Tracon Pharmaceuticals Inc. (TCON) Receives “Buy” Rating from Stifel Nicolaus

Stifel Nicolaus restated their buy rating on shares of Tracon Pharmaceuticals Inc. (NASDAQ:TCON) in a research report released on Wednesday. The brokerage currently has a $14.00 target price on the biopharmaceutical company’s stock.

Separately, BTIG Research initiated coverage on Tracon Pharmaceuticals in a research report on Friday, August 19th. They issued a buy rating and a $15.00 target price for the company. One equities research analyst has rated the stock with a sell rating and four have assigned a buy rating to the company. The stock has a consensus rating of Buy and an average target price of $18.33.

Shares of Tracon Pharmaceuticals (NASDAQ:TCON) traded up 0.23% on Wednesday, reaching $6.68. The company had a trading volume of 3,154 shares. The company’s market capitalization is $81.52 million. Tracon Pharmaceuticals has a 12 month low of $4.00 and a 12 month high of $12.50. The stock has a 50 day moving average price of $6.18 and a 200-day moving average price of $6.19.

Tracon Pharmaceuticals (NASDAQ:TCON) last issued its earnings results on Wednesday, August 10th. The biopharmaceutical company reported ($0.68) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.62) by $0.06. Tracon Pharmaceuticals had a negative return on equity of 111.98% and a negative net margin of 703.77%. Analysts forecast that Tracon Pharmaceuticals will post ($2.50) EPS for the current fiscal year.

A number of hedge funds have recently added to or reduced their stakes in the stock. Stifel Financial Corp purchased a new stake in Tracon Pharmaceuticals during the second quarter worth about $144,000. ClariVest Asset Management LLC boosted its stake in Tracon Pharmaceuticals by 56.9% in the second 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 during the last quarter. Finally, Vanguard Group Inc. boosted its stake in Tracon Pharmaceuticals by 1.7% in the second quarter. Vanguard Group Inc. now owns 190,600 shares of the biopharmaceutical company’s stock worth $835,000 after buying an additional 3,118 shares during the last quarter. 30.98% of the stock is owned by hedge funds and other institutional investors.

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).

5 Day Chart for NASDAQ:TCON

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