TRACON Pharmaceuticals Inc (NASDAQ:TCON) saw unusually-high trading volume on Friday . Approximately 1,008,522 shares traded hands during trading, an increase of 135% from the previous session’s volume of 429,390 shares.The stock last traded at $0.80 and had previously closed at $0.68.
TCON has been the topic of several research reports. Zacks Investment Research upgraded shares of TRACON Pharmaceuticals from a “hold” rating to a “strong-buy” rating and set a $1.50 price objective on the stock in a research report on Wednesday, March 6th. BTIG Research cut shares of TRACON Pharmaceuticals from a “buy” rating to a “neutral” rating in a research report on Friday, April 12th. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $7.00 target price on shares of TRACON Pharmaceuticals in a research report on Friday, March 1st.
The stock has a market capitalization of $19.46 million, a P/E ratio of -0.61 and a beta of 2.78. The company has a current ratio of 2.44, a quick ratio of 3.01 and a debt-to-equity ratio of 0.32.
A number of large investors have recently modified their holdings of the stock. Nicolet Advisory Services LLC purchased a new position in TRACON Pharmaceuticals in the 1st quarter worth $49,000. Renaissance Technologies LLC raised its position in TRACON Pharmaceuticals by 12.3% in the 3rd quarter. Renaissance Technologies LLC now owns 808,100 shares of the biopharmaceutical company’s stock worth $1,657,000 after purchasing an additional 88,200 shares during the period. Finally, Telemetry Investments L.L.C. raised its position in TRACON Pharmaceuticals by 153.5% in the 4th quarter. Telemetry Investments L.L.C. now owns 966,975 shares of the biopharmaceutical company’s stock worth $609,000 after purchasing an additional 585,566 shares during the period. Institutional investors own 58.04% of the company’s stock.
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About TRACON Pharmaceuticals (NASDAQ:TCON)
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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