TRACON Pharmaceuticals (NASDAQ:TCON) Now Covered by Analysts at StockNews.com

StockNews.com began coverage on shares of TRACON Pharmaceuticals (NASDAQ:TCONGet Rating) in a report issued on Tuesday. The firm issued a sell rating on the biopharmaceutical company’s stock.

Other research analysts have also recently issued research reports about the company. Zacks Investment Research cut TRACON Pharmaceuticals from a buy rating to a hold rating in a report on Friday, March 25th. Robert W. Baird began coverage on TRACON Pharmaceuticals in a research report on Tuesday, February 22nd. They issued an outperform rating and a $10.00 price objective on the stock. One analyst has rated the stock with a sell rating, one has issued a hold rating and three have assigned a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of Hold and a consensus target price of $8.67.

Shares of TRACON Pharmaceuticals stock opened at $1.67 on Tuesday. The business’s 50 day moving average price is $2.41 and its 200 day moving average price is $2.61. The company has a market cap of $33.18 million, a price-to-earnings ratio of -0.91 and a beta of 1.82. TRACON Pharmaceuticals has a one year low of $1.61 and a one year high of $7.42.

TRACON Pharmaceuticals (NASDAQ:TCONGet Rating) last announced its quarterly earnings results on Wednesday, May 11th. The biopharmaceutical company reported ($0.48) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.41) by ($0.07). During the same period in the prior year, the firm earned ($0.33) earnings per share. Equities analysts predict that TRACON Pharmaceuticals will post -1.53 EPS for the current fiscal year.

In other TRACON Pharmaceuticals news, major shareholder Opaleye Management Inc. bought 42,000 shares of the company’s stock in a transaction dated Friday, April 22nd. The shares were acquired at an average cost 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 $6,518,400. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Over the last ninety days, insiders have bought 109,122 shares of company stock worth $240,215. Corporate insiders own 23.30% of the company’s stock.

Institutional investors have recently made changes to their positions in the stock. Goldman Sachs Group Inc. bought a new stake in TRACON Pharmaceuticals in the third quarter valued at about $42,000. Cutler Group LP increased its holdings in TRACON Pharmaceuticals by 1,250.0% in the fourth quarter. Cutler Group LP now owns 16,200 shares of the biopharmaceutical company’s stock valued at $44,000 after buying an additional 15,000 shares during the last quarter. Acadian Asset Management LLC increased its holdings in TRACON Pharmaceuticals by 45.8% in the fourth quarter. Acadian Asset Management LLC now owns 20,523 shares of the biopharmaceutical company’s stock valued at $55,000 after buying an additional 6,451 shares during the last quarter. Wells Fargo & Company MN increased its holdings in TRACON Pharmaceuticals by 74.4% in the second quarter. Wells Fargo & Company MN now owns 8,759 shares of the biopharmaceutical company’s stock valued at $57,000 after buying an additional 3,737 shares during the last quarter. Finally, Morgan Stanley increased its holdings in TRACON Pharmaceuticals by 114.3% in the third quarter. Morgan Stanley now owns 24,704 shares of the biopharmaceutical company’s stock valued at $96,000 after buying an additional 13,177 shares during the last quarter. 51.35% of the stock is owned by hedge funds and other institutional investors.

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.

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