TRACON Pharmaceuticals (NASDAQ:TCON) Shares Scheduled to Reverse Split on Wednesday, April 10th

TRACON Pharmaceuticals, Inc. (NASDAQ:TCON)’s stock is scheduled to reverse split on Wednesday, April 10th. The 1-20 reverse split was announced on Wednesday, April 10th. The number of shares owned by shareholders will be adjusted after the closing bell on Wednesday, April 10th.

TRACON Pharmaceuticals Trading Down 24.8 %

TCON traded down $0.06 during trading on Monday, reaching $0.19. 6,872,304 shares of the company were exchanged, compared to its average volume of 3,281,986. TRACON Pharmaceuticals has a 52 week low of $0.13 and a 52 week high of $2.14. The firm has a 50 day moving average of $0.27 and a 200 day moving average of $0.21. The stock has a market cap of $8.74 million, a P/E ratio of -0.98 and a beta of 0.94.

TRACON Pharmaceuticals (NASDAQ:TCON) last issued 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 company had revenue of $3.41 million during the quarter, compared to analyst estimates of $3.00 million. As a group, analysts forecast that TRACON Pharmaceuticals will post -0.2 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on the company. StockNews.com assumed coverage on TRACON Pharmaceuticals in a report on Monday. They set a “strong-buy” rating on the stock. HC Wainwright lowered their target price on TRACON Pharmaceuticals from $6.00 to $3.00 and set a “buy” rating on the stock in a report on Wednesday, April 3rd.

Institutional Investors Weigh In On TRACON Pharmaceuticals

A number of institutional investors have recently bought and sold shares of the business. Susquehanna International Group LLP acquired a new stake in TRACON Pharmaceuticals during the 1st quarter worth about $79,000. Jane Street Group LLC purchased a new stake in shares of TRACON Pharmaceuticals during the 1st quarter worth about $32,000. Renaissance Technologies LLC raised its stake in shares of TRACON Pharmaceuticals by 24.8% during the 1st quarter. Renaissance Technologies LLC now owns 168,600 shares of the biopharmaceutical company’s stock worth $319,000 after purchasing an additional 33,551 shares in the last quarter. Charles Schwab Investment Management Inc. purchased a new stake in shares of TRACON Pharmaceuticals during the 1st quarter worth about $43,000. Finally, CI Private Wealth LLC purchased a new stake in shares of TRACON Pharmaceuticals during the 4th quarter worth about $86,000. 11.61% of the stock is currently owned by institutional investors and hedge funds.

About TRACON Pharmaceuticals

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.