TRACON Pharmaceuticals, Inc. (TCON) Raised to Buy at Zacks Investment Research
TRACON Pharmaceuticals, Inc. (NASDAQ:TCON) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Saturday. The firm currently has a $3.25 target price on the biopharmaceutical company’s stock. Zacks Investment Research‘s price objective points to a potential upside of 16.07% from the stock’s previous close.
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. “
TRACON Pharmaceuticals (TCON) opened at $2.80 on Friday. TRACON Pharmaceuticals has a 12 month low of $2.00 and a 12 month high of $7.30. The company has a debt-to-equity ratio of 0.24, a current ratio of 3.80 and a quick ratio of 3.57.
TRACON Pharmaceuticals (NASDAQ:TCON) last released its earnings results on Tuesday, November 7th. The biopharmaceutical company reported $0.07 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.25) by $0.32. The firm had revenue of $7.50 million during the quarter, compared to analyst estimates of $7.60 million. TRACON Pharmaceuticals had a negative return on equity of 83.43% and a negative net margin of 201.21%. analysts predict that TRACON Pharmaceuticals will post -1.21 EPS for the current fiscal year.
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An institutional investor recently raised its position in TRACON Pharmaceuticals stock. Renaissance Technologies LLC grew its position in shares of TRACON Pharmaceuticals, Inc. (NASDAQ:TCON) by 56.8% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 63,200 shares of the biopharmaceutical company’s stock after acquiring an additional 22,900 shares during the quarter. Renaissance Technologies LLC owned about 0.39% of TRACON Pharmaceuticals worth $237,000 at the end of the most recent quarter. 31.66% of the stock is currently owned by hedge funds and other institutional investors.
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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