Could Tracon Pharmaceuticals Inc (NASDAQ:TCON) Change Direction After Less Shorts?

July 13, 2018 - By Joseph Norton

TRACON Pharmaceuticals, Inc. (NASDAQ:TCON) Logo

The stock of Tracon Pharmaceuticals Inc (NASDAQ:TCON) registered a decrease of 6.69% in short interest. TCON’s total short interest was 158,900 shares in July as published by FINRA. Its down 6.69% from 170,300 shares, reported previously. With 107,300 shares average volume, it will take short sellers 2 days to cover their TCON’s short positions. The short interest to Tracon Pharmaceuticals Inc’s float is 1.6%.

The stock decreased 1.85% or $0.05 during the last trading session, reaching $2.65. About 32,775 shares traded. TRACON Pharmaceuticals, Inc. (NASDAQ:TCON) has declined 5.26% since July 13, 2017 and is downtrending. It has underperformed by 17.83% the S&P500.

TRACON Pharmaceuticals, Inc., a clinical stage biopharmaceutical company, focuses on the development and commercialization of therapeutics for cancer, wet age-related macular degeneration , and fibrotic diseases. The company has market cap of $78.79 million. The Company’s lead product candidate is TRC105, an endoglin antibody, which is in Phase III clinical trials for angiosarcoma; randomized Phase II clinical trials for renal cell carcinoma; Phase II clinical trials for soft tissue sarcoma; Phase II clinical trials for gestational trophoblastic neoplasia; Phase I/II clinical trials for hepatocellular carcinoma; Phase I clinical trial for lung cancer; Phase I/II clinical trials for breast cancer; and Phase I/II clinical trials for wet AMD. It currently has negative earnings. The companyÂ’s other product candidates comprise TRC102, a small molecule that is in Phase II clinical trials for mesothelioma, Phase II clinical trials for glioblastoma, Phase I clinical trial for solid tumors and lymphomas, as well as Phase I clinical trial for lung cancer; and TRC253, a small molecule high affinity competitive inhibitor of wild type androgen receptor (AR) and multiple AR mutant receptors that is in Phase I/II clinical trials for the treatment prostate cancer.

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