TRACON Pharmaceuticals (NASDAQ:TCON) Stock Price Passes Above Fifty Day Moving Average of $3.91

Shares of TRACON Pharmaceuticals, Inc. (NASDAQ:TCON) passed above its fifty day moving average during trading on Tuesday . The stock has a fifty day moving average of $3.91 and traded as high as $3.95. TRACON Pharmaceuticals shares last traded at $3.89, with a volume of 180,106 shares changing hands.

A number of analysts have weighed in on the company. HC Wainwright reaffirmed a “buy” rating on shares of TRACON Pharmaceuticals in a research report on Thursday, August 12th. Alliance Global Partners began coverage on shares of TRACON Pharmaceuticals in a research report on Friday, June 4th. They issued a “buy” rating and a $13.00 price objective on the stock. One research analyst has rated the stock with a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat.com, TRACON Pharmaceuticals currently has a consensus rating of “Buy” and a consensus price target of $14.80.

The stock has a market cap of $75.58 million, a price-to-earnings ratio of -2.43 and a beta of 1.88. The company’s 50 day moving average is $3.91 and its 200 day moving average is $6.06.

TRACON Pharmaceuticals (NASDAQ:TCON) last posted its earnings results on Wednesday, August 11th. The biopharmaceutical company reported ($0.58) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.34) by ($0.24). Research analysts predict that TRACON Pharmaceuticals, Inc. will post -1.53 EPS for the current year.

In other TRACON Pharmaceuticals news, Director Saundra L. Pelletier bought 6,545 shares of the business’s stock in a transaction on Monday, July 26th. The stock was bought at an average price of $3.82 per share, for a total transaction of $25,001.90. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 23.30% of the company’s stock.

Institutional investors have recently bought and sold shares of the stock. Vigilare Wealth Management raised its stake in TRACON Pharmaceuticals by 21.4% in the 2nd quarter. Vigilare Wealth Management now owns 17,000 shares of the biopharmaceutical company’s stock valued at $110,000 after purchasing an additional 3,000 shares during the last quarter. Wells Fargo & Company MN lifted its stake in shares of TRACON Pharmaceuticals by 74.4% during the second quarter. Wells Fargo & Company MN now owns 8,759 shares of the biopharmaceutical company’s stock valued at $57,000 after buying an additional 3,737 shares during the period. CSS LLC IL boosted its position in TRACON Pharmaceuticals by 71.3% during the first quarter. CSS LLC IL now owns 14,900 shares of the biopharmaceutical company’s stock worth $123,000 after acquiring an additional 6,200 shares during the last quarter. JPMorgan Chase & Co. grew its stake in TRACON Pharmaceuticals by 367.3% in the 2nd quarter. JPMorgan Chase & Co. now owns 8,972 shares of the biopharmaceutical company’s stock worth $58,000 after acquiring an additional 7,052 shares during the period. Finally, Price T Rowe Associates Inc. MD raised its holdings in TRACON Pharmaceuticals by 61.2% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 22,400 shares of the biopharmaceutical company’s stock valued at $184,000 after acquiring an additional 8,500 shares during the last quarter. Hedge funds and other institutional investors own 46.40% 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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