Insider Selling: Tectonic Therapeutic (NASDAQ:TECX) Insider Sells $300,000.00 in Stock

Tectonic Therapeutic, Inc. (NASDAQ:TECX) insider Marcella Ruddy sold 10,000 shares of the stock in a transaction that occurred on Friday, March 6th. The shares were sold at an average price of $30.00, for a total value of $300,000.00. Following the sale, the insider directly owned 69,747 shares of the company’s stock, valued at $2,092,410. The trade was a 12.54% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink.

Tectonic Therapeutic Trading Up 4.7%

Shares of Tectonic Therapeutic stock opened at $34.79 on Thursday. The business’s fifty day simple moving average is $22.57 and its 200 day simple moving average is $19.96. Tectonic Therapeutic, Inc. has a 12 month low of $13.70 and a 12 month high of $36.03. The firm has a market capitalization of $653.25 million, a P/E ratio of -8.59 and a beta of 3.76.

Tectonic Therapeutic (NASDAQ:TECX) last announced its quarterly earnings data on Thursday, February 26th. The company reported ($1.03) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($1.11) by $0.08. Analysts predict that Tectonic Therapeutic, Inc. will post -8.31 EPS for the current fiscal year.

Institutional Investors Weigh In On Tectonic Therapeutic

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Aberdeen Group plc purchased a new position in shares of Tectonic Therapeutic in the third quarter worth about $5,588,000. Police & Firemen s Retirement System of New Jersey bought a new position in Tectonic Therapeutic in the 2nd quarter worth approximately $52,000. Knott David M Jr grew its stake in Tectonic Therapeutic by 85.0% in the 2nd quarter. Knott David M Jr now owns 74,000 shares of the company’s stock valued at $1,470,000 after buying an additional 34,000 shares in the last quarter. Stempoint Capital LP bought a new stake in Tectonic Therapeutic during the 2nd quarter valued at $795,000. Finally, DLD Asset Management LP purchased a new stake in shares of Tectonic Therapeutic during the third quarter worth $235,000. 62.63% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

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

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.