Tectonic Therapeutic, Inc. (NASDAQ:TECX) Receives Average Rating of “Buy” from Brokerages

Tectonic Therapeutic, Inc. (NASDAQ:TECX) has earned a consensus rating of “Buy” from the seven analysts that are presently covering the firm, Marketbeat Ratings reports. One research analyst has rated the stock with a sell rating, four have given a buy rating and two have issued a strong buy rating on the company. The average twelve-month price target among analysts that have covered the stock in the last year is $79.40.

Several research analysts have commented on TECX shares. Raymond James Financial upgraded shares of Tectonic Therapeutic from an “outperform” rating to a “strong-buy” rating and raised their target price for the stock from $76.00 to $81.00 in a report on Tuesday, May 26th. Stifel Nicolaus started coverage on shares of Tectonic Therapeutic in a report on Monday, April 13th. They issued a “buy” rating and a $75.00 target price for the company. Weiss Ratings reiterated a “sell (d-)” rating on shares of Tectonic Therapeutic in a report on Tuesday, April 21st. Finally, Wall Street Zen cut shares of Tectonic Therapeutic from a “sell” rating to a “strong sell” rating in a report on Saturday, April 18th.

Tectonic Therapeutic Trading Up 0.2%

NASDAQ:TECX opened at $30.06 on Thursday. Tectonic Therapeutic has a twelve month low of $14.39 and a twelve month high of $36.03. The company has a 50-day moving average of $28.97 and a 200-day moving average of $25.47. The firm has a market cap of $567.23 million, a price-to-earnings ratio of -6.74 and a beta of 3.19.

Tectonic Therapeutic (NASDAQ:TECX) last posted its quarterly earnings data on Thursday, May 7th. The company reported ($1.34) earnings per share for the quarter, missing the consensus estimate of ($1.16) by ($0.18). On average, research analysts forecast that Tectonic Therapeutic will post -5.46 earnings per share for the current year.

Insider Activity

In related news, insider Marcella K. Ruddy sold 1,065 shares of the firm’s stock in a transaction that occurred on Monday, May 4th. The shares were sold at an average price of $30.00, for a total transaction of $31,950.00. Following the transaction, the insider owned 67,682 shares of the company’s stock, valued at approximately $2,030,460. This trade represents a 1.55% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 39.80% of the stock is owned by company insiders.

Hedge Funds Weigh In On Tectonic Therapeutic

A number of institutional investors have recently modified their holdings of the company. Bank of America Corp DE raised its position in shares of Tectonic Therapeutic by 24.3% in the first quarter. Bank of America Corp DE now owns 11,466 shares of the company’s stock valued at $354,000 after purchasing an additional 2,241 shares during the period. The Manufacturers Life Insurance Company acquired a new stake in shares of Tectonic Therapeutic in the first quarter worth $431,000. First Light Asset Management LLC acquired a new stake in shares of Tectonic Therapeutic in the first quarter worth $20,022,000. Sei Investments Co. grew its stake in shares of Tectonic Therapeutic by 141.8% in the first quarter. Sei Investments Co. now owns 36,870 shares of the company’s stock worth $1,140,000 after acquiring an additional 21,619 shares during the last quarter. Finally, AlphaCentric Advisors LLC grew its stake in shares of Tectonic Therapeutic by 5.8% in the first quarter. AlphaCentric Advisors LLC now owns 6,849 shares of the company’s stock worth $212,000 after acquiring an additional 373 shares during the last quarter. Institutional investors own 62.63% of the company’s stock.

Tectonic Therapeutic Company Profile

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.