Zacks Investment Research upgraded shares of TRACON Pharmaceuticals (NASDAQ:TCON) from a hold rating to a buy rating in a report published on Tuesday, August 14th. Zacks Investment Research currently has $2.50 price target on the biopharmaceutical company’s stock.
According to Zacks, “TRACON Pharmaceuticals, Inc. is a biopharmaceutical company. The company’s product candidate includes TRC105, TRC205 and TRC102 which are in different clinical stage for cancer, age-related macular degeneration and fibrotic diseases. TRACON Pharmaceuticals, Inc. is headquartered in San Diego, California. “
TCON has been the subject of a number of other research reports. Needham & Company LLC lowered their price objective on shares of TRACON Pharmaceuticals to $8.00 and set a buy rating for the company in a research report on Thursday, May 10th. ValuEngine raised shares of TRACON Pharmaceuticals from a strong sell rating to a sell rating in a research report on Wednesday, May 2nd.
Shares of TCON traded up $0.05 during midday trading on Tuesday, hitting $2.15. The company had a trading volume of 64,642 shares, compared to its average volume of 107,393. The company has a market capitalization of $64.16 million, a P/E ratio of -1.89 and a beta of 1.87. TRACON Pharmaceuticals has a 52 week low of $1.90 and a 52 week high of $3.95. The company has a debt-to-equity ratio of 0.17, a quick ratio of 4.84 and a current ratio of 4.84.
TRACON Pharmaceuticals (NASDAQ:TCON) last released its earnings results on Wednesday, August 8th. The biopharmaceutical company reported ($0.33) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.31) by ($0.02). sell-side analysts expect that TRACON Pharmaceuticals will post -1.23 earnings per share for the current fiscal year.
Several large investors have recently made changes to their positions in the stock. Dimensional Fund Advisors LP grew its position in shares of TRACON Pharmaceuticals by 368.8% during the 2nd quarter. Dimensional Fund Advisors LP now owns 76,999 shares of the biopharmaceutical company’s stock valued at $208,000 after buying an additional 60,574 shares during the last quarter. Alambic Investment Management L.P. bought a new stake in shares of TRACON Pharmaceuticals during the 1st quarter valued at about $213,000. Renaissance Technologies LLC boosted its stake in TRACON Pharmaceuticals by 73.0% during the 4th quarter. Renaissance Technologies LLC now owns 264,700 shares of the biopharmaceutical company’s stock valued at $887,000 after purchasing an additional 111,700 shares during the period. Finally, NEA Management Company LLC boosted its stake in TRACON Pharmaceuticals by 25.7% during the 1st quarter. NEA Management Company LLC now owns 3,467,181 shares of the biopharmaceutical company’s stock valued at $7,975,000 after purchasing an additional 707,964 shares during the period. 56.40% of the stock is owned by institutional investors and hedge funds.
TRACON Pharmaceuticals Company Profile
TRACON Pharmaceuticals, Inc, a clinical stage biopharmaceutical company, focuses on the development and commercialization of therapeutics for cancer, wet age-related macular degeneration (AMD), and fibrotic diseases. Its lead product candidate is TRC105, an endoglin antibody, which is in Phase III clinical trials for angiosarcoma; randomized Phase II clinical trials for renal cell carcinoma; Phase II clinical trials for gestational trophoblastic neoplasia; Phase I/II clinical trials for hepatocellular carcinoma; Phase I clinical trial for lung cancer; Phase I/II clinical trials for breast cancer; Phase II clinical trials for prostate cancer; and randomized Phase II clinical trials for wet AMD.
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