TRACON Pharmaceuticals, Inc. (NASDAQ:TCON)’s share price crossed below its 50-day moving average during trading on Friday . The stock has a 50-day moving average of $2.77 and traded as low as $2.22. TRACON Pharmaceuticals shares last traded at $2.36, with a volume of 89,715 shares traded.
Separately, Zacks Investment Research raised TRACON Pharmaceuticals from a “sell” rating to a “hold” rating in a research report on Friday, January 7th. One equities 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, the company currently has an average rating of “Buy” and a consensus price target of $17.00.
The stock has a market cap of $45.89 million, a P/E ratio of -1.48 and a beta of 1.77. The business has a 50-day simple moving average of $2.77 and a 200-day simple moving average of $3.71.
In related news, major shareholder Opaleye Management Inc. acquired 22,733 shares of the company’s stock in a transaction on Monday, December 6th. The stock was purchased at an average cost of $2.26 per share, for a total transaction of $51,376.58. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Insiders have acquired 293,506 shares of company stock valued at $752,144 over the last quarter. Corporate insiders own 23.30% of the company’s stock.
Institutional investors have recently added to or reduced their stakes in the business. Goldman Sachs Group Inc. acquired a new position in TRACON Pharmaceuticals during the third quarter worth $42,000. Wells Fargo & Company MN grew its holdings 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 worth $57,000 after purchasing an additional 3,737 shares during the last quarter. JPMorgan Chase & Co. grew its holdings in shares of TRACON Pharmaceuticals by 367.3% during the second quarter. JPMorgan Chase & Co. now owns 8,972 shares of the biopharmaceutical company’s stock worth $58,000 after purchasing an additional 7,052 shares during the last quarter. Morgan Stanley grew its holdings in shares of TRACON Pharmaceuticals by 114.3% during the third quarter. Morgan Stanley now owns 24,704 shares of the biopharmaceutical company’s stock worth $96,000 after purchasing an additional 13,177 shares during the last quarter. Finally, Northern Trust Corp bought a new stake in shares of TRACON Pharmaceuticals during the second quarter worth $113,000. Hedge funds and other institutional investors own 51.89% of the company’s stock.
About TRACON Pharmaceuticals (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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