StockNews.com Initiates Coverage on TRACON Pharmaceuticals (NASDAQ:TCON)

Equities researchers at StockNews.com started coverage on shares of TRACON Pharmaceuticals (NASDAQ:TCONGet Free Report) in a report released on Sunday. The brokerage set a “hold” rating on the biopharmaceutical company’s stock.

Separately, HC Wainwright reiterated a “buy” rating and issued a $7.00 price objective on shares of TRACON Pharmaceuticals in a research report on Monday, November 20th.

Check Out Our Latest Research Report on TCON

TRACON Pharmaceuticals Stock Performance

Shares of TCON stock opened at $0.20 on Friday. TRACON Pharmaceuticals has a fifty-two week low of $0.13 and a fifty-two week high of $2.19. The stock has a 50 day moving average price of $0.18 and a two-hundred day moving average price of $0.20. The company has a market capitalization of $6.21 million, a P/E ratio of -0.34 and a beta of 0.85.

Hedge Funds Weigh In On TRACON Pharmaceuticals

Hedge funds and other institutional investors have recently made changes to their positions in the business. Millennium Management LLC bought a new position in TRACON Pharmaceuticals in the second quarter worth $150,000. Renaissance Technologies LLC raised its holdings in TRACON Pharmaceuticals by 98.9% in the fourth quarter. Renaissance Technologies LLC now owns 135,049 shares of the biopharmaceutical company’s stock worth $201,000 after purchasing an additional 67,149 shares in the last quarter. CI Private Wealth LLC purchased a new stake in shares of TRACON Pharmaceuticals in the fourth quarter worth $86,000. Bank of New York Mellon Corp grew its stake in shares of TRACON Pharmaceuticals by 67.2% in the first quarter. Bank of New York Mellon Corp now owns 142,253 shares of the biopharmaceutical company’s stock worth $374,000 after acquiring an additional 57,174 shares during the last quarter. Finally, Virtu Financial LLC purchased a new stake in shares of TRACON Pharmaceuticals in the fourth quarter worth $67,000. Institutional investors own 40.17% of the company’s stock.

TRACON Pharmaceuticals Company Profile

(Get Free Report)

TRACON Pharmaceuticals, Inc, a biopharmaceutical company, focuses on the development and commercialization of novel targeted therapeutics for cancer in the United States. Its clinical stage products include envafolimab (KN035), a PD-L1 single-domain antibody for the treatment of refractory soft tissue sarcoma; and YH001, an investigational humanized cytotoxic T-lymphocyte-associated protein 4 IgG1 monoclonal antibody that is in Phase I clinical trial for the treatment of various cancer indications.

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