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Tag: TCON

  • TRACON Pharmaceuticals, Inc. (TCON) Stock Nose-dived After Hours Following Financials Release.

    TRACON Pharmaceuticals, Inc. (TCON) Stock Nose-dived After Hours Following Financials Release.

    TRACON Pharmaceuticals, Inc. (TCON) is a leading late-clinical company focused on the development and marketing of cancer therapeutics along with treatment for macular degeneration and fibrotic diseases. Its pipeline candidate is Envafolimab used in treating sarcomas. TRC102 is in Phase 2 trials for lung cancer treatment and TJ004309 in Phase 1 trials for progressive solid tumors treatment.

    TCON stock price during the regular trading of March 15, 2022, is slightly up by 1.50% to be $2.7. Its price plummeted at the time of writing in the aftermarket session by 22.2%.

    TCON: Key Financials

    On March 15, 2022, TCON announced its fourth-quarter 2021 financial statement for the three months ended December 31, 2021. Some key highlights are as follows.

    Revenue

    No revenue was recorded by the company in the fourth fiscal quarter of 2021 and 2020. The analyst’s estimations for the revenue were $66.6 thousand and the company missed it.

    EPS

    Net loss (basic and diluted) for the fourth quarter of fiscal 2021 was $7.7 million or $0.40 per share compared to $4.3 million or $0.31 per share in the corresponding quarter of 2020. The company recorded a decline in its earnings over the year. It missed the target EPS by -%0.04

    TCON: Events and Happenings

    On March 11, 2022, TCON reported the participation of its CEO Charles Theuer at the Oppenheimer 32nd Annual Healthcare Conference being held on March 16, 2022. On March 10, 2022, TCON updated on preliminary patient dosage following the FDA’s endorsement regarding the modified ENVASARC protocol.

    On February 02, 2022, TCON issued a statement regarding the initiation of Phase 2 TRC102 along with chemoradiation in patients with NSCLC by the National Cancer Institute. On January 05, 2022, TCON informed about the presentation of its CEO at the Virtual H.C. Wainwright BIOCONNECT Conference held on January 10-13, 2022.

    Conclusion

    TCON stock showed a bearish trend during the past year as its stock down-performed by 70%. The company’s stock is declining in the aftermarket as it provided updates on its earnings and missed both revenue and EPS targets.

  • Tracon Pharmaceuticals, Inc. (TCON) Stock Dipped in Regular Trading, Here’s What you Should Know

    Tracon Pharmaceuticals, Inc. (TCON) is a leading clinical stage company engaged in the development and commercialization of oncology related therapies. The company also develops treatment for macular degeneration and fibrotic diseases. The lead product candidates is Envafolimab, an antibody injected subcutaneously for treatment of ENVASARC trial for sarcoma. TRC102 is another product in Phase 2 trial for the treatment of lung cancer. TJ004309 is in Phase 1 clinical trials for the treatment of progressive solid tumors.

    The price of TCON stock, at last check during the regular trading on December 27, 2021, was $3.00. the showed a notable decline of 13.86%.

    TCON: Events and Happenings

    On December 27, 2021, TCON reported that the Independent Data Monitoring Committee recommended continued accretion in both the units of envafolimab. Toleration level of Envafolimab was good, with only a minor adversity reported in some patients. On November 29, 2021, TCON announced that its collaborators Alphamab Oncology and 3D Medicines reported that envafolimab received marketing certification from the Chinese Administration.

    On November 11, 2021, TCON reported that the top management of the company presented at the Virtual Jefferies London Healthcare Conference. The conference held on November 18-19, 2021.

    TCON: Key Financials

    On November 03, 2021, TCON reported financial results for the third quarter ended September 30, 2021. Some of the key updates are as follows

    Net loss per Share

    Basic and diluted net loss for the third quarter of 2021 was $7.0 million or $0.38 per share, as compared to $4.0 million or $0.38 for the same quarter of 2020.

    Total Current Assets

    Total current assets reported by the company for Q3 2021 were $31.1 million as compared to the same period prior year when they were $27.4 million.

    On October 11, 2021, TCON and Eucure Biopharma entered into a partnership for the research and development of YH001. It is used in treatment of soft tissue sarcoma. On September 13, 2021, TCON reported that the top management of the company presented at Oppenheimer Fall Healthcare Life Sciences and MedTech Summit. The summit held on September 20, 2021.

    On September 07, 2021, reported that the top management of the company presented at the H.C. Wainwright 23rd Annual Global Investment Conference. It held on September 13-15, 2021. On September 02, 2021, TCON reported that the top management of the company presented at the Wells Fargo Healthcare Conference. The conference virtually held on September 9, 2021.

    Conclusion

    The price of TCON stock s 15% up in comparison to the past month but it remarkably declined in the regular trading. The decline is the result of uncertain market environment. Earlier the company reported positive outcomes from IDMC for Envasarc trials. The analysts believe the company’s strategies are strong to attract potential investment in the future.

  • TRACON Pharmaceuticals, Inc. (TCON) Stock Plummets Following Upsizing of Underwritten Public Offering

    TRACON Pharmaceuticals, Inc. (TCON) stock prices were down 4.27% as of the market closing on July 21st, 2021, bringing the price per share down to USD$4.93 at the end of the trading day. Subsequent premarket fluctuations saw the stock plummet by 23.33%, bringing it down to USD$3.78.

    Upsizing of Public Offering

    July 21st, 2021 saw the company announce the upsizing of its previously announced public offering as a result of the level of demand. The upsizing will consist of a firm commitment to purchase 3,926,702 shares of common stock, with each share being priced at USD$3.82. Furthermore, the agreement comes equipped with a 30-day option to purchase up to an additional 589,005 shares of common stock at the public offering price. The closing of the public offering is expected to close on July 26th, 2021.

    Details of the Offering

    The public offering is expected to generate gross proceeds in the amount of roughly USD$15 million, before the deduction of expenses related to the offering and excluding the exercising of the over-allotment option. The capital raised is forecasted to be allocated towards the supporting of the continued clinical development of envafolimab, as well as for working capital and general corporate purposes.

    Orphan Drug Designation

    June 29th, 2021 saw the company announce the granting of Orphan Drug Designation to envafolimab by the U.S Food and Drug Administration. The innovative, single-domain antibody against PD-L1 is being developed for the treatment of patients with soft tissue sarcoma. This development followed the submissions of a revised application that consisted of data from the Phase 1 clinical trial from sarcoma patients treated with single-agent envafolimab.

    Basis of Envafolimab ODD

    The Orphan Drug Designation submission for the use of envafolimab in sarcoma included clinical data that signaled confirmed objective partial responses by RECIST with response durations exceeding six months. This promising development was observed in two out of five patients with refractory metastatic alveolar soft part sarcoma (ASPS), with the patients having been administered single-agent envafolimab in Phase 1 clinical trials. The trials were conducted by the company’s partner, 3D Medicines and Alphamab Oncology. The Phase 1 trials did not include patients with undifferentiated pleomorphic sarcoma (UPS) or myxofibrosarcoma (MFS) were not treated as part of Phase 1 trials.

    Future Outlook for TCON

    Armed with the added influx of capital generated from the company’s public offering, TCON is poised to capitalize on the opportunities afforded to it as a result of the granting of Orphan Drug Designation for its flagship treatment. Investors are hopeful that management will be able to facilitate the hasty commercialization and effective proliferation of the treatment as it continues to work closely with the FDA.

  • Early Morning Vibes: Top 4 Stocks Trending on Wednesday

    On December 29, the American stock indices closed in the red. The S&P 500 at the beginning of the session renewed its all-time high, but by its close it dropped 0.22% to 3727 points, the Dow Jones also lost 0.22%, the NASDAQ fell 0.38%. The news background remained calm, but investors preferred to fix some of their positions. The healthcare sector took the lead in growth with a result of + 0.44%, while the real estate sector corrected by 0.71%.

    Company news

    Fulgent Genetics (FLGT: + 8.7%) will provide COVID-19 diagnostic tests to New York City students and educational workers.

    Activist investor Third Point sent a letter to Intel management (INTC: + 4.9%) urging them to consider changes to the company’s strategy.

    Arcturus Therapeutics (ARCT: -54.2%) has published the results of the first phase of clinical trials of a COVID-19 vaccine, which turned out to be weak.

    Today, world stock exchanges are showing mostly positive dynamics. Investors are focusing on the prospects for increasing the volume of direct payments to Americans. Senate Majority Leader Mitch McConnell has blocked an attempt to vote on raising the benefit from $ 600 to $ 2,000, so the timing of the discussion remains uncertain. A number of Republicans do not support the president’s initiative to increase the lump sum, pointing to the problem of the budget deficit and high public debt, which hinders the increase in government spending. In the meantime, Americans will start receiving checks for $ 600 today as part of the previously approved economic stimulus program.
     

    On the front of the fight against COVID-19 in the United States, there is no significant positive so far. Colorado has recorded the first patient with a British modification of the coronavirus. The increase in incidence has slowed slightly, but a new outbreak is forecast after the holidays. The number of hospitalized in the United States already exceeds 124 thousand, and the trend remains negative. The vaccination campaign is very slow: so far only 2.13 million have been vaccinated. As Joseph Biden noted, if the process is not accelerated, it may take years, not months, to complete vaccination. This is a significant risk for stocks, but for now investors tend to believe that the acquisition of mass immunity can be accelerated.

    Today Top Movers

    AstraZeneca PLC ADR (AZN), a Drug Manufacturers company, soared about 2.38% ‎at $51.09 in pre-market trading today following its Covid-19 vaccine approval in the U.K.

    Guardion Health Sciences Inc (GHSI) share price jumped 7.029% to $0.41 during early morning ‎trading session on Wednesday following the declaration of appointment of Bret Scholtes, as its President and Chief Executive Officer.

    NXT-ID Inc (NXTD) stock ascended 9.16% at $1.43 in the pre-‎market trading today. 

    American Battery Metals Corp USD (ABML) gained over 1.43% at $1.42 in pre-market ‎trading on Wednesday.‎

    Top Upgrades & Downgrades

    AlphaValue turned bullish on AstraZeneca PLC ADR (AZN)‎, upgrading the ‎stock to “Add”.

    ‎Baird turned bullish on Caterpillar Inc. (NYSE: CAT), reiterating the stock at ‎‎“Outperform” but lifting the target from $206 to $220, representing potential ‎upside of 24.54% from Tuesday’s close.

    Daiwa turned bullish on Vertex Pharmaceuticals Incorporated (NASDAQ: VRTX)‎ , initiating the stock at ‎‎“Outperform” and assigning the target to $250, representing potential upside ‎of 7.07% from Tuesday’s close.

    Latest Insider Activity

    Lemonade Inc. (LMND) Chief Insurance Officer Peters John Sheldon announced the sale of shares taking place on Dec 28 at $118.49 for some 5,000 shares. The total came to more than $0.59 million.

    Pinterest Inc. (PINS) Chairman, President, CEO, Co-F Silbermann Benjamin sold on Dec 24 a total 105,000 shares at $71.55 on average. The insider’s sale generated proceeds of almost $7.51 million.

    Cellectar Biosciences Inc. (CLRB) Chief Business Officer Longcor Jarrod declared the purchase of shares taking place on Dec 28 at $1.35 for some 29,630 shares. The transaction amount was around $40001.

    TRACON Pharmaceuticals Inc. (TCON) 10% Owner Opaleye Management Inc. bought on Dec 22 a total 2,293,371 shares at $8.06 on average. The purchase cost the insider an estimated $4.0 million.