TRACON Pharmaceuticals Inc. (NASDAQ: TCON): Hunting Genuine Value In Market Debris


Renaissance Technologies LLC recently announced the acquisition of new stake in TRACON Pharmaceuticals Inc. (NASDAQ:TCON). The institutional investor has increased its shareholding in the Healthcare company by 19.71% to 0.28 million shares with purchase of 45667.0 shares. This fresh investment now brings its stake to 5.04% valued currently at $0.46 million. In addition, Telemetry Investments LLC raised its holdings by 59001.0 to 0.13 million shares. And Two Sigma Investments LP has lifted its position by 148.64% or 53042.0 shares – to 88728.0 shares.

With over 9.3 million TRACON Pharmaceuticals Inc. (TCON) shares trading Tuesday and a closing price of $2.41 on the day, the dollar volume was approximately $22.42 million. The shares have shown a positive weekly performance of 41.76% and its price on 09/01/20 gained nearly 27.51%. Currently, there are 6.39M common shares owned by the public and among those 6.17M shares have been available to trade.

An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 3 analysts who have offered their price forecasts for TCON have a consensus price objective of $4.33. The analysts have set the share’s price value over the next 12 months at a high of $6.00 and a low of $3.00 should the stock experience a downside. Incidentally, analysts’ outlook for the TRACON Pharmaceuticals Inc. stock is 2.20 for the next 12 months. But an upside of 59.83% will see the stock hit the forecast high price target while mean target price for the stock is $4.00.

Insiders at the company have transacted a total of 23 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 19 of these insider trades were purchases, accounting for 165,255 shares. Insider sales of the common stock occurred on 4 occasions, with total insider shares sold totaling 385,077 shares.

The top 3 mutual fund holders in TRACON Pharmaceuticals Inc. are Vanguard Extended Market Index Fu, Fidelity Nasdaq Composite Index F, and Fidelity Extended Market Index Fu. Vanguard Extended Market Index Fu owns 14546.0 shares of the company’s stock, all valued at over $24001.0. Fidelity Extended Market Index Fu now owns shares totaling to 0.04% of the shares outstanding.

Shares of TRACON Pharmaceuticals Inc. (NASDAQ: TCON) opened at $2.00, up $0.11 from a prior closing price of $1.89. However, the script later closed the day at $2.41, up 27.51%. The company’s stock has a 5-day price change of 41.76% and 3.36% over the past three months. TCON shares are trading 2.99% year to date (YTD), with the 12-month market performance down to -55.26% lower. It has a 12-month low price of $0.95 and touched a high of $5.70 over the same period. Currently, 9.3 million shares have been traded, compared to an average intraday trading volume of 878.40K shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by 37.87%, 32.32%, and 1.27% respectively.

Institutional ownership of TRACON Pharmaceuticals Inc. (NASDAQ: TCON) shares accounts for 20.10% of the company’s 6.39M shares outstanding. Mutual fund holders own 20.65%, while other institutional holders and individual stakeholders account for 3.45% and 0.47% respectively.

It has a market capitalization of $19.30M and a beta (3y monthly) value of 1.89. The earnings-per-share (ttm) stands at -$4.46. Price movements for the stock have been influenced by the stock’s volatility, which stands at 12.45% over the week and 10.77% over the month.

Analysts forecast that TRACON Pharmaceuticals Inc. (TCON) will achieve an EPS of -$0.69 for the current quarter, -$0.69 for the next quarter and -$1.94 for 2021. The lowest estimate earnings-per-share for the quarter is -$0.73 while analysts give the company a high EPS estimate of -$0.64. Comparatively, EPS for the current quarter was -$1.7 a year ago. Earnings per share for the fiscal year are expected to increase by 42.40%, and 31.70% over the next financial year.

If you are looking to buy this stock, then you may note that the average analyst recommendation by 3 brokerage firm advisors rate TRACON Pharmaceuticals Inc. (TCON) as a “Moderate Buy” at a consensus score of 2.20. Specifically, 2 Wall Street analysts polled rate the stock as a buy, while 1 of the 3 advise that investors “hold,” and 0 rated it as a “Sell.”

Looking at the support for the TCON, a number of firms have released research notes about the stock. H.C. Wainwright stated their Buy rating for the stock in a research note on December 23, 2019, with the firm’s price target at $15-$18. Needham coverage for the TRACON Pharmaceuticals Inc. (TCON) stock in a research note released on March 01, 2019 offered a Buy rating with a price target of $7. Stifel was of a view on June 13, 2017 that the stock is Buy, while Jefferies gave the stock Buy rating on December 21, 2016, issuing a price target of $10. Oppenheimer on their part issued Outperform rating on February 01, 2016.


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