Tracon Pharmaceuticals Inc. (TCON) Rating Reiterated by Stifel Nicolaus
Tracon Pharmaceuticals Inc. (NASDAQ:TCON)‘s stock had its “buy” rating reissued by research analysts at Stifel Nicolaus in a research report issued on Wednesday. They presently have a $14.00 target price on the biopharmaceutical company’s stock. Stifel Nicolaus’ price target indicates a potential upside of 110.21% from the stock’s previous close.
Separately, BTIG Research started coverage on shares of Tracon Pharmaceuticals in a research note on Friday, August 19th. They issued a “buy” rating and a $15.00 price target on the stock. One research analyst has rated the stock with a sell rating and four have assigned a buy rating to the stock. Tracon Pharmaceuticals currently has an average rating of “Buy” and an average price target of $18.33.
Shares of Tracon Pharmaceuticals (NASDAQ:TCON) opened at 6.66 on Wednesday. The company’s market capitalization is $81.27 million. Tracon Pharmaceuticals has a one year low of $4.00 and a one year high of $12.50. The company has a 50-day moving average price of $6.21 and a 200 day moving average price of $6.19.
Tracon Pharmaceuticals (NASDAQ:TCON) last posted its quarterly earnings results on Wednesday, August 10th. The biopharmaceutical company reported ($0.68) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.62) by $0.06. Tracon Pharmaceuticals had a negative return on equity of 111.98% and a negative net margin of 703.77%. On average, analysts forecast that Tracon Pharmaceuticals will post ($2.50) EPS for the current fiscal year.
Institutional investors have recently bought and sold shares of the company. Vanguard Group Inc. increased its position in Tracon Pharmaceuticals by 1.7% in the second quarter. Vanguard Group Inc. now owns 190,600 shares of the biopharmaceutical company’s stock valued at $835,000 after buying an additional 3,118 shares during the last quarter. ClariVest Asset Management LLC increased its stake in shares of Tracon Pharmaceuticals by 56.9% in the second quarter. ClariVest Asset Management LLC now owns 56,500 shares of the biopharmaceutical company’s stock valued at $247,000 after buying an additional 20,500 shares in the last quarter. Finally, Stifel Financial Corp acquired a new stake in shares of Tracon Pharmaceuticals during the second quarter valued at about $144,000. 30.98% of the stock is currently owned by hedge funds and other institutional investors.
Tracon Pharmaceuticals Company Profile
TRACON Pharmaceuticals, Inc is a clinical-stage biopharmaceutical company. The Company is focused on the development and commercialization of therapeutics for cancer, wet age-related macular degeneration (wet AMD) and fibrotic diseases. The Company’s research focuses on antibodies that bind to the endoglin receptor, which is essential to angiogenesis (the process of new blood vessel formation) and a contributor to fibrosis (tissue scarring).
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