Shares of Alaunos Therapeutics (NASDAQ: TCRT) are soaring today, up by 26.3% as of 10:55 a.m. ET. The big gain came after a 38% plunge on Thursday.

Yesterday's sell-off was sparked by an online update about the status of one of the patients in Alaunos' ongoing phase 1/2 clinical study evaluating its T-cell receptor (TCR) therapy. The rebound for the biotech stock today probably reflected some acknowledgment by investors that the initial response to the report on Thursday was overdone.

Alaunos announced early clinical data from its phase 1/2 study on Sept. 6, 2022. The company stated that the first patient doses achieved a confirmed objective partial response (shrinking of tumor). It also reported that the second patient has been dosed.

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Source Fool.com