Tracon Pharmaceuticals Inc. (NASDAQ:TCON)‘s stock had its “buy” rating reissued by equities research analysts at Stifel Nicolaus in a note issued to investors on Wednesday. They currently have a $14.00 price objective on the biopharmaceutical company’s stock. Stifel Nicolaus’ price objective points to a potential upside of 113.41% from the company’s previous close.
Separately, BTIG Research started coverage on shares of Tracon Pharmaceuticals in a research note on Friday, August 19th. They issued a “buy” rating and a $15.00 price objective for the company. One equities research analyst has rated the stock with a sell rating and four have assigned a buy rating to the company. The stock currently has an average rating of “Buy” and an average price target of $18.33.
Tracon Pharmaceuticals (NASDAQ:TCON) traded up 2.29% during midday trading on Wednesday, reaching $6.71. 8,840 shares of the company’s stock traded hands. Tracon Pharmaceuticals has a 52-week low of $4.00 and a 52-week high of $12.50. The company’s 50-day moving average price is $6.16 and its 200-day moving average price is $6.18. The stock’s market cap is $81.88 million.
Tracon Pharmaceuticals (NASDAQ:TCON) last announced its quarterly earnings data on Wednesday, August 10th. The biopharmaceutical company reported ($0.68) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.62) by $0.06. Tracon Pharmaceuticals had a negative net margin of 703.77% and a negative return on equity of 111.98%. On average, equities analysts predict that Tracon Pharmaceuticals will post ($2.50) EPS for the current fiscal year.
A number of large investors have recently made changes to their positions in TCON. Stifel Financial Corp purchased a new stake in shares of Tracon Pharmaceuticals during the second quarter valued at $144,000. Vanguard Group Inc. boosted its stake in shares of Tracon Pharmaceuticals by 1.7% in the second quarter. Vanguard Group Inc. now owns 190,600 shares of the biopharmaceutical company’s stock valued at $835,000 after buying an additional 3,118 shares during the last quarter. Finally, ClariVest Asset Management LLC boosted its stake in shares of Tracon Pharmaceuticals by 56.9% in the second quarter. ClariVest Asset Management LLC now owns 56,500 shares of the biopharmaceutical company’s stock valued at $247,000 after buying an additional 20,500 shares during the last quarter. 30.98% of the stock is owned by institutional investors and hedge funds.
Tracon Pharmaceuticals Company Profile
TRACON Pharmaceuticals, Inc is a clinical-stage biopharmaceutical company. The Company is focused on the development and commercialization of therapeutics for cancer, wet age-related macular degeneration (wet AMD) and fibrotic diseases. The Company’s research focuses on antibodies that bind to the endoglin receptor, which is essential to angiogenesis (the process of new blood vessel formation) and a contributor to fibrosis (tissue scarring).
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