Tectonic Therapeutic (NASDAQ:TECX) Receives Average Recommendation of “Buy” from Brokerages

Tectonic Therapeutic (NASDAQ:TECX) has been given a consensus recommendation of “Buy” by the six analysts that are covering the firm, MarketBeat reports. Five research analysts have rated the stock with a buy recommendation and one has issued a strong buy recommendation on the company. The average 1 year price target among analysts that have covered the stock in the last year is $77.75.

Separately, Wells Fargo & Company reduced their price objective on shares of Tectonic Therapeutic from $112.00 to $101.00 and set an “overweight” rating for the company in a research note on Friday.

Tectonic Therapeutic Trading Up 1.2 %

Shares of Tectonic Therapeutic stock opened at $21.40 on Tuesday. The stock’s fifty day moving average price is $32.51 and its 200-day moving average price is $36.62. The firm has a market cap of $315.71 million, a P/E ratio of -3.63 and a beta of 2.71. Tectonic Therapeutic has a 12 month low of $15.00 and a 12 month high of $61.07.

Tectonic Therapeutic (NASDAQ:TECX) last posted its earnings results on Thursday, March 20th. The company reported ($0.84) EPS for the quarter, beating analysts’ consensus estimates of ($1.39) by $0.55. Analysts forecast that Tectonic Therapeutic will post -8.31 earnings per share for the current year.

Insider Activity at Tectonic Therapeutic

In other Tectonic Therapeutic news, CFO Daniel Lochner purchased 4,617 shares of Tectonic Therapeutic stock in a transaction dated Wednesday, February 5th. The shares were acquired at an average cost of $54.14 per share, with a total value of $249,964.38. Following the completion of the transaction, the chief financial officer now owns 4,617 shares in the company, valued at approximately $249,964.38. This trade represents a ∞ increase in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Timothy A. Springer acquired 129,294 shares of the stock in a transaction dated Wednesday, February 5th. The stock was acquired at an average cost of $54.14 per share, with a total value of $6,999,977.16. Following the transaction, the director now directly owns 4,226,058 shares in the company, valued at approximately $228,798,780.12. This represents a 3.16 % increase in their ownership of the stock. The disclosure for this purchase can be found here. 9.20% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Tectonic Therapeutic

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Connor Clark & Lunn Investment Management Ltd. purchased a new position in shares of Tectonic Therapeutic in the third quarter worth $233,000. FMR LLC lifted its position in Tectonic Therapeutic by 13.2% during the 3rd quarter. FMR LLC now owns 1,220,138 shares of the company’s stock worth $36,970,000 after acquiring an additional 142,600 shares during the period. Acuta Capital Partners LLC purchased a new stake in Tectonic Therapeutic during the 3rd quarter valued at about $415,000. Walleye Capital LLC increased its holdings in shares of Tectonic Therapeutic by 204.2% in the third quarter. Walleye Capital LLC now owns 72,962 shares of the company’s stock valued at $2,211,000 after purchasing an additional 48,978 shares during the period. Finally, Ikarian Capital LLC raised its stake in shares of Tectonic Therapeutic by 325.1% in the third quarter. Ikarian Capital LLC now owns 267,145 shares of the company’s stock worth $8,094,000 after purchasing an additional 204,309 shares during the last quarter. 62.63% of the stock is 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.