TRACON Pharmaceuticals (NASDAQ:TCON) Receives New Coverage from Analysts at StockNews.com

StockNews.com started coverage on shares of TRACON Pharmaceuticals (NASDAQ:TCON) in a research note published on Tuesday morning. The firm issued a strong-buy rating on the biopharmaceutical company’s stock.

Separately, HC Wainwright decreased their price target on shares of TRACON Pharmaceuticals from $120.00 to $60.00 and set a buy rating on the stock in a research report on Wednesday, April 3rd.

TRACON Pharmaceuticals Price Performance

NASDAQ TCON opened at $1.71 on Tuesday. TRACON Pharmaceuticals has a 12 month low of $1.59 and a 12 month high of $41.00. The firm has a market capitalization of $3.90 million, a PE ratio of -0.33 and a beta of 0.94. The company’s 50 day simple moving average is $5.28 and its 200 day simple moving average is $4.15.

TRACON Pharmaceuticals (NASDAQ:TCON) last posted its quarterly earnings data on Tuesday, March 5th. The biopharmaceutical company reported $0.20 EPS for the quarter, beating analysts’ consensus estimates of ($0.60) by $0.80. The company had revenue of $3.41 million for the quarter, compared to analyst estimates of $3.00 million. Sell-side analysts anticipate that TRACON Pharmaceuticals will post -4 earnings per share for the current fiscal year.

Hedge Funds Weigh In On TRACON Pharmaceuticals

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in TCON. Millennium Management LLC acquired a new position in TRACON Pharmaceuticals in the 2nd quarter worth approximately $150,000. Renaissance Technologies LLC boosted its stake in TRACON Pharmaceuticals by 98.9% in the 4th quarter. Renaissance Technologies LLC now owns 135,049 shares of the biopharmaceutical company’s stock worth $201,000 after purchasing an additional 67,149 shares during the period. CI Private Wealth LLC acquired a new position in TRACON Pharmaceuticals in the 4th quarter worth approximately $86,000. Bank of New York Mellon Corp boosted its stake 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 worth $374,000 after purchasing an additional 57,174 shares during the period. Finally, Virtu Financial LLC acquired a new position in TRACON Pharmaceuticals in the 4th quarter worth approximately $67,000. Institutional investors and hedge funds own 11.61% of the company’s stock.

TRACON Pharmaceuticals Company Profile

TRACON Pharmaceuticals, Inc, a biopharmaceutical company, focuses on the development and commercialization of novel targeted therapeutics for cancer in the United States. Its clinical stage products include envafolimab (KN035), a PD-L1 single-domain antibody for the treatment of refractory soft tissue sarcoma; and YH001, an investigational humanized cytotoxic T-lymphocyte-associated protein 4 IgG1 monoclonal antibody that is in Phase I clinical trial for the treatment of various cancer indications.