TRACON Pharmaceuticals, Inc. (NASDAQ:TCON) Major Shareholder Opaleye Management Inc. Buys 174,508 Shares

TRACON Pharmaceuticals, Inc. (NASDAQ:TCON – Get Rating) major shareholder Opaleye Management Inc. acquired 174,508 shares of the business’s stock in a transaction dated Thursday, March 9th. The shares were bought at an average cost of $1.38 per share, for a total transaction of $240,821.04. Following the transaction, the insider now directly owns 4,324,508 shares of the company’s stock, valued at approximately $5,967,821.04. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 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 Wednesday, December 14th, Opaleye Management Inc. bought 167,500 shares of TRACON Pharmaceuticals stock. The shares were bought at an average cost of $1.25 per share, with a total value of $209,375.00.

TRACON Pharmaceuticals Stock Up 2.1 %

NASDAQ TCON opened at $1.46 on Tuesday. TRACON Pharmaceuticals, Inc. has a 52-week low of $1.10 and a 52-week high of $2.90. The firm has a 50-day moving average price of $1.63 and a 200 day moving average price of $1.63. The stock has a market capitalization of $34.78 million, a P/E ratio of -1.04 and a beta of 1.33.

Institutional Trading of TRACON Pharmaceuticals

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in TCON. Opaleye Management Inc. lifted its position in TRACON Pharmaceuticals by 9.5% during the fourth quarter. Opaleye Management Inc. now owns 4,590,000 shares of the biopharmaceutical company’s stock worth $6,839,000 after buying an additional 400,000 shares during the period. Bank of New York Mellon Corp lifted its holdings in shares of TRACON Pharmaceuticals by 67.2% during the 1st quarter. Bank of New York Mellon Corp now owns 142,253 shares of the biopharmaceutical company’s stock worth $374,000 after acquiring an additional 57,174 shares during the period. Renaissance Technologies LLC boosted its position in shares of TRACON Pharmaceuticals by 98.9% in the fourth quarter. Renaissance Technologies LLC now owns 135,049 shares of the biopharmaceutical company’s stock worth $201,000 after acquiring an additional 67,149 shares during the last quarter. Millennium Management LLC acquired a new position in TRACON Pharmaceuticals during the second quarter worth approximately $150,000. Finally, CI Private Wealth LLC acquired a new position in shares of TRACON Pharmaceuticals in the 4th quarter valued at $86,000. Hedge funds and other institutional investors own 46.04% of the company’s stock.

Analyst Ratings Changes

A number of analysts recently weighed in on the stock. Robert W. Baird cut their target price on shares of TRACON Pharmaceuticals from $10.00 to $8.00 in a research note on Thursday, December 15th. HC Wainwright reaffirmed a “buy” rating and set a $12.00 price target on shares of TRACON Pharmaceuticals in a report on Thursday, March 9th. Finally, StockNews.com started coverage on TRACON Pharmaceuticals in a report on Monday, March 6th. They issued a “hold” rating on the stock.

TRACON Pharmaceuticals Company Profile

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TRACON Pharmaceuticals, Inc engages in the development and commercialization of targeted therapies for cancer, and ophthalmic and fibrotic diseases. Its products include TRC105, an anti-endoglin antibody for the treatment of solid tumor types, TRC205 created for the treatment of fibrotic diseases, and TRC102, a small molecule that is in clinical development made for lung cancer and glioblastoma.