StockNews.com Begins Coverage on TRACON Pharmaceuticals (NASDAQ:TCON)

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

Separately, HC Wainwright decreased their target price on shares of TRACON Pharmaceuticals from $120.00 to $60.00 and set a buy rating on the stock in a research report on Wednesday, April 3rd.

TRACON Pharmaceuticals Price Performance

TCON stock opened at $2.11 on Tuesday. TRACON Pharmaceuticals has a 12 month low of $1.59 and a 12 month high of $36.90. The company’s 50 day simple moving average is $5.21 and its 200-day simple moving average is $4.12. The firm has a market capitalization of $4.81 million, a PE ratio of -0.41 and a beta of 0.95.

TRACON Pharmaceuticals (NASDAQ:TCON) last announced its earnings results on Tuesday, March 5th. The biopharmaceutical company reported $0.20 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.60) by $0.80. The firm had revenue of $3.41 million for the quarter, compared to analyst estimates of $3.00 million. As a group, sell-side analysts anticipate that TRACON Pharmaceuticals will post -4 earnings per share for the current year.

Hedge Funds Weigh In On TRACON Pharmaceuticals

Hedge funds have recently made changes to their positions in the stock. Susquehanna International Group LLP acquired a new position in shares of TRACON Pharmaceuticals in the 1st quarter valued at $79,000. Jane Street Group LLC acquired a new position in shares of TRACON Pharmaceuticals in the 1st quarter valued at $32,000. Renaissance Technologies LLC boosted its holdings in shares of TRACON Pharmaceuticals by 24.8% in the 1st quarter. Renaissance Technologies LLC now owns 168,600 shares of the biopharmaceutical company’s stock valued at $319,000 after purchasing an additional 33,551 shares during the last quarter. Charles Schwab Investment Management Inc. acquired a new position in shares of TRACON Pharmaceuticals in the 1st quarter valued at $43,000. Finally, CI Private Wealth LLC acquired a new position in shares of TRACON Pharmaceuticals in the 4th quarter valued at $86,000. Institutional investors and hedge funds 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.