Tectonic Therapeutic (NASDAQ:TECX) Upgraded at Zacks Research

Tectonic Therapeutic (NASDAQ:TECX) was upgraded by equities research analysts at Zacks Research from a “strong sell” rating to a “hold” rating in a research report issued to clients and investors on Tuesday,Zacks.com reports.

Several other brokerages have also recently issued reports on TECX. Wells Fargo & Company cut their price target on Tectonic Therapeutic from $101.00 to $93.00 and set an “overweight” rating for the company in a research note on Friday, August 7th. Weiss Ratings restated a “sell (d-)” rating on shares of Tectonic Therapeutic in a research note on Friday, July 17th. Raymond James Financial raised Tectonic Therapeutic from an “outperform” rating to a “strong-buy” rating and raised their price objective for the company from $76.00 to $81.00 in a report on Tuesday, May 26th. Finally, Wall Street Zen raised shares of Tectonic Therapeutic from a “strong sell” rating to a “sell” rating in a report on Saturday, August 8th. Two investment analysts have rated the stock with a Strong Buy rating, four have assigned a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $77.80.

Tectonic Therapeutic Trading Up 1.2%

NASDAQ TECX opened at $37.04 on Tuesday. The firm’s fifty day moving average price is $32.22 and its two-hundred day moving average price is $29.41. The firm has a market capitalization of $724.13 million, a P/E ratio of -8.11 and a beta of 3.28. Tectonic Therapeutic has a 1 year low of $14.39 and a 1 year high of $39.53.

Tectonic Therapeutic (NASDAQ:TECX) last announced its quarterly earnings results on Thursday, August 6th. The company reported ($1.18) earnings per share (EPS) for the quarter, beating the consensus estimate of ($1.35) by $0.17. On average, research analysts anticipate that Tectonic Therapeutic will post -5.25 EPS for the current fiscal year.

Hedge Funds Weigh In On Tectonic Therapeutic

Several institutional investors have recently made changes to their positions in TECX. Legal & General Group Plc bought a new position in shares of Tectonic Therapeutic in the 2nd quarter worth $34,000. Caitong International Asset Management Co. Ltd lifted its position in shares of Tectonic Therapeutic by 451.6% during the 3rd quarter. Caitong International Asset Management Co. Ltd now owns 3,966 shares of the company’s stock worth $62,000 after buying an additional 3,247 shares in the last quarter. Quantbot Technologies LP purchased a new position in Tectonic Therapeutic in the second quarter worth $63,000. New York State Common Retirement Fund purchased a new position in shares of Tectonic Therapeutic in the 2nd quarter worth about $99,000. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new position in Tectonic Therapeutic in the second quarter valued at about $119,000. 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.