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

Stock analysts at StockNews.com initiated coverage on shares of TRACON Pharmaceuticals (NASDAQ:TCON) in a research note issued on Tuesday. The firm set 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 Stock Performance

NASDAQ:TCON opened at $2.29 on Tuesday. TRACON Pharmaceuticals has a one year low of $1.59 and a one year high of $41.00. The firm has a market cap of $5.22 million, a price-to-earnings ratio of -0.44 and a beta of 0.95. The firm’s fifty day moving average is $5.24 and its two-hundred day moving average is $4.14.

TRACON Pharmaceuticals (NASDAQ:TCON) last posted its quarterly 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 business had revenue of $3.41 million during the quarter, compared to analysts’ expectations of $3.00 million. As a group, equities research analysts predict that TRACON Pharmaceuticals will post -4 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the company. Millennium Management LLC acquired a new position in shares of TRACON Pharmaceuticals during the 2nd quarter worth about $150,000. Renaissance Technologies LLC raised its position in shares of TRACON Pharmaceuticals by 98.9% during the 4th quarter. Renaissance Technologies LLC now owns 135,049 shares of the biopharmaceutical company’s stock worth $201,000 after purchasing an additional 67,149 shares during the last quarter. CI Private Wealth LLC acquired a new position in shares of TRACON Pharmaceuticals during the 4th quarter worth about $86,000. Bank of New York Mellon Corp raised its position in shares of TRACON Pharmaceuticals by 67.2% during the 1st quarter. Bank of New York Mellon Corp now owns 142,253 shares of the biopharmaceutical company’s stock worth $374,000 after purchasing an additional 57,174 shares during the last quarter. Finally, Virtu Financial LLC acquired a new position in shares of TRACON Pharmaceuticals during the 4th quarter worth about $67,000. Institutional investors and hedge funds 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.