Tectonic Therapeutic (NASDAQ:TECX) Announces Earnings Results, Beats Expectations By $0.03 EPS

Tectonic Therapeutic (NASDAQ:TECX) posted its earnings results on Thursday. The company reported ($1.02) earnings per share for the quarter, beating analysts’ consensus estimates of ($1.05) by $0.03, FiscalAI reports.

Tectonic Therapeutic Stock Up 1.7%

NASDAQ:TECX traded up $0.33 during trading hours on Friday, hitting $19.32. 639,284 shares of the stock traded hands, compared to its average volume of 686,691. The company has a market cap of $361.52 million, a price-to-earnings ratio of -5.01 and a beta of 3.23. 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 $16.89 and a 200 day moving average price of $20.21.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on TECX. Oppenheimer started coverage on shares of Tectonic Therapeutic in a research report on Wednesday, September 3rd. They set an “outperform” rating and a $80.00 price target for the company. Wall Street Zen lowered shares of Tectonic Therapeutic from a “hold” rating to a “sell” rating in a research report on Saturday, July 26th. Truist Financial began coverage on shares of Tectonic Therapeutic in a research report on Monday, July 21st. They issued a “buy” rating and a $64.00 price target on the stock. Weiss Ratings reiterated a “sell (d-)” rating on shares of Tectonic Therapeutic in a research note on Wednesday, October 8th. Finally, Wells Fargo & Company assumed coverage on shares of Tectonic Therapeutic in a research report on Monday, October 20th. They set an “overweight” rating and a $101.00 price objective for the company. One equities research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, Tectonic Therapeutic has an average rating of “Moderate Buy” and an average target price of $80.29.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the company. New York State Common Retirement Fund purchased a new stake in Tectonic Therapeutic in the 2nd quarter worth $99,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new position in shares of Tectonic Therapeutic in the second quarter valued at about $119,000. JPMorgan Chase & Co. boosted its stake in shares of Tectonic Therapeutic by 483.6% in the second quarter. JPMorgan Chase & Co. now owns 6,548 shares of the company’s stock worth $130,000 after acquiring an additional 5,426 shares during the period. Rhumbline Advisers grew its position in shares of Tectonic Therapeutic by 15,875.0% during the second quarter. Rhumbline Advisers now owns 15,975 shares of the company’s stock worth $317,000 after purchasing an additional 15,875 shares in the last quarter. Finally, BNP Paribas Financial Markets grew its position in shares of Tectonic Therapeutic by 528.4% during the second quarter. BNP Paribas Financial Markets now owns 16,314 shares of the company’s stock worth $324,000 after purchasing an additional 13,718 shares in the last quarter. Hedge funds and other institutional investors own 62.63% of the company’s stock.

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.