Short Interest in TRACON Pharmaceuticals, Inc. (NASDAQ:TCON) Rises By 323.4%

TRACON Pharmaceuticals, Inc. (NASDAQ:TCON) was the recipient of a significant growth in short interest during the month of March. As of March 15th, there was short interest totalling 1,900,000 shares, a growth of 323.4% from the February 29th total of 448,700 shares. Based on an average daily volume of 2,900,000 shares, the short-interest ratio is currently 0.7 days.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on TCON. StockNews.com began coverage on shares of TRACON Pharmaceuticals in a report on Saturday, March 23rd. They issued a “strong-buy” rating on the stock. HC Wainwright dropped their price target on TRACON Pharmaceuticals from $7.00 to $6.00 and set a “buy” rating for the company in a research note on Wednesday, March 6th.

TRACON Pharmaceuticals Stock Up 1.4 %

Shares of NASDAQ:TCON traded up $0.01 on Thursday, hitting $0.42. 518,295 shares of the company traded hands, compared to its average volume of 2,951,699. TRACON Pharmaceuticals has a 52 week low of $0.13 and a 52 week high of $2.19. The stock has a 50 day simple moving average of $0.25 and a 200-day simple moving average of $0.21. The company has a market cap of $18.93 million, a PE ratio of -1.58 and a beta of 0.80.

TRACON Pharmaceuticals (NASDAQ:TCON) last released its quarterly earnings data on Tuesday, March 5th. The biopharmaceutical company reported $0.01 EPS for the quarter, topping the consensus estimate of ($0.03) by $0.04. The business had revenue of $3.41 million during the quarter, compared to the consensus estimate of $3.00 million. As a group, sell-side analysts anticipate that TRACON Pharmaceuticals will post -0.2 earnings per share for the current year.

Institutional Investors Weigh In On TRACON Pharmaceuticals

Large investors have recently made changes to their positions in the company. Jane Street Group LLC bought a new stake in shares of TRACON Pharmaceuticals during the 1st quarter valued at about $27,000. Charles Schwab Investment Management Inc. purchased a new position in shares of TRACON Pharmaceuticals during the 1st quarter valued at about $43,000. Virtu Financial LLC purchased a new position in shares of TRACON Pharmaceuticals during the 4th quarter valued at about $67,000. Susquehanna International Group LLP purchased a new position in shares of TRACON Pharmaceuticals during the 1st quarter valued at about $79,000. Finally, CI Private Wealth LLC purchased a new position in shares of TRACON Pharmaceuticals during the 4th quarter valued at about $86,000. 11.61% of the stock is currently owned by institutional investors.

About TRACON Pharmaceuticals

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.