Why Are TransCode Therapeutics Shares Shooting Higher On Thursday?

TransCode Therapeutics Inc RNAZ is trading higher after preclinical research supporting its lead candidate, TTX-MC138, was published in Cancer Nanotechnology.
Related: TransCode Therapeutics Secures NIH Funding To Support Its Lead Program Development.
The preclinical study developed a radio-labeled derivative of TTX-MC138 tagged with Cu-64 for highly sensitive and specific quantitative determination of its pharmacokinetics, biodistribution, and observation, delivered to metastases via noninvasive positron emission tomography-magnetic resonance imaging (PET-MRI).
The results demonstrated that TTX-MC138, when injected intravenously, accumulated in metastatic lesions, thus suggesting that the TTX platform delivers its therapeutic candidate as intended.
In addition, the investigation describes the development of a microdosing PET-MRI approach that could be used to measure TTX-MC138 biodistribution in cancer patients and it's delivery to clinical metastases.
TransCode expects to file an exploratory investigational new drug (eIND) application for TTX-MC138 in Q1 of 2022.
Price Action: RNAZ stock is up 65.5% at $4.33 during the market session on the last check Thursday.