TRACON Pharmaceuticals, Inc. (NASDAQ:TCON) crossed below its 50-day moving average during trading on Friday . The stock has a 50-day moving average of $2.77 and traded as low as $2.22. TRACON Pharmaceuticals shares last traded at $2.36, with a volume of 89,715 shares changing hands.
Separately, Zacks Investment Research raised TRACON Pharmaceuticals from a “sell” rating to a “hold” rating in a report on Friday, January 7th. One research analyst has rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Buy” and an average target price of $17.00.
The stock has a market capitalization of $45.89 million, a price-to-earnings ratio of -1.48 and a beta of 1.77. The company has a fifty day simple moving average of $2.77 and a two-hundred day simple moving average of $3.71.
In other TRACON Pharmaceuticals news, major shareholder Opaleye Management Inc. purchased 52,325 shares of the stock in a transaction dated Wednesday, December 29th. The stock was bought at an average price of $2.51 per share, with a total value of $131,335.75. The purchase was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders have bought a total of 293,506 shares of company stock valued at $752,144 in the last three months. 23.30% of the stock is owned by insiders.
A number of hedge funds have recently modified their holdings of the stock. Psagot Value Holdings Ltd. bought a new stake in TRACON Pharmaceuticals during the 3rd quarter worth $556,000. Altium Capital Management LP bought a new stake in TRACON Pharmaceuticals during the 3rd quarter worth $3,039,000. Two Sigma Advisers LP grew its position in TRACON Pharmaceuticals by 29.5% during the 3rd quarter. Two Sigma Advisers LP now owns 367,800 shares of the biopharmaceutical company’s stock worth $1,423,000 after acquiring an additional 83,700 shares during the last quarter. Two Sigma Investments LP grew its position in TRACON Pharmaceuticals by 27.9% during the 3rd quarter. Two Sigma Investments LP now owns 319,775 shares of the biopharmaceutical company’s stock worth $1,238,000 after acquiring an additional 69,716 shares during the last quarter. Finally, Telemetry Investments L.L.C. grew its position in TRACON Pharmaceuticals by 226.3% during the 3rd quarter. Telemetry Investments L.L.C. now owns 130,500 shares of the biopharmaceutical company’s stock worth $505,000 after acquiring an additional 90,500 shares during the last quarter. Institutional investors and hedge funds own 51.89% of the company’s stock.
TRACON Pharmaceuticals Company Profile (NASDAQ:TCON)
TRACON Pharmaceuticals, Inc engages in the development and commercialization of targeted therapies for cancer, ophthalmic, and fibrotic diseases. Its products include TRC105, an anti-endoglin antibody for the treatment of solid tumor types; TRC205 created for the treatment of fibrotic diseases; and TRC102, a small molecule that is in clinical development made for lung cancer and glioblastoma.
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