Peter W. Sonsini Buys 869,565 Shares of Tracon Pharmaceuticals Inc. (TCON) Stock
Tracon Pharmaceuticals Inc. (NASDAQ:TCON) major shareholder Peter W. Sonsini bought 869,565 shares of the stock in a transaction that occurred on Tuesday, November 29th. The stock was purchased at an average price of $5.75 per share, for a total transaction of $4,999,998.75. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Major shareholders that own more than 10% of a company’s shares are required to disclose their sales and purchases with the SEC.
Shares of Tracon Pharmaceuticals Inc. (NASDAQ:TCON) opened at 5.75 on Thursday. Tracon Pharmaceuticals Inc. has a 52-week low of $4.00 and a 52-week high of $12.50. The firm’s market capitalization is $75.12 million. The firm has a 50-day moving average of $5.98 and a 200 day moving average of $5.85.
A number of hedge funds and other institutional investors have recently made changes to their positions in TCON. Stifel Financial Corp bought a new position in shares of Tracon Pharmaceuticals during the second quarter worth $144,000. 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 during the last quarter. Finally, 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 during the last quarter. 27.87% of the stock is currently owned by hedge funds and other institutional investors.
TCON has been the topic of a number of research analyst reports. BTIG Research initiated coverage on shares of Tracon Pharmaceuticals in a research note on Friday, August 19th. They issued a “buy” rating and a $15.00 target price on the stock. Stifel Nicolaus reiterated a “buy” rating and issued a $14.00 target price on shares of Tracon Pharmaceuticals in a research note on Wednesday, October 5th.
Tracon Pharmaceuticals Company Profile
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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