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

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

Separately, HC Wainwright lowered their price objective on shares of TRACON Pharmaceuticals from $7.00 to $6.00 and set a buy rating for the company in a research report on Wednesday, March 6th.

TRACON Pharmaceuticals Stock Performance

Shares of TRACON Pharmaceuticals stock opened at $0.22 on Friday. The firm has a market cap of $9.99 million, a PE ratio of -0.84 and a beta of 0.95. The firm’s 50-day simple moving average is $0.27 and its 200-day simple moving average is $0.21. TRACON Pharmaceuticals has a 1 year low of $0.13 and a 1 year high of $2.14.

TRACON Pharmaceuticals (NASDAQ:TCON) last announced its quarterly earnings data on Tuesday, March 5th. The biopharmaceutical company reported $0.01 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.03) by $0.04. The business had revenue of $3.41 million for the quarter, compared to the consensus estimate of $3.00 million. On average, equities analysts predict that TRACON Pharmaceuticals will post -0.2 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of TCON. Jane Street Group LLC bought a new position in TRACON Pharmaceuticals in the 1st quarter worth about $27,000. Charles Schwab Investment Management Inc. acquired a new stake in shares of TRACON Pharmaceuticals in the 1st quarter worth approximately $43,000. Virtu Financial LLC acquired a new stake in shares of TRACON Pharmaceuticals in the 4th quarter worth approximately $67,000. Susquehanna International Group LLP acquired a new stake in shares of TRACON Pharmaceuticals in the 1st quarter worth approximately $79,000. Finally, CI Private Wealth LLC acquired a new stake in shares of TRACON Pharmaceuticals in the 4th quarter worth approximately $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.