Zacks Investment Research upgraded shares of TRACON Pharmaceuticals (NASDAQ:TCON) from a sell rating to a hold rating in a research note published on Tuesday morning, Zacks.com reports.

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, HC Wainwright began coverage on TRACON Pharmaceuticals in a report on Thursday, August 29th. They set a buy rating and a $2.00 target price on the stock.

Shares of NASDAQ:TCON opened at $0.47 on Tuesday. The company has a market cap of $14.25 million, a P/E ratio of -0.36 and a beta of 2.32. The company has a debt-to-equity ratio of 0.45, a quick ratio of 1.93 and a current ratio of 1.93. TRACON Pharmaceuticals has a one year low of $0.40 and a one year high of $2.25. The business’s 50-day simple moving average is $0.50 and its 200 day simple moving average is $0.76.

TRACON Pharmaceuticals (NASDAQ:TCON) last announced its earnings results on Wednesday, August 7th. The biopharmaceutical company reported ($0.21) EPS for the quarter, missing the consensus estimate of ($0.19) by ($0.02). Analysts predict that TRACON Pharmaceuticals will post -0.83 earnings per share for the current year.

Large investors have recently made changes to their positions in the stock. Susquehanna International Group LLP purchased a new stake in shares of TRACON Pharmaceuticals during the 2nd quarter valued at about $26,000. Wedbush Securities Inc. purchased a new stake in shares of TRACON Pharmaceuticals during the 2nd quarter valued at about $32,000. Nicolet Advisory Services LLC purchased a new stake in shares of TRACON Pharmaceuticals during the 1st quarter valued at about $49,000. Finally, Renaissance Technologies LLC raised its holdings in shares of TRACON Pharmaceuticals by 17.5% during the 2nd quarter. Renaissance Technologies LLC now owns 1,209,203 shares of the biopharmaceutical company’s stock valued at $822,000 after buying an additional 179,718 shares during the period. Institutional investors and hedge funds own 57.06% of the company’s stock.

About TRACON Pharmaceuticals

TRACON Pharmaceuticals, Inc, a biopharmaceutical company, focuses on the development and commercialization of therapeutics for cancer and wet age-related macular degeneration (AMD). Its lead product candidate is TRC105, an endoglin antibody, which is in randomized Phase III clinical trial for angiosarcoma; Phase I/II clinical trial for hepatocellular carcinoma; Phase I clinical trial for lung cancer; Phase I/II clinical trial for breast cancer; Phase II clinical trials for prostate cancer; and randomized Phase II clinical trial for wet AMD.

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