OMERS ADMINISTRATION Corp Makes New Investment in Tectonic Therapeutic (NASDAQ:TECX)

OMERS ADMINISTRATION Corp bought a new stake in Tectonic Therapeutic (NASDAQ:TECX) during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor bought 9,600 shares of the company’s stock, valued at approximately $443,000. OMERS ADMINISTRATION Corp owned 0.07% of Tectonic Therapeutic at the end of the most recent reporting period.

Other hedge funds have also made changes to their positions in the company. JPMorgan Chase & Co. lifted its position in Tectonic Therapeutic by 5,554.5% in the 4th quarter. JPMorgan Chase & Co. now owns 1,244 shares of the company’s stock worth $57,000 after buying an additional 1,222 shares in the last quarter. Virtus ETF Advisers LLC acquired a new position in shares of Tectonic Therapeutic in the fourth quarter worth $71,000. China Universal Asset Management Co. Ltd. purchased a new stake in shares of Tectonic Therapeutic during the fourth quarter worth $144,000. Charles Schwab Investment Management Inc. acquired a new stake in Tectonic Therapeutic during the fourth quarter valued at $218,000. Finally, Raymond James Financial Inc. acquired a new stake in Tectonic Therapeutic during the fourth quarter valued at $228,000. 62.63% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other Tectonic Therapeutic news, Director Timothy A. Springer purchased 9,478 shares of the stock in a transaction dated Friday, April 11th. The shares were bought at an average cost of $16.31 per share, with a total value of $154,586.18. Following the completion of the transaction, the director now owns 4,334,846 shares in the company, valued at $70,701,338.26. This trade represents a 0.22% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders have bought a total of 100,696 shares of company stock valued at $1,705,714 over the last 90 days. 38.00% of the stock is currently owned by company insiders.

Tectonic Therapeutic Price Performance

Shares of NASDAQ:TECX opened at $20.99 on Monday. The stock has a market capitalization of $391.95 million, a P/E ratio of -3.56 and a beta of 3.44. The business has a 50-day moving average of $19.46 and a two-hundred day moving average of $33.56. Tectonic Therapeutic has a fifty-two week low of $13.70 and a fifty-two week high of $61.07.

Tectonic Therapeutic (NASDAQ:TECX) last posted its earnings results on Thursday, May 8th. The company reported ($0.93) earnings per share for the quarter, topping the consensus estimate of ($1.10) by $0.17. As a group, research analysts expect that Tectonic Therapeutic will post -8.31 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on TECX shares. Mizuho upped their target price on Tectonic Therapeutic from $51.00 to $85.00 and gave the stock an “outperform” rating in a research report on Thursday. Wells Fargo & Company dropped their price objective on Tectonic Therapeutic from $112.00 to $101.00 and set an “overweight” rating on the stock in a 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. According to MarketBeat.com, Tectonic Therapeutic currently has a consensus rating of “Buy” and an average price target of $79.20.

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.