Short Interest in TRACON Pharmaceuticals, Inc. (NASDAQ:TCON) Drops By 96.7%

TRACON Pharmaceuticals, Inc. (NASDAQ:TCON) was the target of a significant decline in short interest in April. As of April 15th, there was short interest totalling 24,400 shares, a decline of 96.7% from the March 31st total of 744,900 shares. Currently, 1.2% of the company’s shares are short sold. Based on an average daily volume of 229,700 shares, the days-to-cover ratio is currently 0.1 days.

TRACON Pharmaceuticals Stock Up 1.1 %

TCON stock traded up $0.02 during midday trading on Friday, hitting $1.81. The company’s stock had a trading volume of 206,653 shares, compared to its average volume of 323,025. The stock’s 50-day moving average price is $5.01 and its 200 day moving average price is $4.08. TRACON Pharmaceuticals has a 1 year low of $1.59 and a 1 year high of $16.80.

TRACON Pharmaceuticals (NASDAQ:TCON) last issued 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 firm had revenue of $3.41 million during the quarter, compared to the consensus estimate of $3.00 million. Analysts expect that TRACON Pharmaceuticals will post -4 EPS for the current year.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on TCON shares. HC Wainwright lowered their target price on TRACON Pharmaceuticals from $120.00 to $60.00 and set a “buy” rating for the company in a report on Wednesday, April 3rd. StockNews.com started coverage on TRACON Pharmaceuticals in a research note on Tuesday, April 16th. They issued a “strong-buy” rating for the company.

TRACON Pharmaceuticals Company Profile

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.