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 candidate. Pre-clinical proof-of-mechanism studies have shown that TTX-RIGA has promise in treating solid tumors. Specifically, the company is targeting melanoma with the treatment.
With that data in hand, TransCode is moving toward a Phase 0 clinical trial. The company expects animal studies of the treatment to begin this month.
Michael Dudley, co-founder, President and CEO of TransCode, 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.”
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 about 3 million shares.
While RNAZ stock is rising alongside the positive study news, investors will also note that 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 you are considering an investment in the company.
RNAZ stock is up 45.2% as of Wednesday morning.
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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.