TRACON Pharmaceuticals (NASDAQ:TCON) Price Target Cut to $7.00

TRACON Pharmaceuticals (NASDAQ:TCON – Get Rating) had its target price dropped by analysts at Robert W. Baird from $8.00 to $7.00 in a research report issued to clients and investors on Thursday, The Fly reports.

TCON has been the subject of a number of other research reports. HC Wainwright reaffirmed a “buy” rating and set a $12.00 price objective on shares of TRACON Pharmaceuticals in a research report on Thursday, March 9th. StockNews.com initiated coverage on TRACON Pharmaceuticals in a research note on Monday, May 1st. They issued a “hold” rating for the company.

TRACON Pharmaceuticals Stock Performance

NASDAQ TCON opened at $0.67 on Thursday. The stock has a 50-day simple moving average of $1.46 and a 200 day simple moving average of $1.52. TRACON Pharmaceuticals has a twelve month low of $0.63 and a twelve month high of $2.32. The stock has a market capitalization of $15.96 million, a PE ratio of -0.48 and a beta of 1.36.

TRACON Pharmaceuticals (NASDAQ:TCON – Get Rating) last issued its quarterly earnings results on Wednesday, March 8th. The biopharmaceutical company reported ($0.31) EPS for the quarter, missing analysts’ consensus estimates of ($0.28) by ($0.03). As a group, equities research analysts forecast that TRACON Pharmaceuticals will post -0.26 EPS for the current fiscal year.

Insider Activity

In related news, major shareholder Opaleye Management Inc. acquired 174,508 shares of the company’s stock in a transaction on Thursday, March 9th. The stock was purchased at an average cost of $1.38 per share, for a total transaction of $240,821.04. Following the completion of the purchase, the insider now directly owns 4,324,508 shares of the company’s stock, valued at approximately $5,967,821.04. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. In the last ninety days, insiders have purchased 178,707 shares of company stock worth $243,764. Company insiders own 5.27% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the company. Jane Street Group LLC bought a new position in TRACON Pharmaceuticals in the 1st quarter valued at $27,000. Renaissance Technologies LLC raised its holdings in TRACON Pharmaceuticals by 29.1% during the 3rd quarter. Renaissance Technologies LLC now owns 67,900 shares of the biopharmaceutical company’s stock worth $113,000 after purchasing an additional 15,300 shares during the last quarter. Charles Schwab Investment Management Inc. acquired a new stake in shares of TRACON Pharmaceuticals during the 1st quarter worth approximately $43,000. Virtu Financial LLC bought a new position in TRACON Pharmaceuticals in the fourth quarter valued at approximately $67,000. Finally, Bank of New York Mellon Corp lifted its stake in shares of TRACON Pharmaceuticals by 67.2% in the 1st quarter. Bank of New York Mellon Corp now owns 142,253 shares of the biopharmaceutical company’s stock valued at $374,000 after purchasing an additional 57,174 shares during the period. Institutional investors own 46.04% of the company’s stock.

About TRACON Pharmaceuticals

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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.