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

Equities research analysts at StockNews.com initiated coverage on shares of TRACON Pharmaceuticals (NASDAQ:TCON) in a research note issued to investors on Tuesday. The brokerage set a “strong-buy” rating on the biopharmaceutical company’s stock.

Separately, HC Wainwright reduced their target price on TRACON Pharmaceuticals from $120.00 to $60.00 and set a “buy” rating on the stock in a report on Wednesday, April 3rd.

TRACON Pharmaceuticals Stock Down 23.7 %

TRACON Pharmaceuticals stock opened at $1.80 on Tuesday. The business’s 50-day simple moving average is $5.32 and its 200 day simple moving average is $4.16. The stock has a market cap of $4.10 million, a price-to-earnings ratio of -0.35 and a beta of 0.94. TRACON Pharmaceuticals has a 12-month low of $1.72 and a 12-month high of $41.00.

TRACON Pharmaceuticals (NASDAQ:TCON) last posted its quarterly earnings results on Tuesday, March 5th. The biopharmaceutical company reported $0.20 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.60) by $0.80. The firm had revenue of $3.41 million during the quarter, compared to the consensus estimate of $3.00 million. As a group, sell-side analysts expect that TRACON Pharmaceuticals will post -4 EPS for the current year.

Hedge Funds Weigh In On TRACON Pharmaceuticals

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

TRACON Pharmaceuticals Company Profile

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.