Opaleye Management, Inc. recently announced the acquisition of new stake in TRACON Pharmaceuticals Inc. (NASDAQ:TCON). The institutional investor has increased its shareholding in the Healthcare company by 1.38% to 4.25 million shares with purchase of 57686.0 shares. This fresh investment now brings its stake to 19.12% valued currently at $6.33 million.
With over 0.13 million TRACON Pharmaceuticals Inc. (TCON) shares trading Monday and a closing price of $1.67 on the day, the dollar volume was approximately $0.21 million. The shares have shown a negative half year performance of -4.02% and its price on 01/23/23 lost nearly -1.76%. Currently, there are 21.47M common shares owned by the public and among those 20.37M shares have been available to trade.
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An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 5 analysts who have offered their price forecasts for TCON have a consensus price objective of $9.33. The analysts have set the share’s price value over the next 12 months at a high of $14.00 and a low of $5.00. The average price target is 82.1% above its recent price level and an upside to the estimated low will see the stock gain 66.6% over that period. But an upside of 88.07% will see the stock hit the forecast high price target while median target price for the stock is $8.50.
Insiders at the company have transacted a total of 57 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 56 of these insider trades were purchases, accounting for 1,570,339 shares. Insider sales of the common stock occurred on 1 occasions, with total insider shares sold totaling 1,539 shares.
The top 3 mutual fund holders in TRACON Pharmaceuticals Inc. are Vanguard Total Stock Market Index, Vanguard Extended Market Index Fu, and Fidelity Extended Market Index Fu. Vanguard Total Stock Market Index owns 0.31 million shares of the company’s stock, all valued at over $0.46 million. Vanguard Extended Market Index Fu bought 332.0 shares to see its total holdings expand to 0.26 million shares valued at over $0.39 million and representing 1.18% of the shares outstanding. Fidelity Extended Market Index Fu now owns shares totaling to 0.36% of the shares outstanding.
Shares of TRACON Pharmaceuticals Inc. (NASDAQ: TCON) opened at $1.73, up $0.03 from a prior closing price of $1.70. However, the script later moved the day high at 1.7800, down -1.76%. The company’s stock has a 5-day price change of -6.34% and 1.83% over the past three months. TCON shares are trading 12.08% year to date (YTD), with the 12-month market performance down to -25.78% lower. It has a 12-month low price of $1.10 and touched a high of $3.00 over the same period. TCON has an average intraday trading volume of 162.88K shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by 6.58%, 12.49%, and -5.52% respectively.
Institutional ownership of TRACON Pharmaceuticals Inc. (NASDAQ: TCON) shares accounts for 45.90% of the company’s 21.47M shares outstanding. Mutual fund holders own 39.20%, while other institutional holders and individual stakeholders account for 42.89% and 3.53% respectively.
It has a market capitalization of $37.32M and a beta (3y monthly) value of 1.36. The earnings-per-share (ttm) stands at -$1.49. Price movements for the stock have been influenced by the stock’s volatility, which stands at 11.00% over the week and 7.04% over the month.
Analysts forecast that TRACON Pharmaceuticals Inc. (TCON) will achieve an EPS of -$0.28 for the current quarter, -$0.06 for the next quarter and -$0.88 for 2023. The lowest estimate earnings-per-share for the quarter is -$0.31 while analysts give the company a high EPS estimate of -$0.26. Comparatively, EPS for the current quarter was -$0.38 a year ago. Earnings per share for the fiscal year are expected to increase by 11.00%, and 17.20% over the next financial year.
Looking at the support for the TCON, a number of firms have released research notes about the stock. BTIG Research stated their Buy rating for the stock in a research note on April 16, 2021, with the firm’s price target at $14. Maxim Group coverage for the TRACON Pharmaceuticals Inc. (TCON) stock in a research note released on February 10, 2021 offered a Buy rating with a price target of $24. H.C. Wainwright was of a view on December 23, 2019 that the stock is Buy, while Needham gave the stock Buy rating on March 01, 2019, issuing a price target of $7. Stifel on their part issued Buy rating on June 13, 2017.
