Tectonic Therapeutic (NASDAQ:TECX) Upgraded by Wall Street Zen to Sell Rating

Wall Street Zen upgraded shares of Tectonic Therapeutic (NASDAQ:TECX) from a strong sell rating to a sell rating in a research note issued to investors on Saturday morning.

A number of other brokerages have also recently commented on TECX. Zacks Research cut shares of Tectonic Therapeutic from a “hold” rating to a “strong sell” rating in a research note on Monday, July 20th. Stifel Nicolaus initiated coverage on shares of Tectonic Therapeutic in a report on Monday, April 13th. They set a “buy” rating and a $75.00 target price on the stock. Weiss Ratings restated a “sell (d-)” rating on shares of Tectonic Therapeutic in a research report on Friday, July 17th. Wells Fargo & Company cut their price target on Tectonic Therapeutic from $101.00 to $93.00 and set an “overweight” rating for the company in a report on Friday. Finally, Raymond James Financial upgraded Tectonic Therapeutic from an “outperform” rating to a “strong-buy” rating and lifted their price target for the company from $76.00 to $81.00 in a research report on Tuesday, May 26th. Two research analysts have rated the stock with a Strong Buy rating, four have given a Buy rating and two have issued a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $77.80.

Tectonic Therapeutic Price Performance

Shares of TECX opened at $30.98 on Friday. Tectonic Therapeutic has a 1 year low of $14.39 and a 1 year high of $39.53. The stock’s fifty day moving average price is $31.24 and its two-hundred day moving average price is $28.49. The firm has a market cap of $584.59 million, a PE ratio of -6.78 and a beta of 3.28.

Tectonic Therapeutic (NASDAQ:TECX) last announced its quarterly earnings data on Thursday, August 6th. The company reported ($1.18) earnings per share for the quarter, topping the consensus estimate of ($1.35) by $0.17. Sell-side analysts anticipate that Tectonic Therapeutic will post -5.46 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in TECX. Caitong International Asset Management Co. Ltd raised its position in shares of Tectonic Therapeutic by 451.6% in 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 in the last quarter. New York State Common Retirement Fund purchased a new position in Tectonic Therapeutic during the second quarter worth about $99,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new position in Tectonic Therapeutic during the second quarter worth about $119,000. JPMorgan Chase & Co. grew its position in Tectonic Therapeutic by 483.6% during the second quarter. JPMorgan Chase & Co. now owns 6,548 shares of the company’s stock worth $130,000 after buying an additional 5,426 shares in the last quarter. Finally, Los Angeles Capital Management LLC bought a new position in Tectonic Therapeutic in the 4th quarter worth about $134,000. 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.