StockNews.com Begins Coverage on TRACON Pharmaceuticals (NASDAQ:TCON)

StockNews.com assumed coverage on shares of TRACON Pharmaceuticals (NASDAQ:TCON – Get Rating) in a research report released on Thursday morning. The firm issued a hold rating on the biopharmaceutical company’s stock.

Several other equities analysts have also commented on the company. HC Wainwright reiterated a buy rating and issued a $12.00 target price on shares of TRACON Pharmaceuticals in a research note on Thursday, March 9th. Robert W. Baird dropped their target price on TRACON Pharmaceuticals from $10.00 to $8.00 in a research note on Thursday, December 15th.

TRACON Pharmaceuticals Stock Performance

Shares of NASDAQ:TCON opened at $1.55 on Thursday. TRACON Pharmaceuticals has a 52-week low of $1.10 and a 52-week high of $2.90. The stock’s fifty day simple moving average is $1.63 and its 200-day simple moving average is $1.61.

Insider Activity at TRACON Pharmaceuticals

In other news, major shareholder Opaleye Management Inc. purchased 174,508 shares of the company’s stock in a transaction on Thursday, March 9th. The stock was bought at an average cost of $1.38 per share, for a total transaction of $240,821.04. Following the completion of the purchase, the insider now directly owns 4,324,508 shares of the company’s stock, valued at approximately $5,967,821.04. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Over the last ninety days, insiders acquired 181,508 shares of company stock worth $252,141. 3.54% of the stock is currently owned by insiders.

Institutional Investors Weigh In On TRACON Pharmaceuticals

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Opaleye Management Inc. increased its stake in TRACON Pharmaceuticals by 9.5% during the fourth quarter. Opaleye Management Inc. now owns 4,590,000 shares of the biopharmaceutical company’s stock worth $6,839,000 after acquiring an additional 400,000 shares during the last quarter. Bank of New York Mellon Corp increased its stake in TRACON Pharmaceuticals by 67.2% during the first quarter. Bank of New York Mellon Corp now owns 142,253 shares of the biopharmaceutical company’s stock worth $374,000 after acquiring an additional 57,174 shares during the last quarter. Renaissance Technologies LLC grew its stake in shares of TRACON Pharmaceuticals by 98.9% in the fourth quarter. Renaissance Technologies LLC now owns 135,049 shares of the biopharmaceutical company’s stock valued at $201,000 after buying an additional 67,149 shares in the last quarter. Millennium Management LLC acquired a new stake in shares of TRACON Pharmaceuticals in the second quarter valued at about $150,000. Finally, CI Private Wealth LLC acquired a new stake in shares of TRACON Pharmaceuticals in the fourth quarter valued at about $86,000. 46.04% of the stock is currently owned by institutional investors and hedge funds.

TRACON Pharmaceuticals Company Profile

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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.