Tectonic Therapeutic (NASDAQ:TECX) Shares Down 9.8% – Should You Sell?

Shares of Tectonic Therapeutic, Inc. (NASDAQ:TECX) dropped 9.8% on Monday . The stock traded as low as $32.35 and last traded at $32.36. Approximately 237,343 shares changed hands during trading, a decline of 43% from the average daily volume of 414,436 shares. The stock had previously closed at $35.87.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on the stock. Truist Financial cut their price objective on shares of Tectonic Therapeutic from $64.00 to $60.00 and set a “buy” rating for the company in a research report on Thursday, January 8th. Weiss Ratings reissued a “sell (d-)” rating on shares of Tectonic Therapeutic in a research note on Thursday, January 22nd. Finally, Lifesci Capital raised shares of Tectonic Therapeutic to a “strong-buy” rating in a research report on Thursday, February 5th. One equities research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $81.50.

Tectonic Therapeutic Stock Performance

The business’s 50 day moving average price is $21.78 and its 200-day moving average price is $19.74. The firm has a market capitalization of $619.55 million, a PE ratio of -8.16 and a beta of 3.76.

Tectonic Therapeutic (NASDAQ:TECX) last posted its quarterly earnings data on Thursday, February 26th. The company reported ($1.03) earnings per share for the quarter, topping analysts’ consensus estimates of ($1.11) by $0.08. As a group, analysts anticipate that Tectonic Therapeutic, Inc. will post -8.31 earnings per share for the current year.

Insiders Place Their Bets

In related news, insider Peter Mcnamara sold 1,650 shares of the business’s stock in a transaction on Wednesday, March 4th. The stock was sold at an average price of $25.00, for a total value of $41,250.00. Following the sale, the insider owned 58,832 shares in the company, valued at approximately $1,470,800. The trade was a 2.73% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Daniel Lochner bought 6,000 shares of the firm’s stock in a transaction that occurred on Tuesday, February 10th. The shares were purchased at an average cost of $21.61 per share, for a total transaction of $129,660.00. Following the purchase, the chief financial officer owned 32,044 shares in the company, valued at $692,470.84. This represents a 23.04% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Insiders own 38.00% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the business. Millennium Management LLC increased its stake in Tectonic Therapeutic by 726.4% during the 1st quarter. Millennium Management LLC now owns 237,938 shares of the company’s stock worth $4,214,000 after buying an additional 209,145 shares during the period. Goldman Sachs Group Inc. grew its stake in shares of Tectonic Therapeutic by 331.1% in the first quarter. Goldman Sachs Group Inc. now owns 104,793 shares of the company’s stock worth $1,856,000 after acquiring an additional 80,483 shares in the last quarter. Jane Street Group LLC increased its position in shares of Tectonic Therapeutic by 58.7% during the first quarter. Jane Street Group LLC now owns 47,145 shares of the company’s stock worth $835,000 after acquiring an additional 17,443 shares during the period. Connor Clark & Lunn Investment Management Ltd. raised its stake in shares of Tectonic Therapeutic by 3.1% in the second quarter. Connor Clark & Lunn Investment Management Ltd. now owns 35,708 shares of the company’s stock valued at $710,000 after acquiring an additional 1,063 shares in the last quarter. Finally, Monaco Asset Management SAM purchased a new position in Tectonic Therapeutic in the second quarter valued at $209,000. Hedge funds and other 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.