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

TRACON Pharmaceuticals, Inc. (NASDAQ:TCON) shares are set 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 %

Shares of TCON traded down $0.06 during trading hours on Monday, hitting $0.19. The company had a trading volume of 6,872,304 shares, compared to its average volume of 3,281,986. The company’s fifty day moving average price is $0.27 and its two-hundred day moving average price is $0.21. TRACON Pharmaceuticals has a one year low of $0.13 and a one year high of $2.14. The company has a market capitalization of $8.74 million, a PE ratio of -0.98 and a beta of 0.94.

TRACON Pharmaceuticals (NASDAQ:TCON) last announced its earnings results on Tuesday, March 5th. The biopharmaceutical company reported $0.01 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.03) by $0.04. The business had revenue of $3.41 million for the quarter, compared to analyst estimates of $3.00 million. Analysts forecast that TRACON Pharmaceuticals will post -0.2 earnings per share for the current year.

Analysts Set New Price Targets

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

Institutional Trading of TRACON Pharmaceuticals

Several large investors have recently added to or reduced their stakes in TCON. Jane Street Group LLC purchased a new stake in shares of TRACON Pharmaceuticals in the first quarter worth about $27,000. Renaissance Technologies LLC boosted its stake in shares of TRACON Pharmaceuticals by 29.1% in the third quarter. Renaissance Technologies LLC now owns 67,900 shares of the biopharmaceutical company’s stock worth $113,000 after buying an additional 15,300 shares during the last quarter. Charles Schwab Investment Management Inc. purchased a new stake in shares of TRACON Pharmaceuticals in the first quarter worth about $43,000. Susquehanna International Group LLP purchased a new stake in shares of TRACON Pharmaceuticals in the first quarter worth about $79,000. Finally, Virtu Financial LLC purchased a new stake in shares of TRACON Pharmaceuticals in the fourth quarter worth about $67,000. 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.