TRACON Pharmaceuticals Inc (NASDAQ:TCON) was the target of a large growth in short interest in July. As of July 15th, there was short interest totalling 121,500 shares, a growth of 66.4% from the June 30th total of 73,000 shares. Based on an average daily volume of 409,100 shares, the short-interest ratio is currently 0.3 days. Currently, 2.5% of the company’s stock are sold short.
A number of institutional investors have recently made changes to their positions in TCON. Dowling & Yahnke LLC acquired a new stake in TRACON Pharmaceuticals in the 1st quarter valued at approximately $26,000. Wedbush Securities Inc. acquired a new position in shares of TRACON Pharmaceuticals during the 2nd quarter worth approximately $50,000. JPMorgan Chase & Co. acquired a new position in shares of TRACON Pharmaceuticals during the 1st quarter worth approximately $57,000. Finally, Two Sigma Investments LP acquired a new position in shares of TRACON Pharmaceuticals during the 1st quarter worth approximately $61,000. 23.02% of the stock is currently owned by institutional investors and hedge funds.
Several equities analysts have recently weighed in on the company. Zacks Investment Research cut TRACON Pharmaceuticals from a “buy” rating to a “hold” rating in a report on Wednesday, June 10th. HC Wainwright cut their price objective on TRACON Pharmaceuticals from $6.00 to $4.00 and set a “buy” rating on the stock in a report on Friday, April 24th.
TRACON Pharmaceuticals (NASDAQ:TCON) last announced its earnings results on Wednesday, May 13th. The biopharmaceutical company reported ($0.78) earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($1.13) by $0.35. On average, research analysts expect that TRACON Pharmaceuticals will post -3.11 earnings per share for the current year.
About TRACON Pharmaceuticals
TRACON Pharmaceuticals, Inc, a biopharmaceutical company, focuses on the development and commercialization of therapeutics for cancer and wet age-related macular degeneration (AMD). Its lead product candidate is TRC105, an endoglin antibody, which is in randomized Phase III clinical trial for angiosarcoma; Phase I/II clinical trial for hepatocellular carcinoma; Phase I clinical trial for lung cancer; Phase I/II clinical trial for breast cancer; Phase II clinical trials for prostate cancer; and randomized Phase II clinical trial for wet AMD.
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