Tectonic Therapeutic (NASDAQ:TECX) Issues Earnings Results, Misses Estimates By $0.18 EPS

Tectonic Therapeutic (NASDAQ:TECX) issued its quarterly earnings data on Thursday. The company reported ($1.34) earnings per share for the quarter, missing the consensus estimate of ($1.16) by ($0.18), FiscalAI reports.

Tectonic Therapeutic Trading Up 7.9%

Tectonic Therapeutic stock traded up $2.13 during trading hours on Friday, reaching $29.00. 431,780 shares of the company were exchanged, compared to its average volume of 325,286. Tectonic Therapeutic has a 12 month low of $14.39 and a 12 month high of $36.03. The stock has a 50-day moving average of $29.51 and a 200 day moving average of $23.35. The firm has a market cap of $546.65 million, a price-to-earnings ratio of -7.16 and a beta of 3.27.

Insider Activity

In related news, insider Peter Mcnamara sold 6,262 shares of the firm’s stock in a transaction on Friday, March 6th. The shares were sold at an average price of $30.17, for a total value of $188,924.54. Following the transaction, the insider directly owned 55,285 shares in the company, valued at approximately $1,667,948.45. This trade represents a 10.17% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, insider Marcella K. Ruddy sold 10,000 shares of Tectonic Therapeutic stock in a transaction on Friday, March 6th. The stock was sold at an average price of $30.00, for a total transaction of $300,000.00. Following the completion of the transaction, the insider owned 69,747 shares in the company, valued at $2,092,410. This trade represents a 12.54% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 21,626 shares of company stock valued at $629,551 over the last 90 days. 39.80% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Tectonic Therapeutic

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

Wall Street Analyst Weigh In

Several analysts have commented on the stock. Stifel Nicolaus started coverage on shares of Tectonic Therapeutic in a research report on Monday, April 13th. They issued a “buy” rating and a $75.00 target price for the company. Weiss Ratings restated a “sell (d-)” rating on shares of Tectonic Therapeutic in a report on Tuesday, April 21st. Lifesci Capital raised shares of Tectonic Therapeutic to a “strong-buy” rating in a research note on Thursday, February 5th. Truist Financial decreased their price objective on shares of Tectonic Therapeutic from $64.00 to $60.00 and set a “buy” rating for the company in a report on Thursday, January 8th. Finally, Wall Street Zen downgraded shares of Tectonic Therapeutic from a “sell” rating to a “strong sell” rating in a research report on Saturday, April 18th. One research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $80.57.

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.