TRACON Pharmaceuticals, Inc. (NASDAQ:TCON) Major Shareholder Purchases $23,493.86 in Stock

TRACON Pharmaceuticals, Inc. (NASDAQ:TCON – Get Rating) major shareholder Opaleye Management Inc. bought 10,777 shares of the stock in a transaction that occurred on Monday, April 25th. The stock was acquired at an average price of $2.18 per share, for a total transaction of $23,493.86. Following the completion of the transaction, the insider now owns 2,920,000 shares in the company, valued at $6,365,600. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Major shareholders that own at least 10% of a company’s stock are required to disclose their transactions with the SEC.

Opaleye Management Inc. also recently made the following trade(s):

• On Friday, April 22nd, Opaleye Management Inc. bought 42,000 shares of TRACON Pharmaceuticals stock. The stock was acquired at an average price of $2.24 per share, for a total transaction of $94,080.00.
• On Wednesday, April 13th, Opaleye Management Inc. purchased 7,345 shares of TRACON Pharmaceuticals stock. The shares were purchased at an average price of $2.50 per share, for a total transaction of $18,362.50.
• On Monday, April 11th, Opaleye Management Inc. purchased 9,100 shares of TRACON Pharmaceuticals stock. The shares were purchased at an average price of $2.42 per share, for a total transaction of $22,022.00.
• On Friday, January 28th, Opaleye Management Inc. purchased 500 shares of TRACON Pharmaceuticals stock. The shares were purchased at an average price of $2.20 per share, for a total transaction of $1,100.00.

Shares of TRACON Pharmaceuticals stock traded down $0.01 during midday trading on Monday, hitting $2.20. The company’s stock had a trading volume of 97,953 shares, compared to its average volume of 118,999. The stock has a 50-day simple moving average of $2.54 and a 200-day simple moving average of $2.78. TRACON Pharmaceuticals, Inc. has a 1-year low of $1.97 and a 1-year high of $8.08.

TRACON Pharmaceuticals (NASDAQ:TCON – Get Rating) last issued its earnings results on Tuesday, March 15th. The biopharmaceutical company reported ($0.40) EPS for the quarter, hitting the Thomson Reuters’ consensus estimate of ($0.40). During the same period last year, the firm posted ($0.31) earnings per share. Analysts expect that TRACON Pharmaceuticals, Inc. will post -1.53 EPS for the current fiscal year.

Several research firms have recently weighed in on TCON. Zacks Investment Research lowered TRACON Pharmaceuticals from a “buy” rating to a “hold” rating in a research note on Friday, March 25th. StockNews.com began coverage on TRACON Pharmaceuticals in a research note on Sunday. They set a “sell” rating for the company. Finally, Robert W. Baird began coverage on TRACON Pharmaceuticals in a research note on Tuesday, February 22nd. They set an “outperform” rating and a $10.00 price objective for the company. One investment analyst has rated the stock with a sell rating, one has given a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $8.67.

Institutional investors have recently modified their holdings of the company. Wells Fargo & Company MN boosted its position in shares of TRACON Pharmaceuticals by 74.4% in the second quarter. Wells Fargo & Company MN now owns 8,759 shares of the biopharmaceutical company’s stock worth $57,000 after buying an additional 3,737 shares during the period. Goldman Sachs Group Inc. acquired a new stake in TRACON Pharmaceuticals during the third quarter valued at $42,000. Cutler Group LP boosted its position in TRACON Pharmaceuticals by 1,250.0% during the fourth quarter. Cutler Group LP now owns 16,200 shares of the biopharmaceutical company’s stock valued at $44,000 after purchasing an additional 15,000 shares during the last quarter. Acadian Asset Management LLC boosted its position in TRACON Pharmaceuticals by 45.8% during the fourth quarter. Acadian Asset Management LLC now owns 20,523 shares of the biopharmaceutical company’s stock valued at $55,000 after purchasing an additional 6,451 shares during the last quarter. Finally, Morgan Stanley boosted its position in TRACON Pharmaceuticals by 114.3% during the third quarter. Morgan Stanley now owns 24,704 shares of the biopharmaceutical company’s stock valued at $96,000 after purchasing an additional 13,177 shares during the last quarter. 56.70% of the stock is owned by institutional investors and hedge funds.

About TRACON Pharmaceuticals (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.

See Also