Tectonic Therapeutic (NASDAQ:TECX) Downgraded to “Sell” Rating by Wall Street Zen

Wall Street Zen lowered shares of Tectonic Therapeutic (NASDAQ:TECX) from a hold rating to a sell rating in a research report released on Saturday.

A number of other brokerages also recently issued reports on TECX. Truist Financial assumed coverage on Tectonic Therapeutic in a report on Monday, July 21st. They set a “buy” rating and a $64.00 price target on the stock. Mizuho raised their price target on shares of Tectonic Therapeutic from $51.00 to $85.00 and gave the company an “outperform” rating in a report on Thursday, May 15th. Lifesci Capital began coverage on shares of Tectonic Therapeutic in a research report on Friday, June 6th. They set an “outperform” rating and a $87.00 price objective on the stock. Finally, Raymond James Financial started coverage on shares of Tectonic Therapeutic in a research report on Wednesday, June 11th. They issued an “outperform” rating and a $76.00 target price for the company. One research analyst has rated the stock with a sell rating, five have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $80.33.

Tectonic Therapeutic Price Performance

TECX opened at $22.74 on Friday. The firm has a market cap of $424.56 million, a PE ratio of -3.11 and a beta of 3.17. Tectonic Therapeutic has a 1 year low of $13.70 and a 1 year high of $61.07. The stock has a 50-day moving average price of $21.82 and a 200-day moving average price of $24.78.

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

Hedge Funds Weigh In On Tectonic Therapeutic

A number of hedge funds and other institutional investors have recently modified their holdings of TECX. JPMorgan Chase & Co. increased its holdings in shares of 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 during the last quarter. Virtus ETF Advisers LLC bought a new stake in Tectonic Therapeutic during the fourth quarter valued at about $71,000. Charles Schwab Investment Management Inc. purchased a new position in Tectonic Therapeutic during the 4th quarter worth $218,000. Raymond James Financial Inc. acquired a new stake in shares of Tectonic Therapeutic during the fourth quarter worth $228,000. Finally, Commonwealth Equity Services LLC acquired a new stake in shares of Tectonic Therapeutic during the fourth quarter worth about $231,000. 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.