Shares of TRACON Pharmaceuticals Inc (NASDAQ:TCON) shot up 16.3% on Wednesday after an insider bought additional shares in the company. The stock traded as high as $5.41 and last traded at $5.27. 2,072,873 shares were traded during trading, an increase of 153% from the average session volume of 817,856 shares. The stock had previously closed at $4.53.
Specifically, major shareholder Opaleye Management Inc. bought 302,150 shares of the business’s stock in a transaction on Monday, August 31st. The shares were purchased at an average cost of $1.76 per share, with a total value of $531,784.00. The purchase was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, insider Mark C. Wiggins bought 7,000 shares of the business’s stock in a transaction on Thursday, September 10th. The shares were bought at an average cost of $4.14 per share, for a total transaction of $28,980.00. The disclosure for this purchase can be found here. In the last three months, insiders have purchased 856,801 shares of company stock worth $1,845,423. 3.51% of the stock is currently owned by company insiders.
TCON has been the topic of several recent research reports. ValuEngine raised TRACON Pharmaceuticals from a “buy” rating to a “strong-buy” rating in a report on Wednesday. HC Wainwright lifted their target price on TRACON Pharmaceuticals from $4.00 to $7.00 and gave the stock a “buy” rating in a report on Thursday. Finally, Zacks Investment Research downgraded TRACON Pharmaceuticals from a “buy” rating to a “hold” rating in a report on Thursday, August 13th.
The company has a debt-to-equity ratio of 0.92, a quick ratio of 1.62 and a current ratio of 1.62. The stock has a 50-day moving average of $2.35 and a two-hundred day moving average of $2.02. The company has a market cap of $63.17 million, a P/E ratio of -1.22 and a beta of 1.95.
TRACON Pharmaceuticals (NASDAQ:TCON) last posted its earnings results on Wednesday, August 5th. The biopharmaceutical company reported ($0.70) EPS for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.74) by $0.04. As a group, sell-side analysts forecast that TRACON Pharmaceuticals Inc will post -2.81 EPS for the current fiscal year.
A number of institutional investors have recently modified their holdings of the business. Dowling & Yahnke LLC purchased a new position in TRACON Pharmaceuticals in the first quarter worth about $26,000. Wedbush Securities Inc. purchased a new position in shares of TRACON Pharmaceuticals during the second quarter valued at approximately $50,000. JPMorgan Chase & Co. purchased a new position in shares of TRACON Pharmaceuticals during the first quarter valued at approximately $57,000. Two Sigma Investments LP purchased a new position in shares of TRACON Pharmaceuticals during the first quarter valued at approximately $61,000. Finally, Virtu Financial LLC purchased a new position in shares of TRACON Pharmaceuticals during the second quarter valued at approximately $76,000. 18.30% of the stock is owned by institutional investors and hedge funds.
TRACON Pharmaceuticals Company Profile (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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