Tectonic Therapeutic (NASDAQ:TECX) Hits New 52-Week High – Here’s Why

Tectonic Therapeutic, Inc. (NASDAQ:TECX)’s stock price reached a new 52-week high on Friday . The stock traded as high as $38.12 and last traded at $37.93, with a volume of 478506 shares traded. The stock had previously closed at $32.74.

Analysts Set New Price Targets

A number of research firms have issued reports on TECX. Raymond James Financial raised shares of Tectonic Therapeutic from an “outperform” rating to a “strong-buy” rating and raised their price target for the stock from $76.00 to $81.00 in a report on Tuesday, May 26th. Wall Street Zen downgraded Tectonic Therapeutic from a “sell” rating to a “strong sell” rating in a research report on Saturday, April 18th. Stifel Nicolaus began coverage on Tectonic Therapeutic in a research note on Monday, April 13th. They issued a “buy” rating and a $75.00 target price for the company. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Tectonic Therapeutic in a research note on Tuesday, April 21st. Two equities research analysts have rated the stock with a Strong Buy rating, four have given a Buy rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus target price of $79.40.

Tectonic Therapeutic Stock Up 15.9%

The stock’s 50 day moving average price is $29.50 and its two-hundred day moving average price is $26.40. The stock has a market cap of $715.74 million, a price-to-earnings ratio of -8.50 and a beta of 3.21.

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

Insiders Place Their Bets

In related news, insider Marcella K. Ruddy sold 1,065 shares of Tectonic Therapeutic stock in a transaction that occurred on Monday, May 4th. The stock was sold at an average price of $30.00, for a total transaction of $31,950.00. Following the completion of the transaction, the insider directly owned 67,682 shares in the company, 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 can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 39.80% of the company’s stock.

Institutional Investors Weigh In On Tectonic Therapeutic

Hedge funds have recently bought and sold shares of the stock. Millennium Management LLC boosted its holdings in Tectonic Therapeutic by 726.4% during the first quarter. Millennium Management LLC now owns 237,938 shares of the company’s stock worth $4,214,000 after buying an additional 209,145 shares in the last quarter. Goldman Sachs Group Inc. grew its position in shares of Tectonic Therapeutic by 331.1% during the 1st quarter. Goldman Sachs Group Inc. now owns 104,793 shares of the company’s stock valued at $1,856,000 after acquiring an additional 80,483 shares during the period. Jane Street Group LLC grew its position in shares of Tectonic Therapeutic by 58.7% during the 1st quarter. Jane Street Group LLC now owns 47,145 shares of the company’s stock valued at $835,000 after acquiring an additional 17,443 shares during the period. Geode Capital Management LLC increased its stake in shares of Tectonic Therapeutic by 242.5% in the 2nd quarter. Geode Capital Management LLC now owns 272,257 shares of the company’s stock valued at $5,411,000 after purchasing an additional 192,770 shares in the last quarter. Finally, JPMorgan Chase & Co. increased its stake in shares of Tectonic Therapeutic by 483.6% in the 2nd quarter. JPMorgan Chase & Co. now owns 6,548 shares of the company’s stock valued at $130,000 after purchasing an additional 5,426 shares in the last quarter. Hedge funds and other 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.