Tectonic Therapeutic (NASDAQ:TECX) Issues Quarterly Earnings Results, Beats Estimates By $0.17 EPS

Tectonic Therapeutic (NASDAQ:TECX) released its earnings results on Thursday. The company reported ($1.18) earnings per share for the quarter, beating analysts’ consensus estimates of ($1.35) by $0.17, FiscalAI reports.

Tectonic Therapeutic Stock Up 2.5%

Shares of Tectonic Therapeutic stock traded up $0.76 on Friday, hitting $30.98. The stock had a trading volume of 271,645 shares, compared to its average volume of 160,725. Tectonic Therapeutic has a twelve month low of $14.39 and a twelve month high of $39.53. The business’s 50 day moving average is $31.24 and its two-hundred day moving average is $28.49. The stock has a market cap of $584.59 million, a price-to-earnings ratio of -6.78 and a beta of 3.28.

Institutional Trading of Tectonic Therapeutic

A number of institutional investors have recently bought and sold shares of TECX. Vestal Point Capital LP bought a new position in shares of Tectonic Therapeutic during the fourth quarter worth approximately $6,842,000. Virtus Investment Advisers LLC boosted its stake in shares of Tectonic Therapeutic by 165.5% in the fourth quarter. Virtus Investment Advisers LLC now owns 13,462 shares of the company’s stock valued at $281,000 after buying an additional 8,391 shares during the period. Orbimed Advisors LLC bought a new stake in shares of Tectonic Therapeutic in the fourth quarter valued at approximately $11,986,000. Opaleye Management Inc. acquired a new stake in Tectonic Therapeutic during the fourth quarter worth approximately $4,480,000. Finally, Millennium Management LLC grew its position in Tectonic Therapeutic by 26.3% during the fourth quarter. Millennium Management LLC now owns 300,820 shares of the company’s stock worth $6,275,000 after buying an additional 62,650 shares in the last quarter. Institutional investors own 62.63% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have recently commented on the stock. Wall Street Zen downgraded shares of Tectonic Therapeutic from a “sell” rating to a “strong sell” rating in a research note on Saturday, April 18th. Zacks Research downgraded Tectonic Therapeutic from a “hold” rating to a “strong sell” rating in a report on Monday, July 20th. Weiss Ratings reissued a “sell (d-)” rating on shares of Tectonic Therapeutic in a research note on Friday, July 17th. Raymond James Financial upgraded shares of Tectonic Therapeutic from an “outperform” rating to a “strong-buy” rating and boosted their target price for the stock from $76.00 to $81.00 in a report on Tuesday, May 26th. Finally, Wells Fargo & Company dropped their price target on shares of Tectonic Therapeutic from $101.00 to $93.00 and set an “overweight” rating on the stock in a research report on Friday. Two analysts have rated the stock with a Strong Buy rating, four have issued a Buy rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat, Tectonic Therapeutic currently has an average rating of “Moderate Buy” and an average target price of $77.80.

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.