TRACON Pharmaceuticals (TCON) Sees Strong Trading Volume

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Shares of TRACON Pharmaceuticals Inc (NASDAQ:TCON) saw unusually-strong trading volume on Monday . Approximately 1,842,583 shares were traded during trading, an increase of 306% from the previous session’s volume of 453,473 shares.The stock last traded at $1.49 and had previously closed at $1.40.

A number of research firms have commented on TCON. Zacks Investment Research upgraded TRACON Pharmaceuticals from a “hold” rating to a “strong-buy” rating and set a $1.50 price target for the company in a research note on Wednesday, March 6th. BTIG Research decreased their price target on TRACON Pharmaceuticals to $9.00 and set a “buy” rating for the company in a research note on Wednesday, December 26th. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $7.00 price target on shares of TRACON Pharmaceuticals in a research note on Friday, March 1st.

The company has a quick ratio of 3.01, a current ratio of 3.01 and a debt-to-equity ratio of 0.25. The company has a market cap of $41.86 million, a P/E ratio of -1.15 and a beta of 3.06.

In other TRACON Pharmaceuticals news, CEO Charles Theuer purchased 49,000 shares of the firm’s stock in a transaction on Friday, December 21st. The stock was bought at an average cost of $0.66 per share, for a total transaction of $32,340.00. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 23.30% of the company’s stock.

A number of institutional investors have recently added to or reduced their stakes in TCON. Bridgeway Capital Management Inc. raised its stake in TRACON Pharmaceuticals by 100.0% in the third quarter. Bridgeway Capital Management Inc. now owns 100,000 shares of the biopharmaceutical company’s stock valued at $205,000 after buying an additional 50,000 shares during the last quarter. Renaissance Technologies LLC raised its stake in TRACON Pharmaceuticals by 12.3% in the third quarter. Renaissance Technologies LLC now owns 808,100 shares of the biopharmaceutical company’s stock valued at $1,657,000 after buying an additional 88,200 shares during the last quarter. Finally, Telemetry Investments L.L.C. raised its stake in TRACON Pharmaceuticals by 153.5% in the fourth quarter. Telemetry Investments L.L.C. now owns 966,975 shares of the biopharmaceutical company’s stock valued at $609,000 after buying an additional 585,566 shares during the last quarter. Institutional investors own 58.10% of the company’s stock.

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TRACON Pharmaceuticals Company Profile (NASDAQ:TCON)

TRACON Pharmaceuticals, Inc, a clinical stage biopharmaceutical company, focuses on the development and commercialization of therapeutics for cancer, wet age-related macular degeneration (AMD), and fibrotic diseases. Its lead product candidate is TRC105, an endoglin antibody, which is in Phase III clinical trials for angiosarcoma; randomized Phase II clinical trials for renal cell carcinoma; Phase II clinical trials for gestational trophoblastic neoplasia; Phase I/II clinical trials for hepatocellular carcinoma; Phase I clinical trial for lung cancer; Phase I/II clinical trials for breast cancer; Phase II clinical trials for prostate cancer; and randomized Phase II clinical trials for wet AMD.

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