Stock analysts at StockNews.com began coverage on shares of TRACON Pharmaceuticals (NASDAQ:TCON – Get Free Report) in a note issued to investors on Tuesday. The brokerage set a “hold” rating on the biopharmaceutical company’s stock.
A number of other equities analysts also recently issued reports on the company. Maxim Group lowered their price target on TRACON Pharmaceuticals from $8.00 to $3.00 in a report on Thursday, May 11th. Robert W. Baird lowered their price target on TRACON Pharmaceuticals from $8.00 to $7.00 in a report on Thursday, May 11th.
TRACON Pharmaceuticals Stock Performance
TCON stock opened at $0.29 on Tuesday. The company’s 50 day moving average price is $0.50 and its 200 day moving average price is $1.21. TRACON Pharmaceuticals has a fifty-two week low of $0.27 and a fifty-two week high of $2.32. The firm has a market capitalization of $7.18 million, a price-to-earnings ratio of -0.23 and a beta of 1.19.
Institutional Investors Weigh In On TRACON Pharmaceuticals
Several large investors have recently modified their holdings of TCON. Bank of New York Mellon Corp boosted its holdings 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 acquiring an additional 57,174 shares during the period. Jane Street Group LLC acquired a new stake in shares of TRACON Pharmaceuticals during the first quarter worth $27,000. Renaissance Technologies LLC lifted its holdings in shares of TRACON Pharmaceuticals by 80.1% during the second quarter. Renaissance Technologies LLC now owns 52,600 shares of the biopharmaceutical company’s stock worth $105,000 after purchasing an additional 23,400 shares during the period. Millennium Management LLC acquired a new stake in shares of TRACON Pharmaceuticals during the second quarter worth $150,000. Finally, Opaleye Management Inc. lifted its holdings in shares of TRACON Pharmaceuticals by 9.5% during the fourth quarter. Opaleye Management Inc. now owns 4,590,000 shares of the biopharmaceutical company’s stock worth $6,839,000 after purchasing an additional 400,000 shares during the period. 49.80% of the stock is owned by institutional investors and hedge funds.
About TRACON Pharmaceuticals
TRACON Pharmaceuticals, Inc, a biopharmaceutical company, focuses on the development and commercialization of therapeutics for cancer in the United States. Its clinical stage products include envafolimab (KN035), a PD-L1 single-domain antibody for the treatment of soft tissue sarcoma; and YH001, an investigational humanized CTLA-4 IgG1 monoclonal antibody for the treatment of various cancer indications.
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