TRACON Pharmaceuticals (NASDAQ:TCON) Shares Cross Below 50-Day Moving Average of $1.31

TRACON Pharmaceuticals, Inc. (NASDAQ:TCON – Get Rating)’s stock price crossed below its fifty day moving average during trading on Thursday . The stock has a fifty day moving average of $1.31 and traded as low as $0.58. TRACON Pharmaceuticals shares last traded at $0.60, with a volume of 46,899 shares trading hands.

Analysts Set New Price Targets

TCON has been the subject of a number of recent research reports. Maxim Group decreased their target price on TRACON Pharmaceuticals from $8.00 to $3.00 in a report on Thursday, May 11th. Robert W. Baird decreased their target price on TRACON Pharmaceuticals from $8.00 to $7.00 in a report on Thursday, May 11th. StockNews.com began coverage on TRACON Pharmaceuticals in a report on Thursday, May 18th. They set a “hold” rating for the company. Finally, HC Wainwright reaffirmed a “buy” rating and set a $12.00 price target on shares of TRACON Pharmaceuticals in a report on Thursday, March 9th.

TRACON Pharmaceuticals Trading Down 2.9 %

The stock has a fifty day simple moving average of $1.31 and a 200-day simple moving average of $1.46.

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 (EPS) for the quarter, missing analysts’ consensus estimates of ($0.28) by ($0.03). As a group, sell-side analysts predict that TRACON Pharmaceuticals, Inc. will post -0.56 earnings per share for the current fiscal year.

Insider Transactions at TRACON Pharmaceuticals

In other news, major shareholder Opaleye Management Inc. bought 174,508 shares of the business’s stock in a transaction dated Thursday, March 9th. The shares were acquired at an average price of $1.38 per share, for a total transaction of $240,821.04. Following the completion of the transaction, the insider now owns 4,324,508 shares of the company’s stock, valued at $5,967,821.04. The purchase was disclosed in a legal filing with the SEC, which is available through this hyperlink. Over the last 90 days, insiders have bought 178,707 shares of company stock worth $243,764. Corporate insiders own 5.27% of the company’s stock.

Institutional Trading of TRACON Pharmaceuticals

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Bank of New York Mellon Corp increased its position in TRACON Pharmaceuticals by 67.2% in the 1st quarter. Bank of New York Mellon Corp now owns 142,253 shares of the biopharmaceutical company’s stock valued at $374,000 after acquiring an additional 57,174 shares during the period. Jane Street Group LLC acquired a new position in TRACON Pharmaceuticals in the 1st quarter valued at about $27,000. Renaissance Technologies LLC increased its position in TRACON Pharmaceuticals by 80.1% in the 2nd 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. Millennium Management LLC acquired a new position in TRACON Pharmaceuticals in the 2nd quarter valued at about $150,000. Finally, Opaleye Management Inc. increased its position in TRACON Pharmaceuticals by 9.5% in the 4th quarter. Opaleye Management Inc. now owns 4,590,000 shares of the biopharmaceutical company’s stock valued at $6,839,000 after acquiring an additional 400,000 shares during the period. Institutional investors and hedge funds own 46.04% of the company’s stock.

About TRACON Pharmaceuticals

(Get Rating)

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.