BTIG Starts Tracon Pharmaceuticals (TCON) at Buy
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BTIG initiated coverage on Tracon Pharmaceuticals (NASDAQ: TCON) with a Buy rating and a price target of $15.
Analyst Ling Wang said, "TCON’s lead compound, TRC105 (an anti-endoglin antibody) has generated promising efficacy in a variety of solid tumors. With TRC105 potentially entering pivotal Phase III trials in 2H16, we project a market launch in 2019, with peak US sales of over $300M across indications. Advancement of a second compound TRC-102 (in Phase I/II sponsored by NCI) and a wet AMD program, partnered with Santen (SNPHF, Not Rated) would provide additional upside (not modeled)."
Shares of Tracon Pharmaceuticals closed at $5.87 yesterday.
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