Tectonic Therapeutic (NASDAQ:TECX) Releases Quarterly Earnings Results, Beats Expectations By $0.08 EPS

Tectonic Therapeutic (NASDAQ:TECX) posted its quarterly earnings results on Thursday. The company reported ($0.84) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.92) by $0.08, Zacks reports.

Tectonic Therapeutic Stock Up 1.2 %

Shares of NASDAQ:TECX traded up $0.26 during trading on Thursday, reaching $22.18. The stock had a trading volume of 182,974 shares, compared to its average volume of 161,621. The stock has a market cap of $327.22 million, a P/E ratio of -3.77 and a beta of 2.71. The business has a fifty day moving average price of $33.65 and a 200-day moving average price of $36.44. Tectonic Therapeutic has a fifty-two week low of $15.00 and a fifty-two week high of $61.07.

Insiders Place Their Bets

In related news, CFO Daniel Lochner bought 4,617 shares of the firm’s stock in a transaction that occurred on 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 of the company’s stock, valued at approximately $249,964.38. The trade was a ∞ increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Timothy A. Springer acquired 129,294 shares of the stock in a transaction dated Wednesday, February 5th. The shares were bought at an average cost of $54.14 per share, with a total value of $6,999,977.16. Following the completion of the purchase, the director now directly owns 4,226,058 shares in the company, valued at approximately $228,798,780.12. This trade represents a 3.16 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Corporate insiders own 9.20% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on TECX. Raymond James assumed coverage on Tectonic Therapeutic in a research report on Wednesday, November 20th. They issued an “outperform” rating and a $65.00 price target for the company. Wells Fargo & Company raised their target price on shares of Tectonic Therapeutic from $79.00 to $112.00 and gave the company an “overweight” rating in a report on Friday, January 31st. Five investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, Tectonic Therapeutic currently has an average rating of “Buy” and a consensus target price of $80.50.

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.