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 report released on Tuesday. The firm issued a strong-buy rating on the biopharmaceutical company’s stock.

Separately, HC Wainwright cut their price objective on 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

TCON opened at $1.96 on Tuesday. The company has a market cap of $4.46 million, a PE ratio of -0.38 and a beta of 0.95. The stock has a 50-day moving average of $5.17 and a 200-day moving average of $4.12. TRACON Pharmaceuticals has a 52-week low of $1.59 and a 52-week high of $36.80.

TRACON Pharmaceuticals (NASDAQ:TCON) last announced 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 company had revenue of $3.41 million for the quarter, compared to analyst estimates of $3.00 million. On average, research analysts predict that TRACON Pharmaceuticals will post -4 earnings per share for the current year.

Institutional Trading of TRACON Pharmaceuticals

A number of hedge funds have recently modified their holdings of the company. Jane Street Group LLC acquired a new position in shares of TRACON Pharmaceuticals in the first quarter valued at $27,000. Charles Schwab Investment Management Inc. acquired a new stake in shares of TRACON Pharmaceuticals during the 1st quarter valued at about $43,000. Virtu Financial LLC bought a new stake in TRACON Pharmaceuticals in the fourth quarter valued at about $67,000. Susquehanna International Group LLP bought a new position in TRACON Pharmaceuticals during the first quarter worth about $79,000. Finally, CI Private Wealth LLC acquired a new stake in TRACON Pharmaceuticals during the fourth quarter valued at approximately $86,000. Institutional investors own 11.61% of the company’s stock.

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.