Tracon Pharmaceuticals Inc. (TCON) Receives “Buy” Rating from Stifel Nicolaus
Stifel Nicolaus reaffirmed their buy rating on shares of Tracon Pharmaceuticals Inc. (NASDAQ:TCON) in a report published on Wednesday. The firm currently has a $14.00 price target on the biopharmaceutical company’s stock.
Separately, BTIG Research assumed coverage on Tracon Pharmaceuticals in a research report on Friday, August 19th. They set a buy rating and a $15.00 price target on the stock. One analyst has rated the stock with a sell rating and four have issued a buy rating to the company. Tracon Pharmaceuticals presently has an average rating of Buy and an average target price of $18.33.
Shares of Tracon Pharmaceuticals (NASDAQ:TCON) traded up 0.23% during trading on Wednesday, reaching $6.68. 3,154 shares of the company traded hands. The company’s market capitalization is $81.52 million. The stock’s 50 day moving average is $6.18 and its 200 day moving average is $6.19. Tracon Pharmaceuticals has a 1-year low of $4.00 and a 1-year high of $12.50.
Tracon Pharmaceuticals (NASDAQ:TCON) last released its quarterly earnings results on Wednesday, August 10th. The biopharmaceutical company reported ($0.68) EPS for the quarter, missing the consensus estimate of ($0.62) by $0.06. Tracon Pharmaceuticals had a negative return on equity of 111.98% and a negative net margin of 703.77%. On average, analysts forecast that Tracon Pharmaceuticals will post ($2.50) EPS for the current year.
A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Stifel Financial Corp acquired a new position in shares of Tracon Pharmaceuticals during the second quarter worth $144,000. Vanguard Group Inc. raised its position in shares of Tracon Pharmaceuticals by 1.7% in the second quarter. Vanguard Group Inc. now owns 190,600 shares of the biopharmaceutical company’s stock worth $835,000 after buying an additional 3,118 shares in the last quarter. Finally, ClariVest Asset Management LLC raised its position in shares of Tracon Pharmaceuticals by 56.9% in the second quarter. ClariVest Asset Management LLC now owns 56,500 shares of the biopharmaceutical company’s stock worth $247,000 after buying an additional 20,500 shares in the last quarter. 30.98% of the stock is currently 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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