TRACON Pharmaceuticals Inc [NASDAQ: TCON] jumped around 0.02 points on Friday, while shares priced at $0.46 at the close of the session, up 4.49%. The company report on March 5, 2024 at 4:02 PM that TRACON Pharmaceuticals Reports Fourth Quarter and Year-End 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 later this quarter. We expect to report updated response rate data shortly thereafter and before the end of this quarter, with final data anticipated in the second half of 2024,” said Charles Theuer, M.D., Ph.D., TRACON’s Chief Executive Officer. “We also expect to leverage our Product Development Platform to generate non-dilutive capital through either an additional license or by replacing a CRO and executing clinical trials for partners at a lower cost compared to a CRO but still at a premium to our costs using a pay for performance model.”.
Compared to the average trading volume of 2.74M shares, TCON reached a trading volume of 10086795 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 $3.50 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. While these analysts kept the previous recommendation, Maxim Group raised their target price to Buy. The new note on the price target was released on February 10, 2021, representing the official price target for TRACON Pharmaceuticals Inc stock. Previously, the target price had yet another raise from $15 to $18, while H.C. Wainwright kept a Buy rating on TCON stock.
The Average True Range (ATR) for TRACON Pharmaceuticals Inc is set at 0.08, with the Price to Sales ratio for TCON stock in the period of the last 12 months amounting to 1.73. Price to Free Cash Flow for TCON in the course of the last twelve months was 5.65 with Quick ratio for the last quarter at 0.89.
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 21.76. With this latest performance, TCON shares gained by 153.95% in over the last four-week period, additionally plugging by 108.40% over the last 6 months – not to mention a drop of -72.33% 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 63.85, with the RSI for the last a single of trading hit 63.92, and the three-weeks RSI is set at 63.63 for TRACON Pharmaceuticals Inc [TCON]. The present Moving Average for the last 50 days of trading for this stock 0.2323, while it was recorded at 0.4032 for the last single week of trading, and 0.2432 for the last 200 days.
TRACON Pharmaceuticals Inc [TCON]: Deeper insight into the fundamentals
TRACON Pharmaceuticals Inc’s liquidity data is similarly interesting compelling, with a Quick Ratio of 0.89 and a Current Ratio set at 0.89.
Earnings analysis for TRACON Pharmaceuticals Inc [TCON]
With the latest financial reports released by the company, TRACON Pharmaceuticals Inc posted -0.36/share EPS, while the average EPS was predicted by analysts to be reported at -0.26/share. When compared, the two values demonstrate that the company fail the estimates by a Surprise Factor of -38.50%. 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]
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%.
