Zacks Research Upgrades Tectonic Therapeutic (NASDAQ:TECX) to “Hold”

Tectonic Therapeutic (NASDAQ:TECX) was upgraded by equities research analysts at Zacks Research from a “strong sell” rating to a “hold” rating in a note issued to investors on Tuesday,Zacks.com reports.

Several other brokerages have also commented on TECX. Wall Street Zen raised Tectonic Therapeutic from a “strong sell” rating to a “sell” rating in a research report on Saturday, August 8th. Wells Fargo & Company decreased their target price on shares of Tectonic Therapeutic from $101.00 to $93.00 and set an “overweight” rating for the company in a research note on Friday, August 7th. Weiss Ratings restated a “sell (d-)” rating on shares of Tectonic Therapeutic in a research note on Friday, July 17th. Finally, Raymond James Financial raised Tectonic Therapeutic from an “outperform” rating to a “strong-buy” rating and lifted their price target for the stock from $76.00 to $81.00 in a research report on Tuesday, May 26th. Two investment analysts have rated the stock with a Strong Buy rating, four have assigned a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $77.80.

Tectonic Therapeutic Stock Performance

Tectonic Therapeutic stock opened at $37.04 on Tuesday. Tectonic Therapeutic has a fifty-two week low of $14.39 and a fifty-two week high of $39.53. The stock’s 50 day simple moving average is $32.22 and its two-hundred day simple moving average is $29.41. The stock has a market cap of $724.13 million, a price-to-earnings ratio of -8.11 and a beta of 3.28.

Tectonic Therapeutic (NASDAQ:TECX) last announced its earnings results on Thursday, August 6th. The company reported ($1.18) earnings per share (EPS) for the quarter, topping the consensus estimate of ($1.35) by $0.17. On average, analysts predict that Tectonic Therapeutic will post -5.25 earnings per share for the current year.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of the company. Legal & General Group Plc acquired a new stake in Tectonic Therapeutic in the second quarter valued at approximately $34,000. Caitong International Asset Management Co. Ltd boosted its position in shares of Tectonic Therapeutic by 451.6% in the 3rd quarter. Caitong International Asset Management Co. Ltd now owns 3,966 shares of the company’s stock worth $62,000 after purchasing an additional 3,247 shares in the last quarter. Quantbot Technologies LP acquired a new position in Tectonic Therapeutic during the 2nd quarter valued at about $63,000. New York State Common Retirement Fund acquired a new stake in Tectonic Therapeutic in the second quarter worth about $99,000. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new stake in shares of Tectonic Therapeutic during the second quarter worth about $119,000. Institutional investors 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.