TRACON Pharmaceuticals (NASDAQ:TCON) Shares Scheduled to Reverse Split on Wednesday, April 10th

TRACON Pharmaceuticals, Inc. (NASDAQ:TCON)’s stock is going to reverse split before the market opens on Wednesday, April 10th. The 1-20 reverse split was announced on Wednesday, April 10th. The number of shares owned by shareholders will be adjusted after the closing bell on Wednesday, April 10th.

TRACON Pharmaceuticals Price Performance

NASDAQ TCON traded down $0.06 during mid-day trading on Monday, reaching $0.19. The stock had a trading volume of 6,872,304 shares, compared to its average volume of 3,281,986. TRACON Pharmaceuticals has a 1 year low of $0.13 and a 1 year high of $2.14. The stock has a market cap of $8.74 million, a PE ratio of -0.98 and a beta of 0.94. The company has a fifty day moving average price of $0.27 and a 200 day moving average price of $0.21.

TRACON Pharmaceuticals (NASDAQ:TCON) last posted its earnings results on Tuesday, March 5th. The biopharmaceutical company reported $0.01 EPS for the quarter, topping analysts’ consensus estimates of ($0.03) by $0.04. The company had revenue of $3.41 million during the quarter, compared to the consensus estimate of $3.00 million. As a group, equities research analysts expect that TRACON Pharmaceuticals will post -0.2 earnings per share for the current year.

Analysts Set New Price Targets

TCON has been the subject of a number of research analyst reports. HC Wainwright cut their target price on shares of TRACON Pharmaceuticals from $6.00 to $3.00 and set a “buy” rating for the company in a research report on Wednesday, April 3rd. StockNews.com initiated coverage on shares of TRACON Pharmaceuticals in a research report on Monday. They issued a “strong-buy” rating for the company.

Institutional Investors Weigh In On TRACON Pharmaceuticals

A number of hedge funds have recently modified their holdings of the business. Susquehanna International Group LLP bought a new stake in shares of TRACON Pharmaceuticals during the 1st quarter valued at $79,000. Jane Street Group LLC bought a new stake in shares of TRACON Pharmaceuticals during the 1st quarter valued at $32,000. Renaissance Technologies LLC grew its position in shares of TRACON Pharmaceuticals by 24.8% during the 1st quarter. Renaissance Technologies LLC now owns 168,600 shares of the biopharmaceutical company’s stock valued at $319,000 after acquiring an additional 33,551 shares during the period. Charles Schwab Investment Management Inc. bought a new stake in shares of TRACON Pharmaceuticals during the 1st quarter valued at $43,000. Finally, CI Private Wealth LLC bought a new stake in shares of TRACON Pharmaceuticals during the 4th quarter valued at $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.