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On Thursday, H.C. Wainwright analyst Andrew S. Fein reaffirmed a Buy rating with a $15.00 price target for Tscan Therapeutics Inc (NASDAQ:TCRX), expressing continued confidence in the company’s liquid tumor programs and potential in solid tumors. With TCRX currently trading at $1.92, significantly below analyst targets ranging from $7 to $15, and showing signs of being undervalued according to InvestingPro analysis, the stock presents an interesting case for investors. This stance is supported by data presented at the American Society of Hematology 2024 (ASH™24) conference.
During ASH™24, Tscan disclosed updated results from its clinical studies as of November 20, 2024, highlighting the progress of its TCR-T therapies. The update included an expanded patient cohort with 26 participants in the treatment arm and 12 in the control group. The company, with a market capitalization of $108.65 million and currently rated ’WEAK’ on InvestingPro’s Financial Health Score, is showing promising clinical results. Notably, TSC-100/101, one of Tscan’s therapies, showed a relapse rate of 8% in the treatment arm, a significant improvement over the 33% observed in the control group.
The median time to relapse for patients treated with TSC-100/101 was not evaluable due to the low number of relapses, while it was reported as 160 days for the control arm. Additionally, TSC-100/101 demonstrated a 70% improvement in event-free survival (EFS), although the probability of relapse did not reach statistical significance, which may be attributed to the limited follow-up time and small sample size.
Fein highlighted the impressive results regarding the low relapse rates in liquid tumors and outlined a clear path to approval, with a pivotal study expected to begin in the second half of 2025. The positive outlook from H.C. Wainwright underscores the potential for Tscan’s therapies in the treatment of cancer and supports the firm’s investment thesis for the biotechnology company.
In other recent news, TScan Therapeutics, Inc. has secured approximately $30 million in funding through a securities purchase agreement with Lynx1 Capital Management LP. This investment involves the sale of pre-funded warrants for up to 7,500,000 shares of TScan’s common stock, priced at $4.00 each, with an exercise price of $0.0001 per share. The deal, set to close around December 27, 2024, represents a 37% premium over TScan’s last closing price. The additional funds are expected to extend TScan’s operational funding into the first quarter of 2027. Previously, the company had projected that its resources would sustain operations into the fourth quarter of 2026. This investment is seen as a reaffirmation of Lynx1’s commitment to TScan. The securities involved were part of a registration statement declared effective by the SEC on May 16, 2023. Documents related to this transaction will be filed with the SEC and made available on its website.
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