TRACON Pharmaceuticals (TCON) Lowered to Sell at Zacks Investment Research

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Zacks Investment Research cut shares of TRACON Pharmaceuticals (NASDAQ:TCON) from a hold rating to a sell rating in a report released on Saturday morning, Zacks.com reports.

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. “

Several other equities analysts have also recently weighed in on the company. Needham & Company LLC reaffirmed a buy rating and issued a $7.00 price objective on shares of TRACON Pharmaceuticals in a report on Friday, March 1st. BTIG Research cut TRACON Pharmaceuticals from a buy rating to a neutral rating in a report on Friday, April 12th.

Shares of NASDAQ TCON opened at $0.76 on Friday. The firm has a market capitalization of $22.68 million, a price-to-earnings ratio of -0.58 and a beta of 2.78. The company has a quick ratio of 3.01, a current ratio of 2.44 and a debt-to-equity ratio of 0.32. TRACON Pharmaceuticals has a fifty-two week low of $0.50 and a fifty-two week high of $3.20.

TRACON Pharmaceuticals (NASDAQ:TCON) last announced its quarterly earnings data on Tuesday, May 14th. The biopharmaceutical company reported ($0.24) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.21) by ($0.03). As a group, equities research analysts forecast that TRACON Pharmaceuticals will post -0.86 EPS for the current fiscal year.

Several institutional investors have recently bought and sold shares of TCON. Telemetry Investments L.L.C. raised its holdings in shares of TRACON Pharmaceuticals by 153.5% during the 4th quarter. Telemetry Investments L.L.C. now owns 966,975 shares of the biopharmaceutical company’s stock worth $609,000 after buying an additional 585,566 shares in the last quarter. Renaissance Technologies LLC raised its holdings in shares of TRACON Pharmaceuticals by 22.4% during the 1st quarter. Renaissance Technologies LLC now owns 1,029,485 shares of the biopharmaceutical company’s stock worth $1,410,000 after buying an additional 188,585 shares in the last quarter. Finally, Nicolet Advisory Services LLC acquired a new position in shares of TRACON Pharmaceuticals during the 1st quarter worth $49,000. 58.04% of the stock is owned by institutional investors.

TRACON Pharmaceuticals Company Profile

TRACON Pharmaceuticals, Inc, a biopharmaceutical company, focuses on the development and commercialization of therapeutics for cancer and wet age-related macular degeneration (AMD). Its lead product candidate is TRC105, an endoglin antibody, which is in randomized Phase III clinical trial for angiosarcoma; Phase I/II clinical trial for hepatocellular carcinoma; Phase I clinical trial for lung cancer; Phase I/II clinical trial for breast cancer; Phase II clinical trials for prostate cancer; and randomized Phase II clinical trial for wet AMD.

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