZ) stock is rocketing higher on Wednesday following positive study results.

Advertisement

The big news here has to do with TTX-RIGA, which is the company’s immunotherapy candidate. Pre-clinical proof-of-mechanism studies have shown TTX-RIGA has promise in treating solid tumors. Specifically, the company used it to treat melanoma.

With that data in hand, TransCode Therapeutics is moving toward a Phase 0 clinical trial in animals. The company expects this study to begin this month.

Advertisement

Michael Dudley, co-founder, president and CEO of TransCode Therapeutics, said the following about the news.

“We believe that demonstrating successful preclinical results with TTX-RIGA is an important step in the preclinical development process and further de-risks our pipeline that includes multiple RNA approaches including RNAi, PRR, mRNA vaccines and gene editing with CRISPR, all of which utilize our proprietary delivery platform.”

Advertisement

How RNAZ Stock Is Moving Today

With the clinical trial data released today, RNAZ stock is seeing heavy trading of its shares. This has some 2.58 million units changing hands in pre-market trading today. That’s quickly closing in on the company’s daily average trading volume of 3 million shares.

While RNAZ stock is rising alongside the positive study news, investors will also note it’s a penny stock. That means some of today’s positive movement may be the result of volatility as investors buy and sell shares. Keep that in mind if considering an invest in the company.

Advertisement

RNAZ stock is up 45.2% as of Wednesday morning.

Investors looking for all of the latest stock market news are in luck!

Advertisement

InvestorPlace is home to the hottest stock market news traders need to know about today! That includes this morning’s biggest pre-market stock movers, as well as the latest news concerning C3.ai (NYSE:AI) stock. You can read up on that at the links below!

Advertisement

More Wednesday Stock Market News

  • Today’s Biggest Pre-Market Stock Movers: 10 Top Gainers and Losers on Wednesday
  • 5 Investors Betting Big on C3.ai (AI) Stock in 2023
  • Why Is C3.ai (AI) Stock Up 20% Today?

On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.

With only the rarest exceptions, InvestorPlace does not publish commentary about companies that have a market cap of less than $100 million or trade less than 100,000 shares each day. That’s because these “penny stocks” are frequently the playground for scam artists and market manipulators. If we ever do publish commentary on a low-volume stock that may be affected by our commentary, we demand that  InvestorPlace.com’s writers disclose this fact and warn readers of the risks. 

Read More: Penny Stocks — How to Profit Without Getting Scammed

Advertisement

More From InvestorPlace

  • Buy This $5 Stock BEFORE This Apple Project Goes Live
  • The Best $1 Investment You Can Make Today
  • It doesn’t matter if you have $500 or $5 million. Do this now.

The post Why Is TransCode Therapeutics (RNAZ) Stock Up 45% Today? appeared first on InvestorPlace.

InvestorPlace| InvestorPlace

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *