Equities researchers at StockNews.com initiated coverage on shares of TRACON Pharmaceuticals (NASDAQ:TCON – Get Rating) in a note issued to investors on Sunday. The firm set a “sell” rating on the biopharmaceutical company’s stock.
Separately, Robert W. Baird assumed coverage on TRACON Pharmaceuticals in a research report on Tuesday, February 22nd. They issued an “outperform” rating and a $10.00 price objective for the company.
TRACON Pharmaceuticals stock opened at $1.33 on Friday. The stock has a 50-day simple moving average of $1.89 and a 200 day simple moving average of $2.34. TRACON Pharmaceuticals has a 12-month low of $1.24 and a 12-month high of $7.42. The stock has a market capitalization of $26.71 million, a price-to-earnings ratio of -0.72 and a beta of 1.83.
In other TRACON Pharmaceuticals news, major shareholder Opaleye Management Inc. acquired 42,000 shares of the firm’s stock in a transaction that occurred on Friday, April 22nd. The stock was acquired at an average cost of $2.24 per share, for a total transaction of $94,080.00. Following the transaction, the insider now owns 2,910,000 shares of the company’s stock, valued at $6,518,400. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders purchased a total of 109,122 shares of company stock valued at $240,215 over the last quarter. 23.30% of the stock is owned by insiders.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Wells Fargo & Company MN raised its stake in shares of TRACON Pharmaceuticals by 74.4% during the 2nd quarter. Wells Fargo & Company MN now owns 8,759 shares of the biopharmaceutical company’s stock worth $57,000 after purchasing an additional 3,737 shares in the last quarter. Jane Street Group LLC bought a new stake in shares of TRACON Pharmaceuticals during the 1st quarter worth approximately $27,000. Goldman Sachs Group Inc. bought a new stake in shares of TRACON Pharmaceuticals during the 3rd quarter worth approximately $42,000. Cutler Group LP raised its stake in shares of TRACON Pharmaceuticals by 1,250.0% during the 4th quarter. Cutler Group LP now owns 16,200 shares of the biopharmaceutical company’s stock worth $44,000 after purchasing an additional 15,000 shares in the last quarter. Finally, Acadian Asset Management LLC raised its stake in TRACON Pharmaceuticals by 45.8% in the 4th quarter. Acadian Asset Management LLC now owns 20,523 shares of the biopharmaceutical company’s stock valued at $55,000 after acquiring an additional 6,451 shares during the period. Hedge funds and other institutional investors own 51.35% of the company’s stock.
TRACON Pharmaceuticals Company Profile (Get Rating)
TRACON Pharmaceuticals, Inc, a biopharmaceutical company, focuses on the development and commercialization of therapeutics for cancer in the United States. Its clinical stage products include envafolimab (KN035), a PD-L1 single-domain antibody for the treatment of soft tissue sarcoma; and YH001, an investigational humanized CTLA-4 IgG1 monoclonal antibody for the treatment of various cancer indications.
- Get a free copy of the StockNews.com research report on TRACON Pharmaceuticals (TCON)
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