TRACON Pharmaceuticals, Inc. (TCON) Trading 17.5% Higher
TRACON Pharmaceuticals, Inc. (NASDAQ:TCON) traded up 17.5% on Tuesday . The stock traded as high as $3.35 and last traded at $3.70. 953,258 shares changed hands during mid-day trading, an increase of 1,261% from the average session volume of 70,045 shares. The stock had previously closed at $3.15.
Several equities research analysts recently weighed in on the stock. Zacks Investment Research upgraded shares of TRACON Pharmaceuticals from a “sell” rating to a “hold” rating and set a $2.50 price target on the stock in a research report on Saturday, August 12th. Stifel Nicolaus reduced their price target on shares of TRACON Pharmaceuticals from $14.00 to $6.00 and set a “buy” rating on the stock in a research report on Tuesday, June 13th.
The stock’s market cap is $55.79 million. The firm’s 50-day moving average price is $2.31 and its 200-day moving average price is $3.01.
TRACON Pharmaceuticals (NASDAQ:TCON) last posted its quarterly earnings results on Tuesday, August 8th. The biopharmaceutical company reported ($0.40) EPS for the quarter, topping the consensus estimate of ($0.52) by $0.12. TRACON Pharmaceuticals had a negative return on equity of 119.93% and a negative net margin of 963.11%. The business had revenue of $0.63 million for the quarter, compared to analyst estimates of $0.81 million. On average, equities analysts expect that TRACON Pharmaceuticals, Inc. will post ($1.57) EPS for the current fiscal year.
Several hedge funds and other institutional investors have recently bought and sold shares of the company. Eventide Asset Management LLC raised its holdings in shares of TRACON Pharmaceuticals by 4.0% during the 1st quarter. Eventide Asset Management LLC now owns 900,000 shares of the biopharmaceutical company’s stock worth $3,375,000 after acquiring an additional 34,474 shares during the period. Renaissance Technologies LLC raised its holdings in shares of TRACON Pharmaceuticals by 56.8% during the 1st quarter. Renaissance Technologies LLC now owns 63,200 shares of the biopharmaceutical company’s stock worth $237,000 after acquiring an additional 22,900 shares during the period. Finally, Stifel Financial Corp raised its holdings in shares of TRACON Pharmaceuticals by 1.5% during the 1st quarter. Stifel Financial Corp now owns 30,200 shares of the biopharmaceutical company’s stock worth $113,000 after acquiring an additional 450 shares during the period. Institutional investors and hedge funds own 31.65% of the company’s stock.
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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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