Short Interest in TScan Therapeutics, Inc. (NASDAQ:TCRX) Expands By 95.5%

Key Points

• Short interest nearly doubled to 1.38 million shares as of July 15, up 95.5% from June 30; about 2.3% of TScan’s shares are sold short, with a 1.2-day days-to-cover ratio.
• Analyst sentiment is mixed, with three Buy, two Hold and one Sell rating. The consensus rating is Hold, with an average price target of $6.00.
• TCRX opened at $0.74, near its 12-month low of $0.73, while the company continues to report significant losses and weak revenue; institutional investors own 82.83% of the stock.

TScan Therapeutics, Inc. (NASDAQ:TCRX - Get Free Report) was the recipient of a significant increase in short interest in July. As of July 15th, there was short interest totaling 1,384,530 shares, an increase of 95.5% from the June 30th total of 708,200 shares. Approximately 2.3% of the company's stock are sold short. Based on an average daily volume of 1,160,818 shares, the days-to-cover ratio is presently 1.2 days.

Analyst Ratings Changes

TCRX has been the topic of a number of recent analyst reports. Needham & Company LLC restated a "buy" rating and set a $6.00 target price on shares of TScan Therapeutics in a report on Tuesday, June 23rd. Weiss Ratings reiterated a "sell (d-)" rating on shares of TScan Therapeutics in a research note on Friday, July 17th. Wedbush reaffirmed an "outperform" rating and set a $5.00 price target on shares of TScan Therapeutics in a research report on Tuesday, June 23rd. Finally, Wall Street Zen cut TScan Therapeutics from a "sell" rating to a "strong sell" rating in a report on Saturday, May 9th. Three research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, TScan Therapeutics presently has a consensus rating of "Hold" and an average price target of $6.00.

TScan Therapeutics Price Performance

Shares of TCRX opened at $0.74 on Thursday. The business has a 50-day simple moving average of $0.96 and a two-hundred day simple moving average of $1.05. The stock has a market cap of $48.46 million, a PE ratio of -0.77 and a beta of 1.04. TScan Therapeutics has a 12-month low of $0.73 and a 12-month high of $2.57. The company has a quick ratio of 6.65, a current ratio of 6.65 and a debt-to-equity ratio of 0.34.

TScan Therapeutics (NASDAQ:TCRX - Get Free Report) last posted its earnings results on Wednesday, May 6th. The company reported ($0.22) earnings per share for the quarter, hitting analysts' consensus estimates of ($0.22). The firm had revenue of $0.98 million for the quarter, compared to analyst estimates of $2.50 million. TScan Therapeutics had a negative net margin of 1,360.61% and a negative return on equity of 91.94%. Analysts anticipate that TScan Therapeutics will post -1.11 earnings per share for the current fiscal year.

Hedge Funds Weigh In On TScan Therapeutics

Hedge funds have recently made changes to their positions in the stock. Panagora Asset Management Inc. bought a new stake in TScan Therapeutics in the fourth quarter valued at approximately $25,000. HRT Financial LP acquired a new position in shares of TScan Therapeutics in the 4th quarter worth approximately $26,000. Public Employees Retirement System of Ohio acquired a new position in shares of TScan Therapeutics in the 1st quarter worth approximately $28,000. Boothbay Fund Management LLC boosted its stake in shares of TScan Therapeutics by 50.0% in the 2nd quarter. Boothbay Fund Management LLC now owns 24,363 shares of the company's stock valued at $35,000 after purchasing an additional 8,121 shares during the last quarter. Finally, Bank of America Corp DE increased its position in shares of TScan Therapeutics by 48.7% during the first quarter. Bank of America Corp DE now owns 57,529 shares of the company's stock worth $58,000 after buying an additional 18,829 shares during the period. 82.83% of the stock is currently owned by institutional investors.

TScan Therapeutics Company Profile

TScan Therapeutics is a clinical-stage biotechnology company focused on the discovery and development of T-cell receptor (TCR) therapies for the treatment of cancer. Leveraging its proprietary T-Scan platform, the company seeks to identify high-affinity TCRs that recognize intracellular tumor antigens presented on the surface of cancer cells. TScan's approach aims to broaden the reach of immunotherapy beyond current targets by unlocking a wider array of cancer-associated proteins.

The company's pipeline includes multiple preclinical and early-stage clinical programs in both hematologic malignancies and solid tumors.

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