The stock of TRACON Pharmaceuticals, Inc. (NASDAQ:TCON) is now priced at $2.41 and the shares are 0.52 points up or 27.51% higher compared to its previous closing price of $1.89. The stock had 9.273 million contracts set over the past session. TCON shares’ daily volume is compared to its average trading volume at 0.878 million shares. However, it has a float of 6.17 million and although its performance was 41.76% over the week, it’s one to watch. It means the stock’s downside potential is -100% with the TCON share price recently placing at $1.98 to $2.58. However, some brokerage firms have priced the stock below the average, including one that has called $3.
The shorts are running away from the TRACON Pharmaceuticals, Inc. stock, with the latest data on short interest released on August 14, 2020, showing that short interest numbers in the TCON shares have declined. Short interest in the stock represents just 0.46% of its float, but the volume has dropped by -33809. The volume of shorted shares dropped to 28082 from 61891 shares over the last two weeks. The average intraday trading volume has been 608080 shares, which means that days to cover moved to roughly 1.
In the last trading session, TRACON Pharmaceuticals, Inc. (NASDAQ:TCON) raised by $0.71 over the week and gained $0.47 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $5.7. The stock recorded its established 52-week high on 09/03/19.
Since 03/16/20, the stock has traded to a low of $0.95 at 153.68%, an encouraging piece of data likely to interest most investors out to exploit the stock’s recent surge. The stock has a beta allocation of 1.89. Being above 1 means that the stock’s volatility is higher than the market and traders are keenly watching it.
Looking at current readings, TRACON Pharmaceuticals, Inc.’s two-week RSI is 73.7. This suggests that the stock is oversold at the moment and that TCON shares’ price movement remains not stable. The stochastic readings are equally revealing at 53.47% meaning the TCON share price is currently in neutral territory.
The technical chart shows that the TCON stock will likely settle at between $2.67 and $2.92 per share. However, if the stock dips below $2.07, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $1.72.
Currently, the stock is trading in the green of MACD, with a reading of 0.25. Investors always pay attention to any move above or below the zero-line, mainly because the indicator points to the position of the stock’s short-term average relative to its long-term measure. A MACD -a reading above the zero line means that the short-term is above the long-term average. This scenario implies that there is an upward momentum. The opposite is true when the MACD falls below the zero-line.
The average rating for the TCON equity is 2.25 and is currently gathering a bullish momentum. Of 4 analysts tracking TRACON Pharmaceuticals, Inc. polled by Reuters, 2 rated TCON as a hold. The remaining 2 analysts were split evenly. However, the split wasn’t equal as a majority (2) rated it as a buy or strong buy. 0 analyst advised investors against buying the stock or to sell if they own any of the stock.