TRACON Pharmaceuticals Inc. [TCON] Stock trading around $8.95 per share: What’s Next?

TRACON Pharmaceuticals Inc. [NASDAQ: TCON] stock went on an upward path that rose over 10.49% on Tuesday, amounting to a one-week price increase of more than 7.83%. The company report on December 22, 2020 that TRACON Pharmaceuticals Announces $8.8 Million Registered Direct Offering.

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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., announced that it has entered into a securities purchase agreement with new and existing investors to sell an aggregate of 1.1 million shares of common stock in a registered direct offering at a price of $8.06 per share, which is the five-day average closing price of the Company’s common stock as of December 21, 2020. The aggregate gross proceeds to TRACON from the offering are expected to be $8.8 million. The closing of the offering is expected to occur on or about December 22, 2020.

TRACON intends to use the net proceeds from the offering to fund the ENVASARC pivotal study of envafolimab in sarcoma, further business development efforts, and for working capital and general corporate purposes.

Over the last 12 months, TCON stock rose by 285.78%. The one-year TRACON Pharmaceuticals Inc. stock forecast points to a potential upside of 2.4. The average equity rating for TCON stock is currently 2.20, trading closer to a bullish pattern in the stock market.

The market cap for the stock reached $121.27 million, with 10.51 million shares outstanding and 9.18 million shares in the current float. Compared to the average trading volume of 758.30K shares, TCON stock reached a trading volume of 1534536 in the most recent trading day, which is why market watchdogs consider the stock to be active.

Guru’s Opinion on TRACON Pharmaceuticals Inc. [TCON]:

Based on careful and fact-backed analyses by Wall Street experts, the current consensus on the target price for TCON shares is $9.17 per share. Analysis on target price and performance of stocks is usually carefully studied by market experts, and the current Wall Street consensus on TCON stock is a recommendation set at 2.20. This rating represents a strong Buy recommendation, on the scale from 1 to 5, where 5 would mean strong sell, 4 represents Sell, 3 is Hold, and 2 indicates Buy.

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 0.88 The Price to Book ratio for the last quarter was 6.09.

TCON Stock Performance Analysis:

TRACON Pharmaceuticals Inc. [TCON] gain into the green zone at the end of the last week, gaining into a positive trend and gaining by 7.83. With this latest performance, TCON shares gained by 6.55% in over the last four-week period, additionally plugging by 373.54% over the last 6 months – not to mention a rise of 285.78% 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 60.24, with the RSI for the last a single of trading hit 62.52, and the three-weeks RSI is set at 59.94 for TRACON Pharmaceuticals Inc. [TCON]. The present Moving Average for the last 50 days of trading for this stock 6.93, while it was recorded at 8.19 for the last single week of trading, and 3.51 for the last 200 days.

Insight into TRACON Pharmaceuticals Inc. 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 2.80 and a Current Ratio set at 2.80.

TCON Stock EPS

With the latest financial reports released by the company, TRACON Pharmaceuticals Inc. posted -1.25/share EPS, while the average EPS was predicted by analysts to be reported at -1.66/share. When compared, the two values demonstrate that the company surpassed the estimates by a Surprise Factor of 24.70%. 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.

TRACON Pharmaceuticals Inc. [TCON] Insider Position Details

There are presently around $51 million, or 42.80% of TCON stock, in the hands of institutional investors. The top three institutional holders of TCON stocks are: IKARIAN CAPITAL, LLC with ownership of 2,162,549, which is approximately New of the company’s market cap and around 1.50% of the total institutional ownership; OPALEYE MANAGEMENT INC., holding 2,013,438 shares of the stock with an approximate value of $18.02 million in TCON stocks shares; and NEA MANAGEMENT COMPANY, LLC, currently with $3.1 million in TCON stock with ownership of nearly 0% of the company’s market capitalization.

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Positions in TRACON Pharmaceuticals Inc. stocks held by institutional investors increased at the end of November and at the time of the November reporting period, where 16 institutional holders increased their position in TRACON Pharmaceuticals Inc. [NASDAQ:TCON] by around 4,668,704 shares. Additionally, 9 investors decreased positions by around 472,935 shares, while 7 investors held positions by with 608,077 shares. The mentioned changes placed institutional holdings at 5,749,716 shares, according to the latest SEC report filing. TCON stock had 13 new institutional investments in for a total of 4,635,218 shares, while 5 institutional investors sold positions of 195,714 shares during the same period.

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