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

Stock analysts at StockNews.com assumed coverage on shares of TRACON Pharmaceuticals (NASDAQ:TCONGet Rating) in a research note issued on Saturday. The brokerage set a “sell” rating on the biopharmaceutical company’s stock.

TRACON Pharmaceuticals Stock Performance

NASDAQ:TCON opened at $1.84 on Friday. TRACON Pharmaceuticals has a one year low of $1.24 and a one year high of $4.49. The business’s 50-day simple moving average is $1.71 and its 200 day simple moving average is $2.13. The stock has a market cap of $37.26 million, a price-to-earnings ratio of -1.00 and a beta of 1.47.

TRACON Pharmaceuticals (NASDAQ:TCONGet Rating) last announced its quarterly earnings data on Wednesday, May 11th. The biopharmaceutical company reported ($0.48) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.41) by ($0.07). During the same quarter in the previous year, the business posted ($0.33) earnings per share. On average, equities research analysts predict that TRACON Pharmaceuticals will post -1.24 EPS for the current year.

Insider Buying and Selling at TRACON Pharmaceuticals

In other news, major shareholder Opaleye Management Inc. purchased 841,989 shares of the firm’s stock in a transaction on Tuesday, June 21st. The stock was purchased at an average cost of $1.31 per share, with a total value of $1,103,005.59. Following the purchase, the insider now owns 3,776,589 shares in the company, valued at approximately $4,947,331.59. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In the last ninety days, insiders bought 890,049 shares of company stock valued at $1,185,270. 23.30% of the stock is owned by corporate insiders.

Institutional Trading of TRACON Pharmaceuticals

A number of hedge funds have recently modified their holdings of TCON. Acadian Asset Management LLC increased its position in TRACON Pharmaceuticals by 45.8% during the fourth quarter. Acadian Asset Management LLC now owns 20,523 shares of the biopharmaceutical company’s stock worth $55,000 after buying an additional 6,451 shares during the last quarter. Bank of New York Mellon Corp grew its position in shares of 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 purchasing an additional 57,174 shares during the last quarter. Jane Street Group LLC acquired a new stake in shares of TRACON Pharmaceuticals in the first quarter valued at about $27,000. Opaleye Management Inc. grew its position in TRACON Pharmaceuticals by 21.3% during the fourth quarter. Opaleye Management Inc. now owns 3,055,000 shares of the biopharmaceutical company’s stock worth $8,462,000 after buying an additional 536,629 shares in the last quarter. Finally, Dowling & Yahnke LLC grew its position in TRACON Pharmaceuticals by 17.3% during the fourth quarter. Dowling & Yahnke LLC now owns 47,455 shares of the biopharmaceutical company’s stock worth $131,000 after buying an additional 7,000 shares in the last quarter. 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.

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