Tracon Pharmaceuticals (NASDAQ:TCON) stock is falling on Monday as the company’s shares retreat from a massive rally on Friday.
That rally saw shares of TCON stock climb 43.9% higher during normal trading hours. That came alongside 74 million shares of the stock changing hands. For the record, its daily average trading volume is about 2.2 million shares.
Now TCON stock is giving up some of those gains, with the company’s shares down 21.8% as of Monday morning. That comes with roughly 1.3 million shares of the company’s stock being traded.
What Was Behind the TCON Stock Rally?
Shares of TCON stock got such a major boost on Friday from the company’s third-quarter earnings report. Investors were excited about the company’s future plans even though it ended up missing Wall Street’s EPS and revenue estimates for the quarter.
In that earnings report, Tracon Pharmaceuticals noted that it’s getting close to enrolling enough patients for its ENVASARC trial this year. That should produce results in 2024.
Investors who are seeking out even more of the most recent stock market stories are going to want to stick around!
We have all of the hottest stock market news that traders need to know about on Monday! That includes everything happening with Verve Therapeutics (NASDAQ:VERV) stock, Sundial (NASDAQ:SNDL) stock and Collective Audience (NASDAQ:CAUD) stock today. You can read up on these matters at the following links!
More Stock Market News for Monday
- Why Is Verve Therapeutics (VERV) Stock Down 39% Today?
- Sundial (SNDL) Stock Ticks Up 3% On Cash Flow, Share Buyback
- Why Is Collective Audience (CAUD) Stock Up 37% Today?
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
