Tectonic Therapeutic (NASDAQ:TECX) Given Average Rating of “Buy” by Analysts

Tectonic Therapeutic (NASDAQ:TECX) has earned a consensus rating of “Buy” from the eight ratings firms that are presently covering the stock, Marketbeat Ratings reports. Six equities research analysts have rated the stock with a buy recommendation and two have issued a strong buy recommendation on the company. The average twelve-month price target among brokers that have issued ratings on the stock in the last year is $80.50.

A number of research firms have recently weighed in on TECX. Lifesci Capital initiated coverage on Tectonic Therapeutic in a research note on Friday. They issued an “outperform” rating and a $87.00 price objective for the company. Wells Fargo & Company dropped their price target on Tectonic Therapeutic from $112.00 to $101.00 and set an “overweight” rating for the company in a research note on Friday, March 21st. Finally, Mizuho lifted their price target on shares of Tectonic Therapeutic from $51.00 to $85.00 and gave the company an “outperform” rating in a report on Thursday, May 15th.

Insiders Place Their Bets

In other news, Director Timothy A. Springer acquired 3,718 shares of the company’s stock in a transaction on Wednesday, April 9th. The stock was bought at an average cost of $14.76 per share, with a total value of $54,877.68. Following the completion of the purchase, the director now directly owns 4,317,276 shares of the company’s stock, valued at $63,722,993.76. This represents a 0.09% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders have purchased 100,696 shares of company stock valued at $1,705,714 over the last ninety days. 38.00% of the stock is owned by insiders.

Institutional Investors Weigh In On Tectonic Therapeutic

Institutional investors have recently made changes to their positions in the company. Paradigm Biocapital Advisors LP bought a new position in Tectonic Therapeutic during the 4th quarter valued at about $22,397,000. Millennium Management LLC grew its stake in shares of Tectonic Therapeutic by 726.4% during the first quarter. Millennium Management LLC now owns 237,938 shares of the company’s stock valued at $4,214,000 after buying an additional 209,145 shares during the last quarter. Farallon Capital Management LLC grew its stake in shares of Tectonic Therapeutic by 37.0% during the fourth quarter. Farallon Capital Management LLC now owns 713,050 shares of the company’s stock valued at $32,922,000 after buying an additional 192,653 shares during the last quarter. Woodline Partners LP raised its holdings in shares of Tectonic Therapeutic by 132.3% in the first quarter. Woodline Partners LP now owns 302,215 shares of the company’s stock worth $5,352,000 after buying an additional 172,106 shares during the period. Finally, Ally Bridge Group NY LLC bought a new stake in shares of Tectonic Therapeutic during the 1st quarter worth approximately $2,342,000. Institutional investors own 62.63% of the company’s stock.

Tectonic Therapeutic Trading Up 2.7%

Tectonic Therapeutic stock opened at $23.06 on Friday. Tectonic Therapeutic has a 12-month low of $13.70 and a 12-month high of $61.07. The firm has a market capitalization of $430.60 million, a price-to-earnings ratio of -3.92 and a beta of 3.25. The firm has a 50 day moving average of $19.84 and a 200 day moving average of $31.45.

Tectonic Therapeutic (NASDAQ:TECX) last announced its quarterly earnings data on Thursday, May 8th. The company reported ($0.93) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($1.10) by $0.17. On average, analysts predict that Tectonic Therapeutic will post -8.31 EPS for the current year.

About Tectonic Therapeutic

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.