HC Wainwright Cuts TRACON Pharmaceuticals (NASDAQ:TCON) Price Target to $3.00

TRACON Pharmaceuticals (NASDAQ:TCONFree Report) had its price objective trimmed by HC Wainwright from $6.00 to $3.00 in a research note published on Wednesday, Benzinga reports. The firm currently has a buy rating on the biopharmaceutical company’s stock.

Separately, StockNews.com initiated coverage on TRACON Pharmaceuticals in a report on Sunday. They issued a strong-buy rating for the company.

Read Our Latest Research Report on TCON

TRACON Pharmaceuticals Trading Down 47.2 %

TRACON Pharmaceuticals stock opened at $0.22 on Wednesday. The business has a 50-day moving average of $0.27 and a 200-day moving average of $0.21. TRACON Pharmaceuticals has a 1 year low of $0.13 and a 1 year high of $2.14. The firm has a market capitalization of $9.99 million, a P/E ratio of -0.84 and a beta of 0.95.

TRACON Pharmaceuticals (NASDAQ:TCONGet Free Report) last posted its earnings results on Tuesday, March 5th. The biopharmaceutical company reported $0.01 earnings per share for the quarter, topping the consensus estimate of ($0.03) by $0.04. The firm had revenue of $3.41 million during the quarter, compared to analyst estimates of $3.00 million. Research analysts anticipate that TRACON Pharmaceuticals will post -0.2 EPS for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the company. Jane Street Group LLC bought a new stake in TRACON Pharmaceuticals in the 1st quarter valued at approximately $27,000. Charles Schwab Investment Management Inc. acquired a new stake in TRACON Pharmaceuticals in the 1st quarter valued at $43,000. Susquehanna International Group LLP acquired a new position in shares of TRACON Pharmaceuticals during the 1st quarter worth about $79,000. Virtu Financial LLC acquired a new position in shares of TRACON Pharmaceuticals during the 4th quarter worth about $67,000. Finally, Renaissance Technologies LLC grew its holdings in shares of TRACON Pharmaceuticals by 80.1% in the 2nd quarter. Renaissance Technologies LLC now owns 52,600 shares of the biopharmaceutical company’s stock valued at $105,000 after acquiring an additional 23,400 shares in the last quarter. 11.61% of the stock is owned by institutional investors and hedge funds.

TRACON Pharmaceuticals Company Profile

(Get Free Report)

TRACON Pharmaceuticals, Inc, a biopharmaceutical company, focuses on the development and commercialization of novel targeted therapeutics for cancer in the United States. Its clinical stage products include envafolimab (KN035), a PD-L1 single-domain antibody for the treatment of refractory soft tissue sarcoma; and YH001, an investigational humanized cytotoxic T-lymphocyte-associated protein 4 IgG1 monoclonal antibody that is in Phase I clinical trial for the treatment of various cancer indications.

Further Reading

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