HC Wainwright Reaffirms “Buy” Rating for TRACON Pharmaceuticals (NASDAQ:TCON)

HC Wainwright reiterated their buy rating on shares of TRACON Pharmaceuticals (NASDAQ:TCON) in a report published on Thursday, AnalystRatings.com reports. They currently have a $2.00 price objective on the biopharmaceutical company’s stock.

Separately, Zacks Investment Research upgraded shares of TRACON Pharmaceuticals from a sell rating to a hold rating in a research note on Friday, October 4th.

Shares of TCON stock traded up $3.46 during trading hours on Thursday, reaching $3.85. 50,900 shares of the stock traded hands, compared to its average volume of 30,481. The company has a quick ratio of 1.93, a current ratio of 1.93 and a debt-to-equity ratio of 0.45. The business has a fifty day moving average price of $0.46 and a 200 day moving average price of $0.56. The firm has a market capitalization of $14.09 million, a PE ratio of -2.96 and a beta of 2.28. TRACON Pharmaceuticals has a 1-year low of $2.78 and a 1-year high of $17.30.

TRACON Pharmaceuticals (NASDAQ:TCON) last posted its quarterly earnings data on Tuesday, November 5th. The biopharmaceutical company reported ($0.17) earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.20) by $0.03. Research analysts expect that TRACON Pharmaceuticals will post -0.85 earnings per share for the current fiscal year.

Large investors have recently added to or reduced their stakes in the stock. Susquehanna International Group LLP acquired a new position in TRACON Pharmaceuticals during the 2nd quarter valued at $26,000. Wedbush Securities Inc. acquired a new position in TRACON Pharmaceuticals during the 2nd quarter valued at $32,000. Finally, Renaissance Technologies LLC raised its stake in TRACON Pharmaceuticals by 17.5% during the 2nd quarter. Renaissance Technologies LLC now owns 1,209,203 shares of the biopharmaceutical company’s stock valued at $822,000 after purchasing an additional 179,718 shares during the last quarter. Hedge funds and other institutional investors own 54.72% of the company’s stock.

TRACON Pharmaceuticals Company Profile

TRACON Pharmaceuticals, Inc, a biopharmaceutical company, focuses on the development and commercialization of therapeutics for cancer and wet age-related macular degeneration (AMD). Its lead product candidate is TRC105, an endoglin antibody, which is in randomized Phase III clinical trial for angiosarcoma; Phase I/II clinical trial for hepatocellular carcinoma; Phase I clinical trial for lung cancer; Phase I/II clinical trial for breast cancer; Phase II clinical trials for prostate cancer; and randomized Phase II clinical trial for wet AMD.

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