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Transcode Therapeutics (RNAZ) Stock Price Gapped Up 62.8% on Breast Cancer Drug Results

Simon Mugo trader
Updated 23 Sep 2021

Shares of Transcode Therapeutics Inc (NASDAQ: RNAZ) gapped 62.8% higher after publishing positive preclinical data supporting the therapeutic potential of its lead drug candidate, TTX-MC138, which targets metastatic cancers.

The imaging study published in ‘Cancer Nanotechnology’ showed that a radio-labelled derivative of TTX-MC138 (MN-anti-miR10b) demonstrates delivery to metastatic lesions in a murine model of metastatic breast cancer.

The drug candidate was tagged with Cu-64 allowing the research to accurately observe and track the delivery to metastases via noninvasive positron emission tomography-magnetic resonance imaging (PET-MRI).

Investors cheered the results, which suggest that TransCode’s TTX platform delivers its therapeutic candidate as intended. The emerging RNA oncology company believes that the results support the clinical evaluation of TTX-MC138.

Transcode shares rallied higher during premarket trading and after the open but had pulled back at writing.

The platform still has to proceed to the clinical trial stages, which, as I have mentioned in the past, is a challenging proportion—over 90% of phase I clinical trials never proceed to phase II trials due to poor results.

Many drug candidates that fail to reach phase 2 trials have excellent preclinical study data backing them, which is why they progressed to the clinical trial stages.

Still, today’s results are a massive step in the right direction based on the company’s mission to design and effectively deliver RNA therapeutics to fight cancer intelligently.

Transcode Therapeutics stock price.

Tradingview chart of Transcode Therapeutics stock price 23-09-2021

Transcode Therapeutics stock price gapped 62.83% higher to trade at 4.25, rising from Wednesday’s closing price of $2.61.

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Simon has over six years of professional trading experience across FX, commodities and equities. He has a strong passion for financial markets and is particularly focused on price action trading