TRACON Pharmaceuticals (TCON) Downgraded by Zacks Investment Research

TRACON Pharmaceuticals (NASDAQ:TCON) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a note issued to investors on Friday. They presently have a $4.00 price objective on the biopharmaceutical company’s stock. Zacks Investment Research‘s price target suggests a potential upside of 14.29% from the stock’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 (NASDAQ:TCON) remained flat at $$3.50 on Friday. The stock had a trading volume of 160,000 shares, compared to its average volume of 212,467. TRACON Pharmaceuticals has a 12 month low of $2.00 and a 12 month high of $5.70. The company has a debt-to-equity ratio of 0.24, a current ratio of 3.80 and a quick ratio of 3.80. The company has a market capitalization of $61.29, a P/E ratio of -2.87 and a beta of 2.41.

TRACON Pharmaceuticals (NASDAQ:TCON) last issued its quarterly earnings data on Tuesday, November 7th. The biopharmaceutical company reported $0.07 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of ($0.25) by $0.32. The company had revenue of $7.50 million during the quarter, compared to the consensus estimate of $7.60 million. TRACON Pharmaceuticals had a negative return on equity of 83.43% and a negative net margin of 201.21%. sell-side analysts anticipate that TRACON Pharmaceuticals will post -1.26 EPS for the current fiscal year.

A number of hedge funds have recently modified their holdings of the business. 683 Capital Management LLC bought a new stake in TRACON Pharmaceuticals in the third quarter worth approximately $3,134,000. Eventide Asset Management LLC increased its holdings in shares of 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 acquiring an additional 34,474 shares in the last quarter. Franklin Resources Inc. bought a new stake in shares of TRACON Pharmaceuticals during the fourth quarter valued at approximately $4,261,000. Candriam Luxembourg S.C.A. increased its holdings in shares of TRACON Pharmaceuticals by 33.0% during the fourth quarter. Candriam Luxembourg S.C.A. now owns 180,000 shares of the biopharmaceutical company’s stock valued at $1,663,000 after acquiring an additional 44,700 shares in the last quarter. Finally, J. Goldman & Company bought a new stake in shares of TRACON Pharmaceuticals during the third quarter valued at approximately $1,661,000. Institutional investors and hedge funds own 34.06% of the company’s stock.

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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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