TRACON Pharmaceuticals, Inc. (NASDAQ:TCON) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report issued on Saturday. The firm presently has a $3.25 target price on the biopharmaceutical company’s stock. Zacks Investment Research‘s target price indicates a potential upside of 16.07% from the company’s previous close.

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. “

Shares of TRACON Pharmaceuticals (TCON) opened at $2.80 on Friday. The company has a debt-to-equity ratio of 0.24, a quick ratio of 3.57 and a current ratio of 3.80. TRACON Pharmaceuticals has a 1-year low of $2.00 and a 1-year high of $7.30.

TRACON Pharmaceuticals (NASDAQ:TCON) last posted its quarterly earnings results on Tuesday, November 7th. The biopharmaceutical company reported $0.07 EPS for the quarter, beating the consensus estimate of ($0.25) by $0.32. The business had revenue of $7.50 million during the quarter, compared to analysts’ expectations of $7.60 million. TRACON Pharmaceuticals had a negative return on equity of 83.43% and a negative net margin of 201.21%. analysts anticipate that TRACON Pharmaceuticals will post -1.21 EPS for the current fiscal year.

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Institutional investors and hedge funds have recently bought and sold shares of the company. Stifel Financial Corp lifted its holdings in shares of TRACON Pharmaceuticals by 1.5% in the 1st quarter. Stifel Financial Corp now owns 30,200 shares of the biopharmaceutical company’s stock valued at $113,000 after buying an additional 450 shares during the period. Renaissance Technologies LLC lifted its holdings in shares of TRACON Pharmaceuticals by 181.8% in the 4th quarter. Renaissance Technologies LLC now owns 40,300 shares of the biopharmaceutical company’s stock valued at $197,000 after buying an additional 26,000 shares during the period. ClariVest Asset Management LLC lifted its holdings in shares of TRACON Pharmaceuticals by 56.9% in the 2nd quarter. ClariVest Asset Management LLC now owns 56,500 shares of the biopharmaceutical company’s stock valued at $247,000 after buying an additional 20,500 shares during the period. Alyeska Investment Group L.P. acquired a new stake in shares of TRACON Pharmaceuticals in the 4th quarter valued at approximately $490,000. Finally, Perceptive Advisors LLC acquired a new stake in shares of TRACON Pharmaceuticals in the 4th quarter valued at approximately $490,000. 31.66% of the stock is owned by institutional investors and hedge funds.

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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