$7.60 Million in Sales Expected for TRACON Pharmaceuticals, Inc. (TCON) This Quarter
Equities research analysts expect TRACON Pharmaceuticals, Inc. (NASDAQ:TCON) to post $7.60 million in sales for the current quarter, Zacks reports. Two analysts have issued estimates for TRACON Pharmaceuticals’ earnings, with the lowest sales estimate coming in at $7.55 million and the highest estimate coming in at $7.64 million. TRACON Pharmaceuticals reported sales of $820,000.00 in the same quarter last year, which would suggest a positive year-over-year growth rate of 826.8%. The business is expected to announce its next earnings report on Tuesday, November 14th.
On average, analysts expect that TRACON Pharmaceuticals will report full-year sales of $7.60 million for the current fiscal year, with estimates ranging from $5.00 million to $9.72 million. For the next year, analysts anticipate that the business will post sales of $26.90 million per share, with estimates ranging from $2.69 million to $45.00 million. Zacks’ sales averages are an average based on a survey of sell-side analysts that that provide coverage for TRACON Pharmaceuticals.
TRACON Pharmaceuticals (NASDAQ:TCON) last released its quarterly earnings results on Tuesday, August 8th. The biopharmaceutical company reported ($0.40) EPS for the quarter, topping the Zacks’ consensus estimate of ($0.52) by $0.12. The business had revenue of $0.63 million for the quarter, compared to analyst estimates of $0.81 million. TRACON Pharmaceuticals had a negative return on equity of 119.93% and a negative net margin of 963.11%.
TCON has been the subject of a number of analyst reports. Zacks Investment Research downgraded shares of TRACON Pharmaceuticals from a “hold” rating to a “sell” rating in a research report on Thursday, July 13th. Stifel Nicolaus dropped their price target on shares of TRACON Pharmaceuticals from $14.00 to $6.00 and set a “buy” rating for the company in a research report on Tuesday, June 13th.
Shares of TRACON Pharmaceuticals (NASDAQ:TCON) opened at 3.40 on Thursday. The company’s 50-day moving average price is $3.35 and its 200-day moving average price is $3.81. TRACON Pharmaceuticals has a 52-week low of $3.35 and a 52-week high of $7.10. The company’s market capitalization is $56.63 million.
A number of institutional investors and hedge funds have recently made changes to their positions in TCON. Eventide Asset Management LLC raised its position in TRACON Pharmaceuticals by 4.0% during the first quarter. Eventide Asset Management LLC now owns 900,000 shares of the biopharmaceutical company’s stock valued at $3,375,000 after purchasing an additional 34,474 shares in the last quarter. Renaissance Technologies LLC raised its position in TRACON Pharmaceuticals by 56.8% during the first quarter. Renaissance Technologies LLC now owns 63,200 shares of the biopharmaceutical company’s stock valued at $237,000 after purchasing an additional 22,900 shares in the last quarter. Finally, Stifel Financial Corp raised its position in TRACON Pharmaceuticals by 1.5% during the first quarter. Stifel Financial Corp now owns 30,200 shares of the biopharmaceutical company’s stock valued at $113,000 after purchasing an additional 450 shares in the last quarter. Institutional investors and hedge funds own 31.65% of the company’s stock.
About TRACON Pharmaceuticals
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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