TransCode Therapeutics Inc (NASDAQ:RNAZ) Stock Continues to Fall: Down 36% in a Week

The RNA oncology firm TransCode Therapeutics Inc (NASDAQ:RNAZ) has not had a great time in recent days as far as its stock performance is concerned. On Wednesday, the stock suffered from another selloff and went down by 16% to takes its losses for the week to 36%.

Earlier on this week the company completed its initial public offering, in which it offered as many as 7187500 shares of its common stock at the price of $4 each. The initial public offering helped the company in raising as much as $28,750,000 in gross proceeds. However, a range of expenses and underwriting discounts will need to be deducted from the figure.

However, that is not all. The shares that had been offered in the IPO also include the full exercises of the overallotment option from the underwriters of the offering. That made up as many as 937500 units of the company’s common stock.

In addition to that, it should not be forgotten that the underwriters had also purchased a total of 6250000 shares of the common stock as per the initial agreement. The drop in the TransCode stock price in recent days could actually prove to be an opportunity for many new investors.

Market Reaction:

On Wednesday, RNAZ stock slumped 16% at $3.83 with more than 2.43 million shares, compared to its average volume of 8.01 million shares. The stock had moved within a range of $3.8100 – 4.4400 after opening the trade at $4.22. Over the past 52-week, the stock has been trading within a range of $3.8100 – 7.0000.