Tectonic Therapeutic (NASDAQ:TECX) Short Interest Update

Tectonic Therapeutic (NASDAQ:TECX) was the target of a significant drop in short interest during the month of February. As of February 15th, there was short interest totalling 888,500 shares, a drop of 16.2% from the January 31st total of 1,060,000 shares. Based on an average daily volume of 284,700 shares, the days-to-cover ratio is presently 3.1 days. Currently, 10.3% of the shares of the stock are sold short.

Tectonic Therapeutic Stock Up 3.6 %

Shares of TECX stock opened at $23.96 on Thursday. The stock’s 50-day moving average price is $38.43 and its 200 day moving average price is $36.08. The stock has a market capitalization of $353.48 million, a PE ratio of -4.07 and a beta of 2.62. Tectonic Therapeutic has a 52-week low of $13.80 and a 52-week high of $61.07.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on the company. Leerink Partners raised their price objective on Tectonic Therapeutic from $49.00 to $69.00 and gave the company an “outperform” rating in a research report on Monday, November 11th. Raymond James assumed coverage on shares of Tectonic Therapeutic in a research report on Wednesday, November 20th. They issued an “outperform” rating and a $65.00 price objective on the stock. Finally, Wells Fargo & Company increased their target price on shares of Tectonic Therapeutic from $79.00 to $112.00 and gave the company an “overweight” rating in a research report on Friday, January 31st. Five equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, Tectonic Therapeutic currently has an average rating of “Buy” and a consensus price target of $80.50.

Insider Buying and Selling at Tectonic Therapeutic

In related news, CFO Daniel Lochner bought 4,617 shares of Tectonic Therapeutic stock in a transaction dated Wednesday, February 5th. The shares were acquired at an average cost of $54.14 per share, with a total value of $249,964.38. Following the completion of the transaction, the chief financial officer now owns 4,617 shares in the company, valued at $249,964.38. The trade was a ∞ increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Timothy A. Springer purchased 129,294 shares of the stock in a transaction that occurred on Wednesday, February 5th. The stock was purchased 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 of the company’s stock, valued at $228,798,780.12. This trade represents a 3.16 % increase in their position. The disclosure for this purchase can be found here. 9.20% of the stock is owned by company insiders.

Hedge Funds Weigh In On Tectonic Therapeutic

Several institutional investors have recently bought and sold shares of TECX. Nordwand Advisors LLC purchased a new position in Tectonic Therapeutic during the third quarter worth about $45,000. JPMorgan Chase & Co. boosted its stake in shares of Tectonic Therapeutic by 5,554.5% in the fourth quarter. JPMorgan Chase & Co. now owns 1,244 shares of the company’s stock valued at $57,000 after buying an additional 1,222 shares in the last quarter. Virtus ETF Advisers LLC purchased a new position in Tectonic Therapeutic in the fourth quarter worth $71,000. China Universal Asset Management Co. Ltd. acquired a new stake in Tectonic Therapeutic in the fourth quarter valued at $144,000. Finally, Charles Schwab Investment Management Inc. purchased a new stake in Tectonic Therapeutic during the fourth quarter worth about $218,000. 62.63% of the stock is 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.