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

StockNews.com initiated coverage on shares of TRACON Pharmaceuticals (NASDAQ:TCON) in a research report released on Tuesday morning. The brokerage issued a strong-buy rating on the biopharmaceutical company’s stock.

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

TRACON Pharmaceuticals Trading Down 7.1 %

Shares of TRACON Pharmaceuticals stock opened at $1.96 on Tuesday. TRACON Pharmaceuticals has a twelve month low of $1.59 and a twelve month high of $36.80. The stock has a market cap of $4.46 million, a price-to-earnings ratio of -0.38 and a beta of 0.95. The company has a fifty day moving average price of $5.17 and a 200 day moving average price of $4.12.

TRACON Pharmaceuticals (NASDAQ:TCON) last announced its earnings results on Tuesday, March 5th. The biopharmaceutical company reported $0.20 EPS for the quarter, beating the consensus estimate of ($0.60) by $0.80. The company had revenue of $3.41 million for the quarter, compared to analysts’ expectations of $3.00 million. Analysts forecast that TRACON Pharmaceuticals will post -4 earnings per share for the current year.

Institutional Investors Weigh In On TRACON Pharmaceuticals

Several hedge funds and other institutional investors have recently modified their holdings of TCON. Susquehanna International Group LLP acquired a new stake in TRACON Pharmaceuticals during the first quarter valued at approximately $79,000. Jane Street Group LLC acquired a new position in TRACON Pharmaceuticals in the first quarter worth $32,000. Renaissance Technologies LLC increased its stake in TRACON Pharmaceuticals by 24.8% during the first quarter. Renaissance Technologies LLC now owns 168,600 shares of the biopharmaceutical company’s stock valued at $319,000 after purchasing an additional 33,551 shares during the last quarter. Charles Schwab Investment Management Inc. acquired a new stake in shares of TRACON Pharmaceuticals during the first quarter worth $43,000. Finally, CI Private Wealth LLC bought a new position in shares of TRACON Pharmaceuticals in the 4th quarter worth about $86,000. Institutional investors 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.