Tectonic Therapeutic (NASDAQ:TECX) Shares Up 9.3% – What’s Next?

Tectonic Therapeutic, Inc. (NASDAQ:TECX)’s share price was up 9.3% on Tuesday . The company traded as high as $30.77 and last traded at $31.5490. Approximately 9,217 shares were traded during mid-day trading, a decline of 98% from the average daily volume of 374,631 shares. The stock had previously closed at $28.87.

Analysts Set New Price Targets

Several research firms have recently weighed in on TECX. Weiss Ratings reissued a “sell (d-)” rating on shares of Tectonic Therapeutic in a research note on Thursday, January 22nd. Lifesci Capital upgraded Tectonic Therapeutic to a “strong-buy” rating in a research report on Thursday, February 5th. Finally, Truist Financial reduced their price objective on Tectonic Therapeutic from $64.00 to $60.00 and set a “buy” rating on the stock in a research report on Thursday, January 8th. One equities research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, Tectonic Therapeutic currently has an average rating of “Moderate Buy” and an average price target of $81.50.

Tectonic Therapeutic Price Performance

The stock has a market cap of $591.27 million, a PE ratio of -7.73 and a beta of 3.75. The stock has a 50-day simple moving average of $25.40 and a 200-day simple moving average of $20.90.

Tectonic Therapeutic (NASDAQ:TECX) last released its quarterly earnings data on Thursday, February 26th. The company reported ($1.03) earnings per share for the quarter, beating the consensus estimate of ($1.11) by $0.08. As a group, equities research analysts anticipate that Tectonic Therapeutic, Inc. will post -8.31 EPS for the current year.

Insider Activity at Tectonic Therapeutic

In related news, insider Peter Mcnamara sold 6,262 shares of the stock in a transaction on Friday, March 6th. The stock was sold at an average price of $30.17, for a total value of $188,924.54. Following the completion of the sale, the insider directly owned 55,285 shares in the company, valued at approximately $1,667,948.45. This represents a 10.17% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Daniel Lochner bought 6,000 shares of the stock in a transaction dated Tuesday, February 10th. The stock was bought at an average price of $21.61 per share, with a total value of $129,660.00. Following the purchase, the chief financial officer owned 32,044 shares of the company’s stock, valued at approximately $692,470.84. This represents a 23.04% increase in their position. The disclosure for this purchase is available in the SEC filing. In the last 90 days, insiders have sold 19,561 shares of company stock worth $566,551. 9.20% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in TECX. Virtus Investment Advisers LLC increased its position in shares of 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 acquiring an additional 649 shares during the last quarter. China Universal Asset Management Co. Ltd. increased its holdings in 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 purchasing an additional 791 shares during the last quarter. Police & Firemen s Retirement System of New Jersey acquired a new position in shares of Tectonic Therapeutic in the 2nd quarter valued at approximately $52,000. Monimus Capital Management LP boosted its stake in shares of Tectonic Therapeutic by 11.3% during the 4th quarter. Monimus Capital Management LP now owns 26,594 shares of the company’s stock valued at $555,000 after buying an additional 2,700 shares during the last quarter. Finally, Raymond James Financial Inc. grew its position in shares of Tectonic Therapeutic by 15.0% during the second quarter. Raymond James Financial Inc. now owns 21,544 shares of the company’s stock worth $428,000 after buying an additional 2,809 shares in the last quarter. 62.63% of the stock is currently owned by hedge funds and other institutional investors.

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.