TRACON Pharmaceuticals, Inc. (NASDAQ:TCON) Short Interest Update

TRACON Pharmaceuticals, Inc. (NASDAQ:TCON - Get Free Report) was the recipient of a large decline in short interest in March. As of March 31st, there was short interest totalling 744,900 shares, a decline of 60.8% from the March 15th total of 1,900,000 shares. Based on an average daily trading volume, of 3,400,000 shares, the short-interest ratio is currently 0.2 days.

Hedge Funds Weigh In On TRACON Pharmaceuticals

Institutional investors and hedge funds have recently bought and sold shares of the stock. Renaissance Technologies LLC raised its stake in shares of TRACON Pharmaceuticals by 24.8% in the first quarter. Renaissance Technologies LLC now owns 168,600 shares of the biopharmaceutical company's stock worth $319,000 after buying an additional 33,551 shares during the period. Bank of New York Mellon Corp lifted its holdings in TRACON Pharmaceuticals by 67.2% during the first quarter. Bank of New York Mellon Corp now owns 142,253 shares of the biopharmaceutical company's stock valued at $374,000 after purchasing an additional 57,174 shares in the last quarter. Millennium Management LLC bought a new position in shares of TRACON Pharmaceuticals in the second quarter worth approximately $150,000. CI Private Wealth LLC purchased a new stake in shares of TRACON Pharmaceuticals in the fourth quarter worth $86,000. Finally, Virtu Financial LLC bought a new stake in shares of TRACON Pharmaceuticals during the 4th quarter valued at $67,000. 11.61% of the stock is currently owned by hedge funds and other institutional investors.

TRACON Pharmaceuticals Price Performance

Shares of TRACON Pharmaceuticals stock traded down $0.42 during trading on Thursday, hitting $2.59. 214,005 shares of the company's stock traded hands, compared to its average volume of 167,226. TRACON Pharmaceuticals has a 1 year low of $2.51 and a 1 year high of $42.40. The business has a 50-day simple moving average of $5.42 and a 200-day simple moving average of $4.20. The stock has a market capitalization of $117.86 million, a P/E ratio of -12.44 and a beta of 0.94.

TRACON Pharmaceuticals (NASDAQ:TCON - Get Free Report) last announced its earnings results on Tuesday, March 5th. The biopharmaceutical company reported $0.20 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.60) by $0.80. The business had revenue of $3.41 million for the quarter, compared to the consensus estimate of $3.00 million. On average, equities analysts predict that TRACON Pharmaceuticals will post -0.2 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of analysts have recently commented on TCON shares. HC Wainwright dropped their price target on TRACON Pharmaceuticals from $120.00 to $60.00 and set a "buy" rating on the stock in a research report on Wednesday, April 3rd. StockNews.com began coverage on TRACON Pharmaceuticals in a research report on Monday. They issued a "strong-buy" rating for the company.

About TRACON Pharmaceuticals

TRACON Pharmaceuticals, Inc, a biopharmaceutical company, focuses on the development and commercialization of novel targeted therapeutics for cancer in the United States. Its clinical stage products include envafolimab (KN035), a PD-L1 single-domain antibody for the treatment of refractory soft tissue sarcoma; and YH001, an investigational humanized cytotoxic T-lymphocyte-associated protein 4 IgG1 monoclonal antibody that is in Phase I clinical trial for the treatment of various cancer indications.