TRACON Pharmaceuticals (NASDAQ:TCON) Upgraded to Hold at Zacks Investment Research

Zacks Investment Research upgraded shares of TRACON Pharmaceuticals (NASDAQ:TCON) from a sell rating to a hold rating in a report published on Tuesday morning, Zacks.com reports.

According to Zacks, “TRACON Pharmaceuticals, Inc. is a biopharmaceutical company. The company’s product candidate includes TRC105, TRC205 and TRC102 which are in different clinical stage for cancer, age-related macular degeneration and fibrotic diseases. TRACON Pharmaceuticals, Inc. is headquartered in San Diego, California. “

Separately, HC Wainwright initiated coverage on TRACON Pharmaceuticals in a research report on Thursday, August 29th. They issued a buy rating and a $2.00 price target for the company.

Shares of TCON stock opened at $0.47 on Tuesday. TRACON Pharmaceuticals has a fifty-two week low of $0.40 and a fifty-two week high of $2.25. The stock has a market cap of $14.25 million, a P/E ratio of -0.36 and a beta of 2.32. The business has a fifty day simple moving average of $0.50 and a 200-day simple moving average of $0.76. The company has a quick ratio of 1.93, a current ratio of 1.93 and a debt-to-equity ratio of 0.45.

TRACON Pharmaceuticals (NASDAQ:TCON) last announced its quarterly earnings results on Wednesday, August 7th. The biopharmaceutical company reported ($0.21) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.19) by ($0.02). On average, sell-side analysts anticipate that TRACON Pharmaceuticals will post -0.83 earnings per share for the current year.

Hedge funds have recently made changes to their positions in the company. Susquehanna International Group LLP purchased a new position in shares of TRACON Pharmaceuticals in the second quarter valued at $26,000. Wedbush Securities Inc. purchased a new position in shares of TRACON Pharmaceuticals in the second quarter valued at $32,000. Nicolet Advisory Services LLC purchased a new position in shares of TRACON Pharmaceuticals in the first quarter valued at $49,000. Finally, Renaissance Technologies LLC increased its position in shares of TRACON Pharmaceuticals by 17.5% in the second quarter. Renaissance Technologies LLC now owns 1,209,203 shares of the biopharmaceutical company’s stock valued at $822,000 after buying an additional 179,718 shares in the last quarter. Institutional investors and hedge funds own 57.06% of the company’s stock.

About TRACON Pharmaceuticals

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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