Brokerages Expect TRACON Pharmaceuticals, Inc. (TCON) Will Announce Quarterly Sales of $7.60 Million
Equities research analysts forecast that TRACON Pharmaceuticals, Inc. (NASDAQ:TCON) will post sales of $7.60 million for the current fiscal quarter, according to Zacks. Two analysts have issued estimates for TRACON Pharmaceuticals’ earnings, with the lowest sales estimate coming in at $7.55 million and the highest estimate coming in at $7.64 million. TRACON Pharmaceuticals reported sales of $820,000.00 in the same quarter last year, which indicates a positive year-over-year growth rate of 826.8%. The business is scheduled to issue its next earnings report on Tuesday, November 14th.
On average, analysts expect that TRACON Pharmaceuticals will report full year sales of $7.60 million for the current year, with estimates ranging from $5.00 million to $9.72 million. For the next financial year, analysts anticipate that the firm will post sales of $26.90 million per share, with estimates ranging from $2.69 million to $45.00 million. Zacks Investment Research’s sales averages are a mean average based on a survey of research firms that that provide coverage for TRACON Pharmaceuticals.
TRACON Pharmaceuticals (NASDAQ:TCON) last posted its quarterly earnings data on Tuesday, August 8th. The biopharmaceutical company reported ($0.40) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.52) by $0.12. The firm had revenue of $0.63 million for the quarter, compared to the consensus estimate of $0.81 million. TRACON Pharmaceuticals had a negative return on equity of 119.93% and a negative net margin of 963.11%.
TCON has been the topic of a number of research reports. Zacks Investment Research raised shares of TRACON Pharmaceuticals from a “sell” rating to a “hold” rating and set a $2.50 target price on the stock in a research note on Saturday, August 12th. Stifel Nicolaus dropped their price target on TRACON Pharmaceuticals from $14.00 to $6.00 and set a “buy” rating for the company in a research note on Tuesday, June 13th.
Shares of TRACON Pharmaceuticals (TCON) opened at 3.45 on Tuesday. The stock has a 50 day moving average price of $3.45 and a 200 day moving average price of $3.45. The firm’s market capitalization is $57.46 million. TRACON Pharmaceuticals has a 1-year low of $3.15 and a 1-year high of $7.10.
A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Stifel Financial Corp boosted its position in TRACON Pharmaceuticals by 1.5% during the 1st quarter. Stifel Financial Corp now owns 30,200 shares of the biopharmaceutical company’s stock worth $113,000 after buying an additional 450 shares during the period. Eventide Asset Management LLC grew its holdings in TRACON Pharmaceuticals by 4.0% during the 1st quarter. Eventide Asset Management LLC now owns 900,000 shares of the biopharmaceutical company’s stock worth $3,375,000 after acquiring an additional 34,474 shares during the last quarter. Finally, Renaissance Technologies LLC grew its holdings in TRACON Pharmaceuticals by 56.8% during the 1st quarter. Renaissance Technologies LLC now owns 63,200 shares of the biopharmaceutical company’s stock worth $237,000 after acquiring an additional 22,900 shares during the last quarter. Institutional investors and hedge funds own 31.65% of the company’s stock.
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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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