Bridgeway Capital Management LLC Lowers Stock Position in Tectonic Therapeutic (NASDAQ:TECX)

Bridgeway Capital Management LLC cut its stake in shares of Tectonic Therapeutic (NASDAQ:TECX) by 28.0% in the 4th quarter, HoldingsChannel reports. The firm owned 14,668 shares of the company’s stock after selling 5,713 shares during the period. Bridgeway Capital Management LLC’s holdings in Tectonic Therapeutic were worth $677,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of the stock. Barclays PLC lifted its holdings in shares of Tectonic Therapeutic by 1,008.5% during the 4th quarter. Barclays PLC now owns 15,974 shares of the company’s stock worth $737,000 after acquiring an additional 14,533 shares during the last quarter. Clarius Group LLC purchased a new position in shares of Tectonic Therapeutic in the 4th quarter worth about $468,000. Commonwealth Equity Services LLC bought a new position in shares of Tectonic Therapeutic during the 4th quarter valued at about $231,000. Charles Schwab Investment Management Inc. purchased a new position in shares of Tectonic Therapeutic during the 4th quarter valued at about $218,000. Finally, Geode Capital Management LLC lifted its position in Tectonic Therapeutic by 0.9% in the 4th quarter. Geode Capital Management LLC now owns 77,584 shares of the company’s stock worth $3,584,000 after buying an additional 705 shares during the last quarter. Hedge funds and other institutional investors own 62.63% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have commented on TECX shares. Mizuho initiated coverage on shares of Tectonic Therapeutic in a research report on Monday, April 21st. They set an “outperform” rating and a $51.00 price target on the stock. Wells Fargo & Company decreased their target price on shares of Tectonic Therapeutic from $112.00 to $101.00 and set an “overweight” rating on the stock in a research report on Friday, March 21st. Six analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Buy” and an average price target of $72.40.

Insider Buying and Selling

In other Tectonic Therapeutic news, Director Timothy A. Springer purchased 9,478 shares of the stock in a transaction on Friday, April 11th. The stock was acquired at an average price of $16.31 per share, with a total value of $154,586.18. Following the transaction, the director now directly owns 4,334,846 shares of the company’s stock, valued at approximately $70,701,338.26. This trade represents a 0.22% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Insiders have acquired 100,696 shares of company stock valued at $1,705,714 over the last ninety days. 38.00% of the stock is owned by insiders.

Tectonic Therapeutic Stock Performance

NASDAQ:TECX opened at $19.56 on Monday. Tectonic Therapeutic has a fifty-two week low of $13.70 and a fifty-two week high of $61.07. The firm has a market cap of $365.20 million, a PE ratio of -3.32 and a beta of 3.44. The business has a 50 day moving average price of $19.69 and a 200-day moving average price of $34.25.

Tectonic Therapeutic (NASDAQ:TECX) last announced its quarterly earnings results on Thursday, May 8th. The company reported ($0.93) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($1.10) by $0.17. Research analysts predict that Tectonic Therapeutic will post -8.31 EPS for the current year.

Tectonic Therapeutic 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.