Tectonic Therapeutic (NASDAQ:TECX) Shares Up 6.3% – Here’s Why

Tectonic Therapeutic, Inc. (NASDAQ:TECX)’s stock price was up 6.3% during trading on Friday . The stock traded as high as $32.40 and last traded at $32.58. Approximately 76,447 shares traded hands during mid-day trading, a decline of 73% from the average daily volume of 280,826 shares. The stock had previously closed at $30.65.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on TECX shares. Weiss Ratings reiterated a “sell (d-)” rating on shares of Tectonic Therapeutic in a research note on Tuesday, April 21st. Stifel Nicolaus initiated coverage on Tectonic Therapeutic in a research note on Monday, April 13th. They set a “buy” rating and a $75.00 target price for the company. Raymond James Financial raised Tectonic Therapeutic from an “outperform” rating to a “strong-buy” rating and boosted their target price for the stock from $76.00 to $81.00 in a research note on Tuesday, May 26th. Finally, Wall Street Zen lowered Tectonic Therapeutic from a “sell” rating to a “strong sell” rating in a research report on Saturday, April 18th. Two analysts have rated the stock with a Strong Buy rating, four have assigned a Buy rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, Tectonic Therapeutic presently has an average rating of “Buy” and an average target price of $79.40.

Tectonic Therapeutic Stock Performance

The stock’s 50-day simple moving average is $30.81 and its 200 day simple moving average is $27.44. The company has a market capitalization of $607.61 million, a PE ratio of -7.22 and a beta of 3.21.

Tectonic Therapeutic (NASDAQ:TECX) last released its quarterly earnings data on Thursday, May 7th. The company reported ($1.34) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.16) by ($0.18). On average, analysts expect that Tectonic Therapeutic, Inc. will post -5.46 earnings per share for the current year.

Insiders Place Their Bets

In other news, insider Marcella K. Ruddy sold 1,065 shares of the company’s stock in a transaction dated Monday, May 4th. The stock was sold at an average price of $30.00, for a total transaction of $31,950.00. Following the completion of the transaction, the insider directly owned 67,682 shares of the company’s stock, valued at approximately $2,030,460. This represents a 1.55% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 39.80% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Tectonic Therapeutic

Institutional investors have recently added to or reduced their stakes in the business. 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. New York State Common Retirement Fund purchased a new stake in shares of Tectonic Therapeutic in the second quarter valued at about $99,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new stake in Tectonic Therapeutic during the 2nd quarter valued at approximately $119,000. JPMorgan Chase & Co. raised its stake in shares of Tectonic Therapeutic by 483.6% during the second quarter. JPMorgan Chase & Co. now owns 6,548 shares of the company’s stock worth $130,000 after purchasing an additional 5,426 shares during the last quarter. Finally, Los Angeles Capital Management LLC purchased a new position in Tectonic Therapeutic during the 4th quarter worth $134,000. 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.