TRACON Pharmaceuticals (TCON) Downgraded by Zacks Investment Research

Zacks Investment Research lowered shares of TRACON Pharmaceuticals (NASDAQ:TCON) from a hold rating to a sell rating in a research note issued to investors on Saturday, 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. “

Other research analysts have also recently issued research reports about the company. Needham & Company LLC reiterated a buy rating and set a $7.00 price objective on shares of TRACON Pharmaceuticals in a research note on Friday, March 1st. BTIG Research cut TRACON Pharmaceuticals from a buy rating to a neutral rating in a research note on Friday, April 12th.

TCON opened at $0.77 on Friday. The company has a market capitalization of $22.61 million, a PE ratio of -0.59 and a beta of 2.78. The company has a debt-to-equity ratio of 0.32, a current ratio of 2.44 and a quick ratio of 3.01. TRACON Pharmaceuticals has a 52 week low of $0.50 and a 52 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 (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.21) by ($0.03). As a group, research analysts expect that TRACON Pharmaceuticals will post -0.86 earnings per share for the current fiscal year.

A number of large investors have recently made changes to their positions in the business. Nicolet Advisory Services LLC purchased a new position in TRACON Pharmaceuticals during the first quarter valued at $49,000. Renaissance Technologies LLC raised its stake in TRACON Pharmaceuticals by 12.3% during the third quarter. Renaissance Technologies LLC now owns 808,100 shares of the biopharmaceutical company’s stock valued at $1,657,000 after buying an additional 88,200 shares during the last quarter. Finally, Telemetry Investments L.L.C. raised its stake in TRACON Pharmaceuticals by 153.5% during the fourth quarter. Telemetry Investments L.L.C. now owns 966,975 shares of the biopharmaceutical company’s stock valued at $609,000 after buying an additional 585,566 shares during the last quarter. Institutional investors and hedge funds own 58.04% of the company’s stock.

About TRACON Pharmaceuticals

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.

Read More: Do equity income investments outperform growth and income investments?

Get a free copy of the Zacks research report on TRACON Pharmaceuticals (TCON)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Receive News & Ratings for TRACON Pharmaceuticals Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for TRACON Pharmaceuticals and related companies with MarketBeat.com's FREE daily email newsletter.