TRACON Pharmaceuticals, Inc. (NASDAQ:TCON) Receives Average Recommendation of “Buy” from Brokerages

Shares of TRACON Pharmaceuticals, Inc. (NASDAQ:TCON) have received a consensus recommendation of “Buy” from the six ratings firms that are currently covering the firm, Marketbeat Ratings reports. One research analyst has rated the stock with a hold recommendation and five have issued a buy recommendation on the company. The average twelve-month price target among brokers that have issued ratings on the stock in the last year is $17.00.

Separately, Zacks Investment Research raised shares of TRACON Pharmaceuticals from a “sell” rating to a “hold” rating in a research report on Friday, January 7th.

In other TRACON Pharmaceuticals news, major shareholder Opaleye Management Inc. acquired 22,733 shares of the company’s stock in a transaction on Monday, December 6th. The shares were bought at an average cost of $2.26 per share, for a total transaction of $51,376.58. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Over the last 90 days, insiders acquired 293,506 shares of company stock worth $752,144. 23.30% of the stock is currently owned by company insiders.

A number of hedge funds have recently added to or reduced their stakes in the stock. Wells Fargo & Company MN boosted its holdings in TRACON Pharmaceuticals by 74.4% during the second quarter. Wells Fargo & Company MN now owns 8,759 shares of the biopharmaceutical company’s stock worth $57,000 after buying an additional 3,737 shares in the last quarter. BlackRock Inc. boosted its holdings in TRACON Pharmaceuticals by 1.7% during the third quarter. BlackRock Inc. now owns 299,283 shares of the biopharmaceutical company’s stock worth $1,159,000 after buying an additional 5,055 shares in the last quarter. JPMorgan Chase & Co. boosted its holdings in TRACON Pharmaceuticals by 367.3% during the second quarter. JPMorgan Chase & Co. now owns 8,972 shares of the biopharmaceutical company’s stock worth $58,000 after buying an additional 7,052 shares in the last quarter. Geode Capital Management LLC boosted its holdings in TRACON Pharmaceuticals by 5.7% during the third quarter. Geode Capital Management LLC now owns 145,745 shares of the biopharmaceutical company’s stock worth $564,000 after buying an additional 7,923 shares in the last quarter. Finally, Goldman Sachs Group Inc. purchased a new stake in TRACON Pharmaceuticals during the third quarter worth about $42,000. 51.89% of the stock is currently owned by hedge funds and other institutional investors.

TRACON Pharmaceuticals stock opened at $2.36 on Friday. The stock has a market cap of $45.89 million, a P/E ratio of -1.48 and a beta of 1.77. The company has a fifty day simple moving average of $2.77 and a 200-day simple moving average of $3.71. TRACON Pharmaceuticals has a 12-month low of $2.18 and a 12-month high of $11.76.

TRACON Pharmaceuticals (NASDAQ:TCON) last released its quarterly earnings data on Wednesday, November 3rd. The biopharmaceutical company reported ($0.38) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.32) by ($0.06). During the same period last year, the firm earned ($0.38) EPS. On average, sell-side analysts expect that TRACON Pharmaceuticals will post -1.62 earnings per share for the current year.

TRACON Pharmaceuticals Company Profile

TRACON Pharmaceuticals, Inc engages in the development and commercialization of targeted therapies for cancer, ophthalmic, and fibrotic diseases. Its products include TRC105, an anti-endoglin antibody for the treatment of solid tumor types; TRC205 created for the treatment of fibrotic diseases; and TRC102, a small molecule that is in clinical development made for lung cancer and glioblastoma.

Further Reading: How does the Beige Book influence monetary policy?

Analyst Recommendations for TRACON Pharmaceuticals (NASDAQ:TCON)

Receive News & Ratings for TRACON Pharmaceuticals Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for TRACON Pharmaceuticals and related companies with MarketBeat.com's FREE daily email newsletter.