Tectonic Therapeutic (NASDAQ:TECX) Hits New 12-Month High – Here’s Why

Tectonic Therapeutic, Inc. (NASDAQ:TECX)’s stock price reached a new 52-week high on Thursday . The stock traded as high as $28.98 and last traded at $28.71, with a volume of 95176 shares changing hands. The stock had previously closed at $27.41.

Wall Street Analysts Forecast Growth

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

Tectonic Therapeutic Stock Performance

The company has a market capitalization of $515.32 million, a P/E ratio of -6.78 and a beta of 3.76. The business’s fifty day simple moving average is $21.36 and its 200-day simple moving average is $19.66.

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

Insider Transactions at Tectonic Therapeutic

In other Tectonic Therapeutic news, CFO Daniel Lochner acquired 6,000 shares of the stock in a transaction on Tuesday, February 10th. The stock was acquired at an average price of $21.61 per share, for a total transaction of $129,660.00. Following the completion of the transaction, the chief financial officer directly owned 32,044 shares of the company’s stock, valued at $692,470.84. This trade represents a 23.04% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 38.00% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Tectonic Therapeutic

Large investors have recently made changes to their positions in the company. Vestal Point Capital LP bought a new stake in Tectonic Therapeutic in the fourth quarter worth about $6,842,000. Virtus Investment Advisers LLC raised its holdings in shares of Tectonic Therapeutic by 165.5% in the fourth quarter. Virtus Investment Advisers LLC now owns 13,462 shares of the company’s stock worth $281,000 after buying an additional 8,391 shares during the period. Orbimed Advisors LLC purchased a new stake in shares of Tectonic Therapeutic in the fourth quarter worth approximately $11,986,000. Opaleye Management Inc. bought a new stake in shares of Tectonic Therapeutic during the 4th quarter worth approximately $4,480,000. Finally, Millennium Management LLC boosted its holdings in Tectonic Therapeutic by 26.3% during the 4th quarter. Millennium Management LLC now owns 300,820 shares of the company’s stock valued at $6,275,000 after acquiring an additional 62,650 shares during the period. 62.63% of the stock is owned by hedge funds and other institutional investors.

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.