TRACON Pharmaceuticals Inc. [NASDAQ: TCON] traded at a high on 09/01/20, posting a 27.51 gain after which it closed the day’ session at $2.41. The company report on August 31, 2020 that TRACON Pharmaceuticals Announces Additional $5.0 Million Private Placement.
TRACON Pharmaceuticals (NASDAQ: TCON), a clinical stage biopharmaceutical company focused on the development and commercialization of novel targeted cancer therapeutics and utilizing a cost efficient, CRO-independent product development platform to partner with ex-U.S. companies to develop and commercialize innovative products in the U.S., today announced that following the closing of the private placement announced on August 27, 2020, it has entered into an additional definitive securities purchase agreement with multiple institutional health care focused funds to raise aggregate gross proceeds of approximately $5.0 million through a private placement of its common stock and pre-funded warrants. The closing of the private placement is expected to occur on or about August 31, 2020.
TRACON will sell approximately 3.0 million shares of common stock, or in lieu of common stock, pre-funded warrants to purchase common stock, for aggregate gross proceeds of approximately $5.0 million. The purchase price of each share of common stock (or pre-funded warrant) is approximately $1.67. The pre-funded warrants will have a per share exercise price of $0.01 and will expire seven years from the date of issuance.
The results of the trading session contributed to over 9303505 shares changing hands. Over the past one week, the price volatility of TRACON Pharmaceuticals Inc. stands at 12.45% while the volatility over the past one month is 10.77%.
The market cap for TCON stock reached $19.30 million, with 6.39 million shares outstanding and 6.17 million shares in the current float. Compared to the average trading volume of 878.40K shares, TCON reached a trading volume of 9303505 in the most recent trading day, which is why market watchdogs consider the stock to be active.
What do top market gurus say about TRACON Pharmaceuticals Inc. [TCON]?
H.C. Wainwright have made an estimate for TRACON Pharmaceuticals Inc. shares, keeping their opinion on the stock as Buy, with their previous recommendation back on December 23, 2019. While these analysts kept the previous recommendation, Needham raised their target price to Buy. The new note on the price target was released on March 01, 2019, representing the official price target for TRACON Pharmaceuticals Inc. stock. Previously, the target price had yet another drop from $14 to $6, while Stifel kept a Buy rating on TCON stock.
The Average True Range (ATR) for TRACON Pharmaceuticals Inc. is set at 0.19 The Price to Book ratio for the last quarter was 5.13.
How has TCON stock performed recently?
TRACON Pharmaceuticals Inc. [TCON] gain into the green zone at the end of the last week, gaining into a positive trend and gaining by 41.76. With this latest performance, TCON shares gained by 43.45% in over the last four-week period, additionally sinking by -12.04% over the last 6 months – not to mention a drop of -55.26% in the past year of trading.
Overbought and oversold stocks can be easily traced with the Relative Strength Index (RSI), where an RSI result of over 70 would be overbought, and any rate below 30 would indicate oversold conditions. An RSI rate of 50 would represent a neutral market momentum. The current RSI for TCON stock in for the last two-week period is set at 73.70, with the RSI for the last a single of trading hit 81.06, and the three-weeks RSI is set at 67.32 for TRACON Pharmaceuticals Inc. [TCON]. The present Moving Average for the last 50 days of trading for this stock 1.83, while it was recorded at 1.89 for the last single week of trading, and 2.38 for the last 200 days.
TRACON Pharmaceuticals Inc. [TCON]: Deeper insight into the fundamentals
Return on Total Capital for TCON is now -121.06, given the latest momentum, and Return on Invested Capital for the company is -138.29. Return on Equity for this stock declined to -187.85, with Return on Assets sitting at -77.16. When it comes to the capital structure of this company, TRACON Pharmaceuticals Inc. [TCON] has a Total Debt to Total Equity ratio set at 232.32. Additionally, TCON Total Debt to Total Capital is recorded at 69.91, with Total Debt to Total Assets ending up at 34.59. Long-Term Debt to Equity for the company is recorded at 122.65, with the Long-Term Debt to Total Capital now at 36.91.
Reflecting on the efficiency of the workforce at the company, TRACON Pharmaceuticals Inc. [TCON] managed to generate an average of -$1,193,368 per employee.TRACON Pharmaceuticals Inc.’s liquidity data is similarly interesting compelling, with a Quick Ratio of 1.60 and a Current Ratio set at 1.60.
Earnings analysis for TRACON Pharmaceuticals Inc. [TCON]
With the latest financial reports released by the company, TRACON Pharmaceuticals Inc. posted -1.7/share EPS, while the average EPS was predicted by analysts to be reported at -2.05/share. When compared, the two values demonstrate that the company surpassed the estimates by a Surprise Factor of 17.10%. The progress of the company may be observed through the prism of EPS growth rate, while Wall Street analysts are focusing on predicting the 5-year EPS growth rate for TCON.
Insider trade positions for TRACON Pharmaceuticals Inc. [TCON]
There are presently around $4 million, or 20.10% of TCON stock, in the hands of institutional investors. The top three institutional holders of TCON stocks are: NEA MANAGEMENT COMPANY, LLC with ownership of 346,718, which is approximately 0% of the company’s market cap and around 2.10% of the total institutional ownership; LINDEN ADVISORS LP, holding 284,248 shares of the stock with an approximate value of $0.69 million in TCON stocks shares; and RENAISSANCE TECHNOLOGIES LLC, currently with $0.67 million in TCON stock with ownership of nearly 19.707% of the company’s market capitalization.
Positions in TRACON Pharmaceuticals Inc. stocks held by institutional investors increased at the end of August and at the time of the August reporting period, where 11 institutional holders increased their position in TRACON Pharmaceuticals Inc. [NASDAQ:TCON] by around 348,948 shares. Additionally, 4 investors decreased positions by around 61,272 shares, while 7 investors held positions by with 1,143,727 shares. The mentioned changes placed institutional holdings at 1,553,947 shares, according to the latest SEC report filing. TCON stock had 3 new institutional investments in for a total of 89,123 shares, while 3 institutional investors sold positions of 53,008 shares during the same period.