Tectonic Therapeutic (NASDAQ:TECX) Announces Quarterly Earnings Results

Tectonic Therapeutic (NASDAQ:TECX) released its earnings results on Thursday. The company reported ($1.03) EPS for the quarter, topping analysts’ consensus estimates of ($1.11) by $0.08, FiscalAI reports.

Tectonic Therapeutic Stock Performance

Shares of NASDAQ TECX traded down $0.42 during trading on Friday, hitting $23.51. 33,765 shares of the company were exchanged, compared to its average volume of 404,151. The firm has a market capitalization of $440.09 million, a PE ratio of -6.08 and a beta of 3.71. The company has a fifty day moving average price of $21.08 and a 200-day moving average price of $19.64. Tectonic Therapeutic has a 12-month low of $13.70 and a 12-month high of $27.33.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on TECX shares. Lifesci Capital upgraded shares of Tectonic Therapeutic to a “strong-buy” rating in a research report on Thursday, February 5th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Tectonic Therapeutic in a report on Thursday, January 22nd. Finally, Truist Financial dropped their price objective on Tectonic Therapeutic from $64.00 to $60.00 and set a “buy” rating on the stock in a research note on Thursday, January 8th. One research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, Tectonic Therapeutic presently has an average rating of “Moderate Buy” and an average price target of $81.50.

Insider Buying and Selling

In related news, CFO Daniel Lochner acquired 6,000 shares of the business’s stock in a transaction on Tuesday, February 10th. The shares were bought at an average price of $21.61 per share, with a total value of $129,660.00. Following the completion of the acquisition, the chief financial officer owned 32,044 shares in the company, valued at $692,470.84. This trade represents a 23.04% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link. 38.00% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Tectonic Therapeutic

Institutional investors and hedge funds have recently modified their holdings of the company. AlphaQuest LLC raised its stake in Tectonic Therapeutic by 919.4% in the 2nd quarter. AlphaQuest LLC now owns 2,365 shares of the company’s stock valued at $47,000 after purchasing an additional 2,133 shares during the last quarter. Police & Firemen s Retirement System of New Jersey purchased a new stake in shares of Tectonic Therapeutic in the second quarter valued at $52,000. Caitong International Asset Management Co. Ltd increased its stake in Tectonic Therapeutic by 451.6% in the third quarter. Caitong International Asset Management Co. Ltd now owns 3,966 shares of the company’s stock valued at $62,000 after purchasing an additional 3,247 shares during the last quarter. China Universal Asset Management Co. Ltd. boosted its stake in Tectonic Therapeutic by 26.7% in the 2nd quarter. China Universal Asset Management Co. Ltd. now owns 3,750 shares of the company’s stock worth $75,000 after buying an additional 791 shares during the last quarter. Finally, Virtus Investment Advisers LLC grew its holdings in Tectonic Therapeutic by 18.3% in the 2nd quarter. Virtus Investment Advisers LLC now owns 4,190 shares of the company’s stock valued at $83,000 after buying an additional 649 shares during the period. Institutional investors and hedge funds 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.