Tracon Pharmaceuticals (NASDAQ:TCON) stock is rocketing higher on Friday after the biopharmaceutical company announced results for the third quarter of 2023.
Tracon Pharmaceuticals starts its report with adjusted earnings per share of 29 cents. That’s worse than the 43 cents per share Wall Street was expecting for the quarter. However, it’s a positive switch from the -30 cents per share reported in the same period of the year prior.
Investors in TCON stock will also note that the company didn’t report any revenue for the third quarter of the year. That’s bad news when analysts were expecting revenue to come in at $7.1 million. It’s also worth noting the company didn’t report revenue in Q2 2022, either.
What’s Next for TCON Stock?
Tracon Pharmaceuticals CEO Charles Theuer explains the company’s upcoming plans in the earnings report:
“We are on track to complete enrollment of 80 patients treated with single agent envafolimab in the ongoing pivotal ENVASARC trial this year […] We expect to report updated response rate data before the end of the year, with final data anticipated mid-2024 […] We also expect to license our Product Development Platform to one or more companies this year to allow them to transform their clinical operations.”
With this earnings news comes heavy trading of TCON stock. As of this writing, more than 10 million shares have changed hands. For comparison, the stock’s daily average trading volume is just shy of 1 million shares.
TCON stock is up 129.7% as of Friday morning.
Investors looking for more of the most recent stock market news are in the right place!
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On the date of publication, William White did not hold (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.
