Short Interest in TRACON Pharmaceuticals, Inc. (NASDAQ:TCON) Rises By 323.4%

TRACON Pharmaceuticals, Inc. (NASDAQ:TCON) was the recipient of a significant increase in short interest in the month of March. As of March 15th, there was short interest totalling 1,900,000 shares, an increase of 323.4% from the February 29th total of 448,700 shares. Based on an average daily trading volume, of 2,900,000 shares, the days-to-cover ratio is currently 0.7 days.

Wall Street Analyst Weigh In

TCON has been the topic of several research reports. HC Wainwright reduced their price objective on TRACON Pharmaceuticals from $7.00 to $6.00 and set a “buy” rating on the stock in a report on Wednesday, March 6th. StockNews.com initiated coverage on TRACON Pharmaceuticals in a research report on Saturday, March 23rd. They set a “strong-buy” rating for the company.

TRACON Pharmaceuticals Stock Up 1.4 %

Shares of TRACON Pharmaceuticals stock traded up $0.01 on Thursday, hitting $0.42. 518,295 shares of the company were exchanged, compared to its average volume of 2,951,699. The stock has a market capitalization of $18.93 million, a price-to-earnings ratio of -1.58 and a beta of 0.80. The company has a 50-day moving average price of $0.25 and a 200 day moving average price of $0.21. TRACON Pharmaceuticals has a 1-year low of $0.13 and a 1-year high of $2.19.

TRACON Pharmaceuticals (NASDAQ:TCON) last released its quarterly earnings data on Tuesday, March 5th. The biopharmaceutical company reported $0.01 EPS for the quarter, beating analysts’ consensus estimates of ($0.03) by $0.04. The business had revenue of $3.41 million during the quarter, compared to analyst estimates of $3.00 million. Research analysts forecast that TRACON Pharmaceuticals will post -0.2 EPS for the current year.

Institutional Trading of TRACON Pharmaceuticals

Large investors have recently modified their holdings of the stock. Bank of New York Mellon Corp increased its position in shares of TRACON Pharmaceuticals by 67.2% during 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 period. Renaissance Technologies LLC raised its stake in TRACON Pharmaceuticals by 24.8% in the first quarter. Renaissance Technologies LLC now owns 168,600 shares of the biopharmaceutical company’s stock valued at $319,000 after buying an additional 33,551 shares in the last quarter. Millennium Management LLC acquired a new stake in TRACON Pharmaceuticals in the second quarter valued at $150,000. CI Private Wealth LLC acquired a new stake in TRACON Pharmaceuticals in the fourth quarter valued at $86,000. Finally, Susquehanna International Group LLP acquired a new stake in TRACON Pharmaceuticals in the first quarter valued at $79,000. Hedge funds and other institutional investors own 11.61% of the company’s stock.

TRACON Pharmaceuticals Company Profile

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.