TRACON Pharmaceuticals, Inc. (TCON) Stock Rating Upgraded by Zacks Investment Research

TRACON Pharmaceuticals, Inc. (NASDAQ:TCON) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a report issued on Saturday.

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, Stifel Nicolaus cut their price target on TRACON Pharmaceuticals from $14.00 to $6.00 and set a “buy” rating for the company in a report on Tuesday, June 13th. Two investment analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. The company has an average rating of “Buy” and an average price target of $8.88.

TRACON Pharmaceuticals (NASDAQ TCON) opened at 2.25 on Friday. TRACON Pharmaceuticals has a one year low of $2.00 and a one year high of $7.30. The stock’s market cap is $37.37 million. The stock has a 50 day moving average price of $2.25 and a 200-day moving average price of $3.30.

TRACON Pharmaceuticals (NASDAQ:TCON) last posted its quarterly earnings results on Tuesday, August 8th. The biopharmaceutical company reported ($0.40) EPS for the quarter, beating the consensus estimate of ($0.52) by $0.12. TRACON Pharmaceuticals had a negative return on equity of 119.93% and a negative net margin of 963.11%. The firm had revenue of $0.63 million during the quarter, compared to analysts’ expectations of $0.81 million. Equities research analysts expect that TRACON Pharmaceuticals will post ($1.80) earnings per share for the current fiscal year.

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Large investors have recently bought and sold shares of the stock. Eventide Asset Management LLC boosted its stake in TRACON Pharmaceuticals by 4.0% in the first quarter. Eventide Asset Management LLC now owns 900,000 shares of the biopharmaceutical company’s stock valued at $3,375,000 after buying an additional 34,474 shares in the last quarter. Renaissance Technologies LLC boosted its stake in TRACON Pharmaceuticals by 56.8% in the first quarter. Renaissance Technologies LLC now owns 63,200 shares of the biopharmaceutical company’s stock valued at $237,000 after buying an additional 22,900 shares in the last quarter. Finally, Stifel Financial Corp boosted its stake in TRACON Pharmaceuticals by 1.5% in the first quarter. Stifel Financial Corp now owns 30,200 shares of the biopharmaceutical company’s stock valued at $113,000 after buying an additional 450 shares in the last quarter. 33.22% of the stock is owned by hedge funds and other institutional investors.

About TRACON Pharmaceuticals

TRACON Pharmaceuticals, Inc is a clinical-stage biopharmaceutical company. The Company is focused on the development and commercialization of therapeutics for cancer, wet age-related macular degeneration (wet AMD) and fibrotic diseases. The Company’s research focuses on antibodies that bind to the endoglin receptor, which is essential to angiogenesis (the process of new blood vessel formation) and a contributor to fibrosis (tissue scarring).

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