Tectonic Therapeutic (NASDAQ:TECX) Stock Price Down 4.4% – What’s Next?

Tectonic Therapeutic, Inc. (NASDAQ:TECX)’s stock price dropped 4.4% on Wednesday . The stock traded as low as $33.07 and last traded at $33.2740. 10,096 shares traded hands during trading, a decline of 96% from the average session volume of 281,680 shares. The stock had previously closed at $34.81.

Wall Street Analysts Forecast Growth

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

Tectonic Therapeutic Price Performance

The company has a fifty day simple moving average of $30.67 and a two-hundred day simple moving average of $27.29. The company has a market capitalization of $618.05 million, a P/E ratio of -7.34 and a beta of 3.21.

Tectonic Therapeutic (NASDAQ:TECX) last released its quarterly earnings results 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). Equities analysts anticipate that Tectonic Therapeutic, Inc. will post -5.46 earnings per share for the current year.

Insider Buying and Selling

In other news, insider Marcella K. Ruddy sold 1,065 shares of Tectonic Therapeutic stock in a transaction that occurred on Monday, May 4th. The shares were sold at an average price of $30.00, for a total value of $31,950.00. Following the transaction, the insider owned 67,682 shares of the company’s stock, valued at $2,030,460. This trade represents a 1.55% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed 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 Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the company. Caitong International Asset Management Co. Ltd increased its stake in shares of 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 worth $62,000 after purchasing an additional 3,247 shares during the period. New York State Common Retirement Fund acquired a new stake in shares of Tectonic Therapeutic in the second quarter worth $99,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. acquired a new stake in shares of Tectonic Therapeutic in the second quarter worth $119,000. Los Angeles Capital Management LLC bought a new position in Tectonic Therapeutic during the fourth quarter worth $134,000. Finally, AlphaCentric Advisors LLC bought a new position in Tectonic Therapeutic during the fourth quarter worth $135,000. 62.63% of the stock is currently owned by institutional investors and hedge funds.

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.