Tracon Pharmaceuticals Inc. (Nasdaq: TCON) Reaches FDA Agreement

Tracon Pharmaceuticals Inc. – Nasdaq: TCON

Shares of San Diego, CA-based Tracon Pharmaceuticals Inc. are trading at their daily highs on heavy volumes. TRACON develops targeted therapies for cancer, ophthalmic and fibrotic diseases.

Traded on the Nasdaq under ticker symbol TCON, the shares gapped up from their previous close of $4.90 on news that the biotechnology firm reached an agreement with the U.S. Food and Drug Administration (FDA) under a Special Protocol Assessment (SPA) for the protocol design, clinical endpoints, and statistical analysis approach for the Company’s Phase 3 study evaluating TRC105 for the treatment of patients with advanced angiosarcoma. The SPA process is one in which a sponsor asks the FDA to evaluate the proposed design and size of Phase 3 clinical trials that are intended to form the primary basis for determining a drug product’s efficacy. An SPA agreement indicates concurrence with the adequacy and acceptability of specific critical elements of protocol design, endpoints and analysis.

Three firms cover Tracon Pharmaceuticals Inc. and all three assign TCON shares a “Strong Buy” with a consensus price target of $12. In 2015 Tracon reported their strongest sales figures yet – $7.9 million but had a EPS loss of $2.20. TCON shares have never experienced positive EPS.

I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 96 hours. All information, or data, is provided with no guarantees of accuracy.

Ticker Symbol TCON
Last Price a/o 11:30 AM EST $5.75
Average Volume 47,000
Market Cap $69.78 million
Sales $4.2 million
Shares Outstanding 14.24 million
Share Float 13.51 million
Shortable Yes
Optionable No
Inside Ownership 37.69%
Short Float 0.70%
Short Interest Ratio 2.01
Quarterly Return -26.54%
YTD Return -46.97%
Year Return -46.97%

Author: Steve Clark

Steve Clark is a 23 year Wall St professional with stints in M&A, risk management, and algorithm trading.

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