TRACON Pharmaceuticals, Inc. (NASDAQ:TCON) Sees Significant Drop in Short Interest

TRACON Pharmaceuticals, Inc. (NASDAQ:TCON – Get Rating) was the recipient of a large decrease in short interest in the month of May. As of May 15th, there was short interest totalling 161,000 shares, a decrease of 38.7% from the April 30th total of 262,500 shares. Based on an average trading volume of 181,900 shares, the short-interest ratio is presently 0.9 days.

Insider Activity

In other TRACON Pharmaceuticals news, major shareholder Opaleye Management Inc. bought 174,508 shares of the firm’s stock in a transaction that occurred on Thursday, March 9th. The shares were bought at an average price of $1.38 per share, for a total transaction of $240,821.04. Following the transaction, the insider now directly owns 4,324,508 shares in the company, valued at $5,967,821.04. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders purchased 178,707 shares of company stock valued at $243,764 in the last three months. Company insiders own 5.27% of the company’s stock.

Institutional Trading of TRACON Pharmaceuticals

Several institutional investors and hedge funds have recently bought and sold shares of TCON. Jane Street Group LLC acquired a new position in TRACON Pharmaceuticals in the first quarter valued at approximately $27,000. Charles Schwab Investment Management Inc. acquired a new stake in shares of TRACON Pharmaceuticals in the first quarter valued at approximately $43,000. Susquehanna International Group LLP acquired a new stake in shares of TRACON Pharmaceuticals in the first quarter valued at approximately $79,000. Virtu Financial LLC acquired a new stake in shares of TRACON Pharmaceuticals in the fourth quarter valued at approximately $67,000. Finally, Renaissance Technologies LLC boosted its holdings in shares of TRACON Pharmaceuticals by 80.1% in the second quarter. Renaissance Technologies LLC now owns 52,600 shares of the biopharmaceutical company’s stock valued at $105,000 after acquiring an additional 23,400 shares during the period. 46.04% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of analysts have commented on TCON shares. HC Wainwright reaffirmed a “buy” rating and set a $12.00 target price on shares of TRACON Pharmaceuticals in a report on Thursday, March 9th. StockNews.com initiated coverage on shares of TRACON Pharmaceuticals in a research note on Thursday, May 18th. They issued a “hold” rating on the stock. Maxim Group dropped their target price on shares of TRACON Pharmaceuticals from $8.00 to $3.00 in a report on Thursday, May 11th. Finally, Robert W. Baird lowered their target price on shares of TRACON Pharmaceuticals from $8.00 to $7.00 in a research note on Thursday, May 11th.

TRACON Pharmaceuticals Stock Down 2.9 %

Shares of TCON opened at $0.60 on Friday. TRACON Pharmaceuticals has a 52-week low of $0.57 and a 52-week high of $2.32. The firm’s fifty day moving average is $1.31 and its two-hundred day moving average is $1.46. The stock has a market cap of $14.44 million, a PE ratio of -0.47 and a beta of 1.36.

TRACON Pharmaceuticals (NASDAQ:TCON – Get Rating) last announced its quarterly earnings results on Wednesday, March 8th. The biopharmaceutical company reported ($0.31) earnings per share for the quarter, missing the consensus estimate of ($0.28) by ($0.03). As a group, research analysts anticipate that TRACON Pharmaceuticals will post -0.56 earnings per share for the current year.

About TRACON Pharmaceuticals

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TRACON Pharmaceuticals, Inc engages in the development and commercialization of targeted therapies for cancer, and ophthalmic and fibrotic diseases. Its products include TRC105, an anti-endoglin antibody for the treatment of solid tumor types, TRC205 created for the treatment of fibrotic diseases, and TRC102, a small molecule that is in clinical development made for lung cancer and glioblastoma.