TRACON Pharmaceuticals, Inc. (NASDAQ:TCON) Short Interest Update

TRACON Pharmaceuticals, Inc. (NASDAQ:TCON – Get Rating) was the recipient of a large decrease in short interest in March. As of March 31st, there was short interest totalling 181,600 shares, a decrease of 35.6% from the March 15th total of 281,800 shares. Based on an average trading volume of 109,600 shares, the days-to-cover ratio is presently 1.7 days.

In related news, major shareholder Opaleye Management Inc. purchased 17,363 shares of TRACON Pharmaceuticals stock in a transaction that occurred on Monday, January 24th. The stock was bought at an average price of $2.05 per share, for a total transaction of $35,594.15. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In the last quarter, insiders bought 101,196 shares of company stock valued at $228,350. Company insiders own 23.30% of the company’s stock.

Institutional investors and hedge funds have recently made changes to their positions in the stock. Altium Capital Management LP purchased a new position in shares of TRACON Pharmaceuticals during the third quarter worth approximately $3,039,000. Opaleye Management Inc. raised its stake in shares of TRACON Pharmaceuticals by 21.3% during the fourth quarter. Opaleye Management Inc. now owns 3,055,000 shares of the biopharmaceutical company’s stock worth $8,462,000 after acquiring an additional 536,629 shares in the last quarter. Psagot Value Holdings Ltd. purchased a new position in shares of TRACON Pharmaceuticals during the third quarter worth approximately $556,000. Millennium Management LLC purchased a new position in shares of TRACON Pharmaceuticals during the third quarter worth approximately $540,000. Finally, Renaissance Technologies LLC grew its holdings in shares of TRACON Pharmaceuticals by 76.9% in the third quarter. Renaissance Technologies LLC now owns 306,976 shares of the biopharmaceutical company’s stock worth $1,188,000 after purchasing an additional 133,441 shares during the last quarter. 56.70% of the stock is currently owned by institutional investors and hedge funds.

Several equities analysts recently weighed in on the stock. StockNews.com began coverage on shares of TRACON Pharmaceuticals in a research report on Saturday. They set a “sell” rating for the company. Robert W. Baird began coverage on shares of TRACON Pharmaceuticals in a research report on Tuesday, February 22nd. They set an “outperform” rating and a $10.00 target price for the company. Finally, Zacks Investment Research lowered shares of TRACON Pharmaceuticals from a “buy” rating to a “hold” rating in a research report on Friday, March 25th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, TRACON Pharmaceuticals currently has a consensus rating of “Buy” and an average price target of $10.00.

Shares of TRACON Pharmaceuticals stock opened at $2.51 on Friday. TRACON Pharmaceuticals has a 12-month low of $1.97 and a 12-month high of $8.33. The company has a market cap of $49.25 million, a price-to-earnings ratio of -1.49 and a beta of 1.77. The company’s 50-day moving average price is $2.56 and its 200-day moving average price is $2.85.

TRACON Pharmaceuticals (NASDAQ:TCON – Get Rating) last announced its quarterly earnings results on Tuesday, March 15th. The biopharmaceutical company reported ($0.40) earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of ($0.40). During the same quarter in the previous year, the company earned ($0.31) earnings per share. As a group, equities research analysts expect that TRACON Pharmaceuticals will post -1.53 EPS for the current year.

TRACON Pharmaceuticals Company Profile (Get Rating)

TRACON Pharmaceuticals, Inc, a biopharmaceutical company, focuses on the development and commercialization of therapeutics for cancer in the United States. Its clinical stage products include envafolimab (KN035), a PD-L1 single-domain antibody for the treatment of soft tissue sarcoma; and YH001, an investigational humanized CTLA-4 IgG1 monoclonal antibody for the treatment of various cancer indications.

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