Peter W. Sonsini Purchases 869,565 Shares of Tracon Pharmaceuticals Inc. (TCON) Stock
Tracon Pharmaceuticals Inc. (NASDAQ:TCON) major shareholder Peter W. Sonsini purchased 869,565 shares of the firm’s stock in a transaction on Tuesday, November 29th. The stock was bought at an average price of $5.75 per share, for a total transaction of $4,999,998.75. The purchase was disclosed in a legal filing with the SEC, which is accessible through this link. Large shareholders that own at least 10% of a company’s shares are required to disclose their sales and purchases with the SEC.
Shares of Tracon Pharmaceuticals Inc. (NASDAQ:TCON) traded down 1.71% during mid-day trading on Tuesday, hitting $5.75. 58,210 shares of the stock traded hands. The firm has a 50 day moving average of $5.98 and a 200 day moving average of $5.85. Tracon Pharmaceuticals Inc. has a 12 month low of $4.00 and a 12 month high of $12.50. The company’s market cap is $75.12 million.
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Several hedge funds and other institutional investors have recently modified their holdings of the company. ClariVest Asset Management LLC boosted its position 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 during the period. Vanguard Group Inc. boosted its position in shares of 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 period. Finally, Stifel Financial Corp acquired a new position in shares of Tracon Pharmaceuticals during the second quarter valued at about $144,000. 27.87% of the stock is owned by hedge funds and other institutional investors.
TCON has been the topic of several research analyst reports. BTIG Research initiated 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. Stifel Nicolaus reiterated a “buy” rating and issued a $14.00 price target on shares of Tracon Pharmaceuticals in a research note on Wednesday, October 5th.
About Tracon Pharmaceuticals
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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