TRACON Pharmaceuticals, Inc. (NASDAQ:TCON) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued on Wednesday.

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. “

Separately, Stifel Nicolaus reduced their target price on TRACON Pharmaceuticals from $14.00 to $6.00 and set a “buy” rating on the stock in a report on Tuesday, June 13th.

Shares of TRACON Pharmaceuticals (NASDAQ:TCON) traded down 5.71% on Wednesday, hitting $3.30. 98,348 shares of the stock traded hands. The stock has a 50 day moving average of $3.50 and a 200-day moving average of $3.50. TRACON Pharmaceuticals has a 1-year low of $2.00 and a 1-year high of $7.30. The stock’s market cap is $54.96 million.

TRACON Pharmaceuticals (NASDAQ:TCON) last announced its earnings results on Tuesday, August 8th. The biopharmaceutical company reported ($0.40) EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.52) by $0.12. TRACON Pharmaceuticals had a negative return on equity of 119.93% and a negative net margin of 963.11%. The business had revenue of $0.63 million for the quarter, compared to analysts’ expectations of $0.81 million. On average, equities research analysts expect that TRACON Pharmaceuticals will post ($1.57) EPS for the current year.

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A number of hedge funds have recently made changes to their positions in TCON. Stifel Financial Corp boosted its holdings in TRACON Pharmaceuticals by 1.5% in the first quarter. Stifel Financial Corp now owns 30,200 shares of the biopharmaceutical company’s stock valued at $113,000 after acquiring an additional 450 shares during the last quarter. Renaissance Technologies LLC boosted its holdings in shares of TRACON Pharmaceuticals by 181.8% during the 4th quarter. Renaissance Technologies LLC now owns 40,300 shares of the biopharmaceutical company’s stock worth $197,000 after buying an additional 26,000 shares in the last quarter. ClariVest Asset Management LLC boosted its holdings in shares of TRACON Pharmaceuticals by 56.9% during the 2nd quarter. ClariVest Asset Management LLC now owns 56,500 shares of the biopharmaceutical company’s stock worth $247,000 after buying an additional 20,500 shares in the last quarter. Alyeska Investment Group L.P. bought a new position in shares of TRACON Pharmaceuticals during the 4th quarter worth approximately $490,000. Finally, Perceptive Advisors LLC bought a new position in shares of TRACON Pharmaceuticals during the 4th quarter worth approximately $490,000. Institutional investors and hedge funds own 31.65% of the company’s stock.

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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