Market Analysts see TRACON Pharmaceuticals Inc [TCON] gaining to $14. Time to buy?

TRACON Pharmaceuticals Inc [NASDAQ: TCON] gained 15.38% or 0.02 points to close at $0.20 with a heavy trading volume of 4434858 shares. The company report on December 20, 2023 at 8:00 AM that TRACON Pharmaceuticals Provides Positive Update on Ongoing ENVASARC Pivotal Phase 2 Trial.

Objective Response Rate by investigator review increased to 15% since interim analysis in September.

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Full ENVASARC enrollment expected in 1Q 2024 and final data anticipated during 3Q 2024.

The daily chart for TCON points out that the company has recorded -25.95% loss over the past six months.

If we look at the average trading volume of 5.03M shares, TCON reached to a volume of 4434858 in the most recent trading day, which is why market watchdogs consider the stock to be active.

Here is what top equities market gurus are saying 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 $4.00 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 1.67. 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 0.71.

Trading performance analysis for TCON stock

TRACON Pharmaceuticals Inc [TCON] gain into the green zone at the end of the last week, gaining into a positive trend and gaining by 33.60. With this latest performance, TCON shares gained by 13.46% in over the last four-week period, additionally sinking by -25.95% over the last 6 months – not to mention a drop of -87.48% 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 65.97, with the RSI for the last a single of trading hit 75.27, and the three-weeks RSI is set at 59.72 for TRACON Pharmaceuticals Inc [TCON]. The present Moving Average for the last 50 days of trading for this stock 0.1811, while it was recorded at 0.1689 for the last single week of trading, and 0.3882 for the last 200 days.

TRACON Pharmaceuticals Inc [TCON]: A deeper dive into fundamental analysis

TRACON Pharmaceuticals Inc’s liquidity data is similarly interesting compelling, with a Quick Ratio of 0.71 and a Current Ratio set at 0.71.

TRACON Pharmaceuticals Inc [TCON]: An earnings per share (EPS) analysis

With the latest financial reports released by the company, TRACON Pharmaceuticals Inc posted -0.31/share EPS, while the average EPS was predicted by analysts to be reported at -0.27/share. When compared, the two values demonstrate that the company fail the estimates by a Surprise Factor of -14.80%. 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.

An analysis of Institutional ownership at 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 8.2815%. BLACKROCK INC., holding 1.03 billion shares of the stock with an approximate value of $176.59 billion in TCON stocks shares; and BERKSHIRE HATHAWAY INC, currently with $156.75 billion in TCON stock with ownership which is approximately 5.8325%.