TRACON Pharmaceuticals (NASDAQ:TCON) Announces Quarterly Earnings Results, Misses Expectations By $0.07 EPS

TRACON Pharmaceuticals (NASDAQ:TCONGet Rating) announced its quarterly earnings results on Wednesday. The biopharmaceutical company reported ($0.48) EPS for the quarter, missing the consensus estimate of ($0.41) by ($0.07), MarketWatch Earnings reports. During the same quarter last year, the business earned ($0.33) earnings per share.

Shares of TCON opened at $1.67 on Friday. The stock has a fifty day moving average price of $2.41 and a two-hundred day moving average price of $2.61. TRACON Pharmaceuticals has a 52-week low of $1.61 and a 52-week high of $7.42.

Several analysts recently commented on the company. Zacks Investment Research lowered TRACON Pharmaceuticals from a “buy” rating to a “hold” rating in a research note on Friday, March 25th. StockNews.com assumed coverage on TRACON Pharmaceuticals in a research note on Tuesday. They issued a “sell” rating on the stock. Finally, Robert W. Baird started coverage on TRACON Pharmaceuticals in a research note on Tuesday, February 22nd. They issued an “outperform” rating and a $10.00 price target on the stock. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and three have assigned a buy rating to the company. According to MarketBeat, TRACON Pharmaceuticals presently has a consensus rating of “Hold” and a consensus price target of $8.67.

In other TRACON Pharmaceuticals news, major shareholder Opaleye Management Inc. acquired 42,000 shares of the business’s stock in a transaction on Friday, April 22nd. The stock was purchased at an average price of $2.24 per share, for a total transaction of $94,080.00. Following the transaction, the insider now owns 2,910,000 shares in the company, valued at approximately $6,518,400. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In the last quarter, insiders acquired 109,122 shares of company stock valued at $240,215. Corporate insiders own 23.30% of the company’s stock.

Several hedge funds have recently added to or reduced their stakes in TCON. Goldman Sachs Group Inc. bought a new stake in shares of TRACON Pharmaceuticals during the third quarter worth $42,000. Wells Fargo & Company MN raised its position in shares of TRACON Pharmaceuticals by 74.4% during the second quarter. Wells Fargo & Company MN now owns 8,759 shares of the biopharmaceutical company’s stock worth $57,000 after acquiring an additional 3,737 shares during the last quarter. Morgan Stanley raised its position in shares of TRACON Pharmaceuticals by 114.3% during the third quarter. Morgan Stanley now owns 24,704 shares of the biopharmaceutical company’s stock worth $96,000 after acquiring an additional 13,177 shares during the last quarter. Bank of New York Mellon Corp raised its position in shares of 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. Finally, Millennium Management LLC bought a new stake in shares of TRACON Pharmaceuticals during the third quarter worth $540,000. Institutional investors own 51.35% of the company’s stock.

TRACON Pharmaceuticals Company Profile (Get Rating)

TRACON Pharmaceuticals, Inc, a biopharmaceutical company, focuses on the development and commercialization of therapeutics for cancer in the United States. Its clinical stage products include envafolimab (KN035), a PD-L1 single-domain antibody for the treatment of soft tissue sarcoma; and YH001, an investigational humanized CTLA-4 IgG1 monoclonal antibody for the treatment of various cancer indications.

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Earnings History for TRACON Pharmaceuticals (NASDAQ:TCON)

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