On Thursday, H.C. Wainwright adjusted its price target on TransCode Therapeutics Inc (NASDAQ: RNAZ) significantly upwards, from $3.00 to $20.00, while maintaining a Buy rating on the stock.
This change comes after TransCode announced the approval from the Safety Review Committee to advance to Cohort 3 in its Phase 1 study of TTX-MC138, a treatment for solid tumors.
TransCode Therapeutics has reported no significant safety concerns or dose-limiting toxicities (DLTs) following the review of safety data from Cohort 2, which consisted of three patients receiving approximately double the dose of Cohort 1. As the study progresses, new patients are being considered for Cohort 3, where doses will again be doubled in comparison to Cohort 2.
The company also shared that pharmacokinetic (PK) and pharmacodynamic (PD) data from the first cohort align with earlier preclinical and Phase 0 results. This suggests that the treatment is reaching metastatic lesion sites and inhibiting miRNA-10b, with a peak 66% inhibition observed at 24 hours post-infusion in Cohort 1.
Despite the fact that responses have not been observed yet, and some investors might be disappointed, H.C. Wainwright notes that the initial cohorts are likely below therapeutic dose levels. It is also highlighted that the study is still in the early stages of dose escalation with only three patients enrolled in each cohort.
The report concludes with a positive outlook on the initial safety profile, as no concerns have been raised, and the consistency of PK/PD results with earlier studies. Further updates from the ongoing study are expected in 2025. Following a 1-for-33 reverse stock split that occurred on December 4, the firm reiterated its Buy rating and adjusted the price target to reflect the recent developments.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.