Investment analysts at StockNews.com started coverage on shares of TRACON Pharmaceuticals (NASDAQ:TCON – Get Free Report) in a research report issued to clients and investors on Sunday. The firm set a “hold” rating on the biopharmaceutical company’s stock.
Several other analysts have also recently weighed in on TCON. Maxim Group cut their price objective on TRACON Pharmaceuticals from $8.00 to $3.00 in a research report on Thursday, May 11th. Jonestrading reiterated a “hold” rating on shares of TRACON Pharmaceuticals in a report on Monday, August 21st. Finally, Robert W. Baird lowered their target price on shares of TRACON Pharmaceuticals from $7.00 to $3.00 and set an “outperform” rating for the company in a report on Tuesday, August 15th.
View Our Latest Stock Analysis on TCON
TRACON Pharmaceuticals Price Performance
TRACON Pharmaceuticals (NASDAQ:TCON – Get Free Report) last posted its quarterly earnings data on Monday, August 14th. The biopharmaceutical company reported ($0.06) earnings per share for the quarter, beating the consensus estimate of ($0.36) by $0.30. The firm had revenue of $9.00 million for the quarter. As a group, equities research analysts anticipate that TRACON Pharmaceuticals will post -0.56 earnings per share for the current year.
Institutional Investors Weigh In On TRACON Pharmaceuticals
Several hedge funds and other institutional investors have recently added to or reduced their stakes in TCON. Bank of New York Mellon Corp boosted its stake in TRACON Pharmaceuticals by 67.2% in the 1st quarter. Bank of New York Mellon Corp now owns 142,253 shares of the biopharmaceutical company’s stock worth $374,000 after purchasing an additional 57,174 shares during the period. Renaissance Technologies LLC grew its stake in TRACON Pharmaceuticals by 24.8% during the first quarter. Renaissance Technologies LLC now owns 168,600 shares of the biopharmaceutical company’s stock valued at $319,000 after acquiring an additional 33,551 shares in the last quarter. Millennium Management LLC purchased a new position in TRACON Pharmaceuticals during the second quarter valued at $150,000. CI Private Wealth LLC purchased a new position in TRACON Pharmaceuticals during the fourth quarter valued at $86,000. Finally, Susquehanna International Group LLP purchased a new position in TRACON Pharmaceuticals during the first quarter valued at $79,000. 49.80% of the stock is owned by hedge funds and other institutional investors.
TRACON Pharmaceuticals Company Profile
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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