why TRACON Pharmaceuticals Inc [TCON] is a Good Choice for Investors After New Price Target of $1.00

TRACON Pharmaceuticals Inc [NASDAQ: TCON] traded at a high on 11/09/23, posting a 0.95 gain after which it closed the day’ session at $0.16. The company report on November 9, 2023 at 4:02 PM that TRACON Pharmaceuticals Reports Third Quarter 2023 Financial Results and Provides Corporate Update.

“We are on track to complete enrollment of 80 patients treated with single agent envafolimab in the ongoing pivotal ENVASARC trial this year. The data monitoring committee recommended the study continue as planned in September based on a review of 46 patients and since then more than 20 additional patients have enrolled. We expect to report updated response rate data before the end of the year, with final data anticipated mid-2024,” said Charles Theuer, M.D., Ph.D., TRACON’s Chief Executive Officer. “We also expect to license our Product Development Platform to one or more companies this year to allow them to transform their clinical operations.”.

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The results of the trading session contributed to over 7618693 shares changing hands. Over the past one week, the price volatility of TRACON Pharmaceuticals Inc stands at 8.61% while the volatility over the past one month is 16.94%.

The market cap for TCON stock reached $4.91 million, with 30.70 million shares outstanding and 26.03 million shares in the current float. Compared to the average trading volume of 733.59K shares, TCON reached a trading volume of 7618693 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]?

Based on careful and fact-backed analyses by Wall Street experts, the current consensus on the target price for TCON shares is $1.00 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 2.00. 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.

BTIG Research have made an estimate for TRACON Pharmaceuticals Inc shares, keeping their opinion on the stock as Buy, with their previous recommendation back on April 16, 2021.

The Average True Range (ATR) for TRACON Pharmaceuticals Inc is set at 0.02, with the Price to Sales ratio for TCON stock in the period of the last 12 months amounting to 0.55.

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 9.44. With this latest performance, TCON shares dropped by -2.97% in over the last four-week period, additionally sinking by -75.99% over the last 6 months – not to mention a drop of -89.47% 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 46.81, with the RSI for the last a single of trading hit 49.33, and the three-weeks RSI is set at 44.82 for TRACON Pharmaceuticals Inc [TCON]. The present Moving Average for the last 50 days of trading for this stock 0.1895, while it was recorded at 0.1526 for the last single week of trading, and 0.7662 for the last 200 days.

TRACON Pharmaceuticals Inc [TCON]: Deeper insight into the fundamentals

Return on Total Capital for TCON is now -305.82, given the latest momentum, and Return on Invested Capital for the company is -869.83. Return on Equity for this stock declined to -1,277.01, with Return on Assets sitting at -126.60. Additionally, TCON Total Debt to Total Capital is recorded at 287.05, with Total Debt to Total Assets ending up at 56.37.

Reflecting on the efficiency of the workforce at the company, TRACON Pharmaceuticals Inc [TCON] managed to generate an average of -$1,618,611 per employee.TRACON Pharmaceuticals Inc’s liquidity data is similarly interesting compelling, with a Quick Ratio of 0.41 and a Current Ratio set at 0.41.

Insider trade positions for TRACON Pharmaceuticals Inc [TCON]

The top three institutional holders of TCON stocks are: VANGUARD GROUP INC with ownership of 1.3 billion shares, which is approximately 8.2579%. BLACKROCK INC., holding 1.04 billion shares of the stock with an approximate value of $201.66 billion in TCON stocks shares; and BERKSHIRE HATHAWAY INC, currently with $177.59 billion in TCON stock with ownership which is approximately 5.7994%.