TScan Therapeutics

TCRX · NASDAQ

$0.224+$0.0138 (+6.57%)TodayMarket closed · Oct 20, 7:39 PM ET

Prev close $0.2102

TCRX analyst rating

HoldConsensus of 4 analysts over the last 12 months. 0% rate it a buy.

Strong buy0
Buy0
Hold4
Underperform0
Sell0

12-month price target · 5 analysts

Average $2.72 (+1114.3% upside)

Low: $1.01
Now: $0.224
High: $6.30

Upgrades and downgrades

The latest rating actions, newest first

TCRX analyst upgrades, downgrades and rating actions
Firm	Date	Action	Rating	Price target	Hit rate
HC Wainwright & Co.	Sep 8, 2026	Downgrade	Buy → Neutral	$7.00 → $1.00	41%
Wedbush	Sep 3, 2026	Downgrade	Outperform → Neutral	$5.00 → $1.00	46%
Needham	Sep 2, 2026	Downgrade	Buy → Hold	—	38%
HC Wainwright & Co.	Aug 12, 2026	Maintains	Buy	$7.00	41%
Wedbush	Jun 23, 2026	Maintains	Outperform	$5.00	46%
Needham	Jun 23, 2026	Maintains	Buy	$6.00	38%
Wedbush	Mar 5, 2026	Maintains	Outperform	$4.00 → $5.00	46%
HC Wainwright & Co.	Nov 13, 2025	Maintains	Buy	$10.00 → $7.00	41%
BTIG	Nov 4, 2025	Downgrade	Buy → Neutral	—	27%
Needham	Nov 4, 2025	Maintains	Buy	$9.00 → $6.00	38%

The case for and against

Updated Oct 15, 2026

Bull case

TScan Therapeutics is viewed positively because its heme program continues to show encouraging clinical proof-of-concept, with all 13 patients achieving complete donor chimerism and a 6-month relapse rate of ~20% in a cohort that was 86% MRD+, still favorable versus historic post-HSCT relapse benchmarks. Cost-saving actions, including a ~75% RIF and ~$55M in cumulative savings through YE:27, extend the company’s runway from 2Q:27 to 4Q:27, while 2Q:26 cash of $100M provides operating visibility into that period. Even so, the outlook remains conditional on execution, since debt repayments begin in 4Q:26 and additional capital will likely be needed to reach clinical milestones for the in vivo programs and preserve the path to future catalysts.

Bear case

TScan Therapeutics is viewed negatively because it has paused the ALLOHA-2 heme program and shifted away from its most advanced value driver into two preclinical in vivo solid-tumor programs that have no clinical data yet. The restructuring cut about 75% of the workforce, eliminated internal manufacturing, and is expected to deliver $55 million of cumulative savings through year-end 2027, but that runway only extends into 4Q27 and still leaves a likely financing overhang. With preclinical data not expected until 1Q27, an IND filing in 3Q27, and first Phase 1 development in 4Q27, the company’s near-term execution risk, competitive uncertainty, and dependence on partnerships materially weaken the fundamental outlook.

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