Tectonic Therapeutic (NASDAQ:TECX) Announces Earnings Results

Tectonic Therapeutic (NASDAQ:TECX) released its quarterly earnings data on Thursday. The company reported ($1.03) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($1.11) by $0.08, FiscalAI reports.

Tectonic Therapeutic Price Performance

NASDAQ:TECX traded down $0.48 during midday trading on Friday, reaching $23.45. The stock had a trading volume of 225,703 shares, compared to its average volume of 568,707. The stock has a market capitalization of $438.89 million, a P/E ratio of -5.79 and a beta of 3.71. Tectonic Therapeutic has a 1-year low of $13.70 and a 1-year high of $27.33. The firm’s fifty day simple moving average is $21.15 and its 200-day simple moving average is $19.65.

Analyst Upgrades and Downgrades

TECX has been the subject of a number of research analyst reports. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Tectonic Therapeutic in a research note on Thursday, January 22nd. Lifesci Capital raised shares of Tectonic Therapeutic to a “strong-buy” rating in a research note on Thursday, February 5th. Finally, Truist Financial decreased their target price on Tectonic Therapeutic from $64.00 to $60.00 and set a “buy” rating for the company in a research report on Thursday, January 8th. One equities research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $81.50.

Insider Transactions at Tectonic Therapeutic

In other Tectonic Therapeutic news, CFO Daniel Lochner purchased 6,000 shares of the stock in a transaction dated Tuesday, February 10th. The shares were bought at an average cost of $21.61 per share, with a total value of $129,660.00. Following the completion of the transaction, the chief financial officer owned 32,044 shares in the company, valued at $692,470.84. This trade represents a 23.04% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 38.00% of the stock is owned by company insiders.

Institutional Trading of Tectonic Therapeutic

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. AlphaQuest LLC increased its stake in shares of Tectonic Therapeutic by 919.4% in the 2nd quarter. AlphaQuest LLC now owns 2,365 shares of the company’s stock valued at $47,000 after buying an additional 2,133 shares during the period. Police & Firemen s Retirement System of New Jersey bought a new stake in shares of Tectonic Therapeutic during the second quarter worth $52,000. Caitong International Asset Management Co. Ltd boosted its position in shares of Tectonic Therapeutic by 451.6% during the third quarter. Caitong International Asset Management Co. Ltd now owns 3,966 shares of the company’s stock worth $62,000 after buying an additional 3,247 shares during the period. China Universal Asset Management Co. Ltd. grew its stake in shares of Tectonic Therapeutic by 26.7% during the 2nd quarter. China Universal Asset Management Co. Ltd. now owns 3,750 shares of the company’s stock worth $75,000 after acquiring an additional 791 shares in the last quarter. Finally, Virtus Investment Advisers LLC boosted its holdings in Tectonic Therapeutic by 18.3% during the second quarter. Virtus Investment Advisers LLC now owns 4,190 shares of the company’s stock worth $83,000 after purchasing an additional 649 shares during the last quarter. Institutional investors and hedge funds own 62.63% of the company’s stock.

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.