Tracon Pharmaceuticals (TCON) PT Lowered to $9 at BTIG

BTIG analyst Robert Hazlett lowered the price target on Tracon Pharmaceuticals (NASDAQ: TCON) to $9.00 (from $13.00) while maintaining a Buy rating.

The analyst comments "We now assess the total value of TRACON’s programs and other assets at $8.95 per TCON share supporting our $9 target, down from $13.05 earlier. We assume the company continues to operate independently; until positive pivotal data emerges for TRC105 in angiosarcoma or another materially successful result in one of its combination studies with VEGF inhibitors emerges, we believe M&A potential remains modest. If important data with TRC105 and a VEGF inhibitor emerges, it is possible we would begin to assign a takeover premium to TCON shares as part of our assessment of its overall valuation."

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