TRACON Pharmaceuticals Stock Scheduled to Reverse Split on Wednesday, April 10th (NASDAQ:TCON)

TRACON Pharmaceuticals, Inc. (NASDAQ:TCON)’s stock is going to reverse split on Wednesday, April 10th. The 1-20 reverse split was announced on Wednesday, April 10th. The number of shares owned by shareholders will be adjusted after the market closes on Wednesday, April 10th.

TRACON Pharmaceuticals Price Performance

NASDAQ TCON traded down $0.06 on Monday, reaching $0.19. The company had a trading volume of 6,872,304 shares, compared to its average volume of 3,281,986. The firm has a market cap of $8.74 million, a price-to-earnings ratio of -0.98 and a beta of 0.94. TRACON Pharmaceuticals has a fifty-two week low of $0.13 and a fifty-two week high of $2.14. The business has a 50 day moving average of $0.27 and a two-hundred day moving average of $0.21.

TRACON Pharmaceuticals (NASDAQ:TCON) last posted its quarterly earnings data on Tuesday, March 5th. The biopharmaceutical company reported $0.01 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.03) by $0.04. The company had revenue of $3.41 million during the quarter, compared to analyst estimates of $3.00 million. As a group, research analysts predict that TRACON Pharmaceuticals will post -0.2 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on the stock. StockNews.com assumed coverage on shares of TRACON Pharmaceuticals in a research report on Monday. They set a “strong-buy” rating on the stock. HC Wainwright cut their price objective on shares of TRACON Pharmaceuticals from $6.00 to $3.00 and set a “buy” rating on the stock in a research report on Wednesday, April 3rd.

Institutional Investors Weigh In On TRACON Pharmaceuticals

Large investors have recently modified their holdings of the stock. Renaissance Technologies LLC boosted its holdings in TRACON Pharmaceuticals by 24.8% in the 1st quarter. Renaissance Technologies LLC now owns 168,600 shares of the biopharmaceutical company’s stock worth $319,000 after buying an additional 33,551 shares during the period. Bank of New York Mellon Corp boosted its holdings in TRACON Pharmaceuticals by 67.2% in the 1st quarter. Bank of New York Mellon Corp now owns 142,253 shares of the biopharmaceutical company’s stock worth $374,000 after buying an additional 57,174 shares during the period. Millennium Management LLC bought a new position in TRACON Pharmaceuticals in the 2nd quarter worth approximately $150,000. CI Private Wealth LLC bought a new position in TRACON Pharmaceuticals in the 4th quarter worth approximately $86,000. Finally, Virtu Financial LLC bought a new position in TRACON Pharmaceuticals in the 4th quarter valued at $67,000. Hedge funds and other institutional investors own 11.61% of the company’s stock.

About TRACON Pharmaceuticals

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.