Why Is TransCode Therapeutics (RNAZ) Stock Up 101% Today?


  • TransCode Therapeutics (RNAZ) stock is taking off after withdrawing a stock offering.
  • This has shares of RNAZ stock seeing heavy trading on Wednesday!
  • That comes as investors buy up shares following the offering withdrawal.
RNAZ Stock. An image of a tablet with 'therapeutics' on the screen, a stethoscope and face mask around it

Source: ra2 studio/Shutterstock

TransCode Therapeutics (NASDAQ:RNAZ) stock is rocketing higher on Wednesday after the company withdrew a stock offering.

This comes from a filing with the U.S. Securities and Exchange Commission (SEC) to withdraw its registration statement filed on Feb. 1, 2023. The company notes that no securities were sold following the filing.

With this news comes incredibly heavy trading of RNAZ stock. As of this writing, more than 6 million shares have changed hands. That’s a massive surge compared to the daily average trading volume of about 3.2 million shares.

What This Means for RNAZ Stock

With this latest filing, TransCode Therapeutics won’t be increasing its outstanding number of RNAZ stock. As a result, investors are more confident about investing in the company as they don’t have to worry about their stakes being diluted.

At that same time, no stock offering means investors don’t have to fear an offering price. When companies price public offerings, they typically come in lower than the current share price. That often causes the price of a given stock to drop as well.

RNAZ stock has been on a downward trend ever since announcing its proposed public stock offering at the start of the month. With today’s news, the company’s shares are up 100.5% in pre-market trading.

Investors looking for more of the latest stock market news are in the right place!

InvestorPlace is home to all of the hottest stock market coverage for Wednesday! That includes the biggest pre-market stock movers this morning, as well as the latest on Mullen Automotive (NASDAQ:MULN) and Blade Air Mobility (NASDAQ:BLDE). You can read up on that news at the following links!

More Wednesday Stock Market News

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On the date of publication, William White did not hold (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.

Article printed from InvestorPlace Media, https://investorplace.com/2023/02/why-is-transcode-therapeutics-rnaz-stock-up-101-today/.

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