TRACON Pharmaceuticals (NASDAQ:TCON) Coverage Initiated by Analysts at StockNews.com

StockNews.com began coverage on shares of TRACON Pharmaceuticals (NASDAQ:TCON) in a report published on Monday morning. The brokerage issued a strong-buy rating on the biopharmaceutical company’s stock.

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

TRACON Pharmaceuticals Stock Down 14.0 %

NASDAQ TCON opened at $2.59 on Monday. TRACON Pharmaceuticals has a fifty-two week low of $2.51 and a fifty-two week high of $42.40. The stock has a market cap of $117.86 million, a price-to-earnings ratio of -9.96 and a beta of 0.94. The business has a fifty day moving average of $5.39 and a 200-day moving average of $4.18.

TRACON Pharmaceuticals (NASDAQ:TCON) last released its quarterly earnings results on Tuesday, March 5th. The biopharmaceutical company reported $0.20 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.60) by $0.80. The company had revenue of $3.41 million during the quarter, compared to analyst estimates of $3.00 million. As a group, analysts anticipate that TRACON Pharmaceuticals will post -0.2 EPS for the current year.

Institutional Investors Weigh In On TRACON Pharmaceuticals

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Susquehanna International Group LLP purchased a new stake in shares of TRACON Pharmaceuticals in the first quarter valued at $79,000. Jane Street Group LLC purchased a new stake in TRACON Pharmaceuticals during the first quarter valued at about $32,000. Renaissance Technologies LLC grew its position in TRACON Pharmaceuticals by 24.8% during the first quarter. Renaissance Technologies LLC now owns 168,600 shares of the biopharmaceutical company’s stock valued at $319,000 after acquiring an additional 33,551 shares during the period. Charles Schwab Investment Management Inc. purchased a new stake in TRACON Pharmaceuticals during the first quarter valued at about $43,000. Finally, CI Private Wealth LLC purchased a new stake in TRACON Pharmaceuticals during the fourth quarter valued at about $86,000. Hedge funds and other 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.