TRACON Pharmaceuticals (NASDAQ:TCON) Coverage Initiated at StockNews.com

StockNews.com initiated coverage on shares of TRACON Pharmaceuticals (NASDAQ:TCONGet Rating) in a research note issued on Wednesday. The firm set a “sell” rating on the biopharmaceutical company’s stock.

A number of other brokerages also recently weighed in on TCON. Zacks Investment Research downgraded shares of TRACON Pharmaceuticals from a “buy” rating to a “hold” rating in a research note on Friday, March 25th. Robert W. Baird started coverage on shares of TRACON Pharmaceuticals in a research note on Tuesday, February 22nd. They issued an “outperform” rating and a $10.00 target price on the stock. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $8.67.

Shares of TRACON Pharmaceuticals stock opened at $1.92 on Wednesday. The company’s 50-day moving average price is $2.40 and its 200-day moving average price is $2.58. The company has a market cap of $38.55 million, a price-to-earnings ratio of -1.04 and a beta of 1.82. TRACON Pharmaceuticals has a 12-month low of $1.61 and a 12-month high of $7.42.

TRACON Pharmaceuticals (NASDAQ:TCONGet Rating) last announced its earnings results on Wednesday, May 11th. The biopharmaceutical company reported ($0.48) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.41) by ($0.07). During the same quarter last year, the firm earned ($0.33) EPS. As a group, equities research analysts expect that TRACON Pharmaceuticals will post -1.24 EPS for the current year.

In other TRACON Pharmaceuticals news, major shareholder Opaleye Management Inc. purchased 42,000 shares of the firm’s stock in a transaction on Friday, April 22nd. The shares were purchased at an average cost of $2.24 per share, with a total value of $94,080.00. Following the completion of the purchase, the insider now owns 2,910,000 shares of the company’s stock, valued at approximately $6,518,400. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders have acquired 109,122 shares of company stock worth $240,215 over the last three months. Insiders own 3.09% of the company’s stock.

Hedge funds have recently bought and sold shares of the business. 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. GSA Capital Partners LLP grew its holdings in shares of TRACON Pharmaceuticals by 136.4% in the third quarter. GSA Capital Partners LLP now owns 85,993 shares of the biopharmaceutical company’s stock worth $333,000 after purchasing an additional 49,623 shares during the last quarter. Two Sigma Advisers LP grew its holdings in shares of TRACON Pharmaceuticals by 29.5% in the third quarter. Two Sigma Advisers LP now owns 367,800 shares of the biopharmaceutical company’s stock worth $1,423,000 after purchasing an additional 83,700 shares during the last quarter. Cutler Group LP grew its holdings in shares of TRACON Pharmaceuticals by 1,250.0% in the fourth quarter. Cutler Group LP now owns 16,200 shares of the biopharmaceutical company’s stock worth $44,000 after purchasing an additional 15,000 shares during the last quarter. Finally, Psagot Value Holdings Ltd. bought a new position in shares of TRACON Pharmaceuticals in the third quarter worth approximately $556,000. 51.35% of the stock is currently owned by hedge funds and other institutional investors.

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.

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