Tectonic Therapeutic (NASDAQ:TECX) Trading Down 8.4% – Here’s Why

Tectonic Therapeutic, Inc. (NASDAQ:TECX)’s share price traded down 8.4% during trading on Monday . The company traded as low as $33.26 and last traded at $32.6380. Approximately 74,839 shares were traded during trading, a decline of 72% from the average session volume of 264,711 shares. The stock had previously closed at $35.62.

Wall Street Analyst Weigh In

TECX has been the topic of several research reports. Wells Fargo & Company dropped their target price on Tectonic Therapeutic from $101.00 to $93.00 and set an “overweight” rating on the stock in a research report on Friday, August 7th. Zacks Research raised shares of Tectonic Therapeutic from a “strong sell” rating to a “hold” rating in a research report on Tuesday, August 18th. Raymond James Financial upgraded shares of Tectonic Therapeutic from an “outperform” rating to a “strong-buy” rating and increased their price objective for the stock from $76.00 to $81.00 in a research note on Tuesday, May 26th. Weiss Ratings reissued a “sell (d-)” rating on shares of Tectonic Therapeutic in a report on Friday, July 17th. Finally, Oppenheimer restated an “outperform” rating on shares of Tectonic Therapeutic in a research report on Tuesday. 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 issued a Sell rating to the stock. According to data from MarketBeat.com, Tectonic Therapeutic has an average rating of “Moderate Buy” and an average price target of $77.80.

Tectonic Therapeutic Stock Performance

The company has a market capitalization of $610.35 million, a P/E ratio of -6.83 and a beta of 3.31. The stock has a fifty day moving average of $33.17 and a 200 day moving average of $30.21.

Tectonic Therapeutic (NASDAQ:TECX) last released its quarterly earnings results on Thursday, August 6th. The company reported ($1.18) earnings per share (EPS) for the quarter, beating the consensus estimate of ($1.35) by $0.17. Research analysts anticipate that Tectonic Therapeutic, Inc. will post -5.25 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in TECX. Legal & General Group Plc purchased a new stake in Tectonic Therapeutic in the 2nd quarter worth approximately $34,000. Caitong International Asset Management Co. Ltd lifted its holdings in 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 valued at $62,000 after purchasing an additional 3,247 shares in the last quarter. Quantbot Technologies LP purchased a new position in Tectonic Therapeutic during the second quarter valued at approximately $63,000. New York State Common Retirement Fund bought a new position in shares of Tectonic Therapeutic in the second quarter worth approximately $99,000. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. bought a new position in shares of Tectonic Therapeutic in the second quarter worth approximately $119,000. 62.63% of the stock is currently owned by 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.