Tectonic Therapeutic (NASDAQ:TECX) Stock Price Up 8.2% – Here’s Why

Tectonic Therapeutic, Inc. (NASDAQ:TECX)’s stock price shot up 8.2% during trading on Thursday . The company traded as high as $35.65 and last traded at $35.41. 61,760 shares were traded during mid-day trading, a decline of 78% from the average daily volume of 283,019 shares. The stock had previously closed at $32.74.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on TECX shares. Stifel Nicolaus began coverage on Tectonic Therapeutic in a report on Monday, April 13th. They issued a “buy” rating and a $75.00 price objective on the stock. Raymond James Financial raised Tectonic Therapeutic from an “outperform” rating to a “strong-buy” rating and increased their target price for the stock from $76.00 to $81.00 in a research note on Tuesday, May 26th. Wall Street Zen cut Tectonic Therapeutic from a “sell” rating to a “strong sell” rating in a report on Saturday, April 18th. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Tectonic Therapeutic in a research note on Tuesday, April 21st. Two equities research analysts have rated the stock with a Strong Buy rating, four have given a Buy rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, Tectonic Therapeutic has an average rating of “Buy” and an average target price of $79.40.

Tectonic Therapeutic Stock Performance

The stock’s 50 day moving average price is $29.69 and its two-hundred day moving average price is $26.48. The firm has a market capitalization of $715.74 million, a price-to-earnings ratio of -8.50 and a beta of 3.21.

Tectonic Therapeutic (NASDAQ:TECX) last announced its quarterly earnings data on Thursday, May 7th. The company reported ($1.34) EPS for the quarter, missing the consensus estimate of ($1.16) by ($0.18). On average, sell-side analysts forecast that Tectonic Therapeutic, Inc. will post -5.46 earnings per share for the current fiscal year.

Insider Transactions at Tectonic Therapeutic

In other news, insider Marcella K. Ruddy sold 1,065 shares of Tectonic Therapeutic stock in a transaction that occurred on Monday, May 4th. The shares were sold at an average price of $30.00, for a total transaction of $31,950.00. Following the completion of the sale, the insider directly owned 67,682 shares in the company, valued at approximately $2,030,460. This trade represents a 1.55% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 39.80% of the company’s stock.

Institutional Investors Weigh In On Tectonic Therapeutic

A number of institutional investors and hedge funds have recently modified their holdings of TECX. Bank of America Corp DE increased its stake in Tectonic Therapeutic by 24.3% in the 1st quarter. Bank of America Corp DE now owns 11,466 shares of the company’s stock valued at $354,000 after purchasing an additional 2,241 shares in the last quarter. The Manufacturers Life Insurance Company purchased a new stake in Tectonic Therapeutic during the first quarter worth $431,000. First Light Asset Management LLC purchased a new stake in Tectonic Therapeutic during the first quarter worth $20,022,000. Sei Investments Co. boosted its position in Tectonic Therapeutic by 141.8% during the first quarter. Sei Investments Co. now owns 36,870 shares of the company’s stock worth $1,140,000 after purchasing an additional 21,619 shares in the last quarter. Finally, AlphaCentric Advisors LLC grew its holdings in Tectonic Therapeutic by 5.8% in the first quarter. AlphaCentric Advisors LLC now owns 6,849 shares of the company’s stock valued at $212,000 after purchasing an additional 373 shares during the last quarter. Institutional investors and hedge funds own 62.63% of the company’s stock.

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.