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

Analysts at StockNews.com assumed coverage on shares of TRACON Pharmaceuticals (NASDAQ:TCON) in a report released on Tuesday. The brokerage set a “strong-buy” rating on the biopharmaceutical company’s stock.

Separately, HC Wainwright lowered their price objective on shares of TRACON Pharmaceuticals from $120.00 to $60.00 and set a “buy” rating on the stock in a research note on Wednesday, April 3rd.

TRACON Pharmaceuticals Stock Up 33.9 %

Shares of NASDAQ:TCON opened at $2.29 on Tuesday. The company has a market cap of $5.22 million, a PE ratio of -0.44 and a beta of 0.95. The company’s 50-day moving average price is $5.24 and its 200 day moving average price is $4.14. TRACON Pharmaceuticals has a fifty-two week low of $1.59 and a fifty-two week high of $41.00.

TRACON Pharmaceuticals (NASDAQ:TCON) last released its earnings results on Tuesday, March 5th. The biopharmaceutical company reported $0.20 EPS for the quarter, beating the consensus estimate of ($0.60) by $0.80. The company had revenue of $3.41 million for the quarter, compared to analyst estimates of $3.00 million. As a group, equities analysts anticipate that TRACON Pharmaceuticals will post -4 EPS for the current year.

Institutional Trading of TRACON Pharmaceuticals

Several institutional investors have recently made changes to their positions in TCON. Millennium Management LLC acquired a new stake in shares of TRACON Pharmaceuticals during the second quarter worth approximately $150,000. Renaissance Technologies LLC lifted its stake in TRACON Pharmaceuticals by 98.9% in the fourth quarter. Renaissance Technologies LLC now owns 135,049 shares of the biopharmaceutical company’s stock valued at $201,000 after acquiring an additional 67,149 shares during the last quarter. CI Private Wealth LLC acquired a new stake in TRACON Pharmaceuticals in the fourth quarter valued at approximately $86,000. Bank of New York Mellon Corp lifted its stake in TRACON Pharmaceuticals by 67.2% in the first quarter. Bank of New York Mellon Corp now owns 142,253 shares of the biopharmaceutical company’s stock valued at $374,000 after acquiring an additional 57,174 shares during the last quarter. Finally, Virtu Financial LLC acquired a new stake in TRACON Pharmaceuticals in the fourth quarter valued at approximately $67,000. 11.61% of the stock is currently owned by institutional investors and hedge funds.

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.