Tectonic Therapeutic (NASDAQ:TECX) Shares Gap Up After Insider Buying Activity

Tectonic Therapeutic (NASDAQ:TECX)’s stock price gapped up prior to trading on Monday following insider buying activity. The stock had previously closed at $36.45, but opened at $39.98. Tectonic Therapeutic shares last traded at $38.72, with a volume of 45,380 shares traded.

Specifically, CFO Daniel Lochner acquired 4,617 shares of the firm’s stock in a transaction dated Wednesday, February 5th. The stock was bought at an average price of $54.14 per share, for a total transaction of $249,964.38. Following the acquisition, the chief financial officer now directly owns 4,617 shares of the company’s stock, valued at approximately $249,964.38. The trade was a ∞ increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Timothy A. Springer acquired 129,294 shares of the firm’s stock in a transaction dated Wednesday, February 5th. The stock was bought at an average price of $54.14 per share, with a total value of $6,999,977.16. Following the acquisition, the director now directly owns 4,226,058 shares in the company, valued at $228,798,780.12. This represents a 3.16 % increase in their ownership of the stock. The disclosure for this purchase can be found here.

Wall Street Analyst Weigh In

TECX has been the subject of several analyst reports. Raymond James initiated coverage on Tectonic Therapeutic in a report on Wednesday, November 20th. They issued an “outperform” rating and a $65.00 price objective for the company. Wells Fargo & Company raised their price objective on Tectonic Therapeutic from $79.00 to $112.00 and gave the company an “overweight” rating in a report on Friday, January 31st. Finally, Leerink Partners raised their price objective on Tectonic Therapeutic from $49.00 to $69.00 and gave the company an “outperform” rating in a report on Monday, November 11th. Five equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Buy” and an average target price of $80.50.

Tectonic Therapeutic Trading Up 2.1 %

The firm has a market capitalization of $548.85 million, a price-to-earnings ratio of -6.43 and a beta of 2.62. The company’s 50 day moving average is $45.25 and its 200-day moving average is $34.63.

Tectonic Therapeutic (NASDAQ:TECX) last issued its earnings results on Thursday, November 7th. The company reported ($1.20) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.84) by ($0.36). Research analysts expect that Tectonic Therapeutic will post -8.31 EPS for the current year.

Institutional Investors Weigh In On Tectonic Therapeutic

Several hedge funds have recently bought and sold shares of TECX. Nordwand Advisors LLC acquired a new stake in Tectonic Therapeutic during the third quarter worth approximately $45,000. Connor Clark & Lunn Investment Management Ltd. acquired a new stake in Tectonic Therapeutic during the third quarter worth approximately $233,000. FMR LLC lifted its position in Tectonic Therapeutic by 13.2% during the third quarter. FMR LLC now owns 1,220,138 shares of the company’s stock worth $36,970,000 after acquiring an additional 142,600 shares during the last quarter. Acuta Capital Partners LLC acquired a new stake in Tectonic Therapeutic during the third quarter worth approximately $415,000. Finally, Walleye Capital LLC lifted its position in Tectonic Therapeutic by 204.2% during the third quarter. Walleye Capital LLC now owns 72,962 shares of the company’s stock worth $2,211,000 after acquiring an additional 48,978 shares during the last quarter. 62.63% of the stock is currently owned by institutional investors and hedge funds.

Tectonic Therapeutic Company Profile

Tectonic Therapeutic, Inc engages in discovery and development of therapeutic proteins & antibodies. The company was founded by Timothy A. Springer and Andrew Kruse in 2019 and is headquartered in Watertown, MA.