TRACON Pharmaceuticals (NASDAQ:TCON) Rating Increased to Buy at Zacks Investment Research

TRACON Pharmaceuticals (NASDAQ:TCONGet Rating) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued on Wednesday, Zacks.com reports. The brokerage presently has a $2.00 price objective on the biopharmaceutical company’s stock. Zacks Investment Research‘s price objective suggests a potential upside of 11.11% from the company’s previous close.

According to Zacks, “TRACON Pharmaceuticals, Inc. is a biopharmaceutical company. The company’s product candidate includes TRC105, TRC205 and TRC102 which are in different clinical stage for cancer, age-related macular degeneration and fibrotic diseases. TRACON Pharmaceuticals, Inc. is headquartered in San Diego, California. “

A number of other equities research analysts have also recently commented on TCON. Robert W. Baird initiated coverage on shares of TRACON Pharmaceuticals in a report on Tuesday, February 22nd. They issued an “outperform” rating and a $10.00 price target for the company. StockNews.com initiated coverage on shares of TRACON Pharmaceuticals in a research note on Wednesday, May 18th. They issued a “sell” rating on the stock. One research analyst has rated the stock with a sell rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat, TRACON Pharmaceuticals has an average rating of “Buy” and a consensus price target of $8.33.

Shares of NASDAQ:TCON opened at $1.80 on Wednesday. The company’s 50 day moving average price is $2.30 and its two-hundred day moving average price is $2.51. TRACON Pharmaceuticals has a 12-month low of $1.61 and a 12-month high of $7.42. The firm has a market cap of $36.14 million, a PE ratio of -0.98 and a beta of 1.82.

TRACON Pharmaceuticals (NASDAQ:TCONGet Rating) last issued its quarterly earnings data on Wednesday, May 11th. The biopharmaceutical company reported ($0.48) EPS for the quarter, missing the consensus estimate of ($0.41) by ($0.07). During the same quarter last year, the company earned ($0.33) EPS. Analysts forecast that TRACON Pharmaceuticals will post -1.24 earnings per share for the current fiscal year.

In related news, major shareholder Opaleye Management Inc. acquired 42,000 shares of the stock in a transaction on Friday, April 22nd. The shares were acquired at an average price of $2.24 per share, with a total value of $94,080.00. Following the completion of the transaction, the insider now owns 2,910,000 shares in the company, valued at approximately $6,518,400. The purchase was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In the last ninety days, insiders acquired 109,122 shares of company stock worth $240,215. Insiders own 23.30% of the company’s stock.

Several institutional investors and hedge funds have recently bought and sold shares of TCON. Wells Fargo & Company MN increased its stake 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 purchasing an additional 3,737 shares in the last quarter. BlackRock Inc. increased its stake in shares of TRACON Pharmaceuticals by 1.7% in the third quarter. BlackRock Inc. now owns 299,283 shares of the biopharmaceutical company’s stock worth $1,159,000 after purchasing an additional 5,055 shares in the last quarter. Goldman Sachs Group Inc. purchased a new position in TRACON Pharmaceuticals during the third quarter valued at approximately $42,000. Geode Capital Management LLC grew its stake in TRACON Pharmaceuticals by 5.7% during the third quarter. Geode Capital Management LLC now owns 145,745 shares of the biopharmaceutical company’s stock valued at $564,000 after acquiring an additional 7,923 shares in the last quarter. Finally, Johnson & Johnson purchased a new position in TRACON Pharmaceuticals during the third quarter valued at approximately $325,000. Hedge funds and other institutional investors own 51.35% of the company’s stock.

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.

Further Reading

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