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

Equities researchers at StockNews.com assumed coverage on shares of TRACON Pharmaceuticals (NASDAQ:TCON) in a research report issued on Monday. The brokerage set a “strong-buy” rating on the biopharmaceutical company’s stock.

Separately, HC Wainwright lowered their price target on shares of TRACON Pharmaceuticals from $6.00 to $3.00 and set a “buy” rating on the stock in a report on Wednesday, April 3rd.

TRACON Pharmaceuticals Stock Performance

Shares of NASDAQ TCON opened at $0.26 on Monday. The company has a market cap of $11.62 million, a P/E ratio of -0.98 and a beta of 0.95. The firm’s fifty day moving average is $0.27 and its two-hundred day moving average is $0.21. TRACON Pharmaceuticals has a 52-week low of $0.13 and a 52-week high of $2.14.

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

Hedge Funds Weigh In On TRACON Pharmaceuticals

A number of large investors have recently added to or reduced their stakes in TCON. Millennium Management LLC acquired a new position in TRACON Pharmaceuticals during the second quarter worth $150,000. Renaissance Technologies LLC raised its position in shares of TRACON Pharmaceuticals by 98.9% in the fourth quarter. Renaissance Technologies LLC now owns 135,049 shares of the biopharmaceutical company’s stock valued at $201,000 after buying an additional 67,149 shares during the last quarter. CI Private Wealth LLC acquired a new stake in shares of TRACON Pharmaceuticals in the fourth quarter valued at about $86,000. Bank of New York Mellon Corp raised its position in shares of TRACON Pharmaceuticals by 67.2% in the first quarter. Bank of New York Mellon Corp now owns 142,253 shares of the biopharmaceutical company’s stock valued at $374,000 after buying an additional 57,174 shares during the last quarter. Finally, Virtu Financial LLC acquired a new stake in shares of TRACON Pharmaceuticals in the fourth quarter valued at about $67,000. 11.61% of the stock is currently owned by institutional investors and hedge funds.

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.