Tectonic Therapeutic (NASDAQ:TECX) Hits New 12-Month High – What’s Next?

Tectonic Therapeutic, Inc. (NASDAQ:TECX) shares hit a new 52-week high during trading on Friday . The stock traded as high as $38.12 and last traded at $37.93, with a volume of 478506 shares changing hands. The stock had previously closed at $32.74.

Analyst Ratings Changes

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

Tectonic Therapeutic Price Performance

The firm has a market cap of $715.74 million, a price-to-earnings ratio of -8.50 and a beta of 3.21. The business has a fifty day simple moving average of $29.50 and a 200 day simple moving average of $26.40.

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

Insider Transactions at Tectonic Therapeutic

In other Tectonic Therapeutic news, insider Marcella K. Ruddy sold 1,065 shares of Tectonic Therapeutic stock in a transaction on Monday, May 4th. The shares were sold at an average price of $30.00, for a total transaction of $31,950.00. Following the sale, the insider owned 67,682 shares of the company’s stock, valued at $2,030,460. The trade was a 1.55% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 39.80% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Tectonic Therapeutic

A number of hedge funds have recently modified their holdings of the business. Millennium Management LLC lifted its stake in shares of Tectonic Therapeutic by 726.4% in the first 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 in the last quarter. Goldman Sachs Group Inc. boosted its position in Tectonic Therapeutic by 331.1% during 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 during the last quarter. Jane Street Group LLC boosted its position in 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 last quarter. Geode Capital Management LLC grew its stake in Tectonic Therapeutic by 242.5% during the 2nd quarter. Geode Capital Management LLC now owns 272,257 shares of the company’s stock valued at $5,411,000 after acquiring an additional 192,770 shares in the last quarter. Finally, JPMorgan Chase & Co. grew its stake in Tectonic Therapeutic by 483.6% during the 2nd quarter. JPMorgan Chase & Co. now owns 6,548 shares of the company’s stock valued at $130,000 after acquiring an additional 5,426 shares in the last quarter. 62.63% of the stock is currently owned by institutional investors and hedge funds.

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.