Zacks Investment Research Upgrades TRACON Pharmaceuticals, Inc. (TCON) to “Buy”

TRACON Pharmaceuticals, Inc. (NASDAQ:TCON) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued on Saturday. The firm presently has a $3.25 price objective on the biopharmaceutical company’s stock. Zacks Investment Research‘s target price would indicate a potential upside of 16.07% from the company’s previous close.

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. “

TRACON Pharmaceuticals (NASDAQ:TCON) opened at $2.80 on Friday. The company has a current ratio of 3.80, a quick ratio of 3.57 and a debt-to-equity ratio of 0.24. TRACON Pharmaceuticals has a 12-month low of $2.00 and a 12-month high of $7.30.

TRACON Pharmaceuticals (NASDAQ:TCON) last announced its quarterly earnings results on Tuesday, November 7th. The biopharmaceutical company reported $0.07 EPS for the quarter, beating the Zacks’ consensus estimate of ($0.25) by $0.32. TRACON Pharmaceuticals had a negative net margin of 201.21% and a negative return on equity of 83.43%. The firm had revenue of $7.50 million during the quarter, compared to the consensus estimate of $7.60 million. equities research analysts anticipate that TRACON Pharmaceuticals will post -1.21 earnings per share for the current fiscal year.

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A hedge fund recently bought a new stake in TRACON Pharmaceuticals stock. Candriam Luxembourg S.C.A. purchased a new stake in TRACON Pharmaceuticals, Inc. (NASDAQ:TCON) in the third quarter, according to the company in its most recent disclosure with the SEC. The firm purchased 143,000 shares of the biopharmaceutical company’s stock, valued at approximately $450,000. Candriam Luxembourg S.C.A. owned about 0.86% of TRACON Pharmaceuticals at the end of the most recent quarter. Hedge funds and other institutional investors own 31.66% of the company’s stock.

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).

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