Tectonic Therapeutic (NASDAQ:TECX) Stock Price Up 13.3% – Here’s Why

Tectonic Therapeutic, Inc. (NASDAQ:TECX) was up 13.3% during trading on Wednesday . The company traded as high as $35.42 and last traded at $36.1150. Approximately 167,910 shares changed hands during mid-day trading, a decline of 37% from the average session volume of 266,988 shares. The stock had previously closed at $31.87.

Analyst Ratings Changes

A number of equities analysts have issued reports on TECX shares. Zacks Research lowered shares of Tectonic Therapeutic from a “hold” rating to a “strong sell” rating in a research report on Monday, July 20th. Wall Street Zen raised shares of Tectonic Therapeutic from a “strong sell” rating to a “sell” rating in a report on Saturday. Weiss Ratings reiterated a “sell (d-)” rating on shares of Tectonic Therapeutic in a research note on Friday, July 17th. Raymond James Financial raised shares of Tectonic Therapeutic from an “outperform” rating to a “strong-buy” rating and raised their target price for the stock from $76.00 to $81.00 in a report on Tuesday, May 26th. Finally, Wells Fargo & Company decreased their target price on shares of Tectonic Therapeutic from $101.00 to $93.00 and set an “overweight” rating for the company in a research report on Friday, August 7th. Two equities research analysts have rated the stock with a Strong Buy rating, four have issued a Buy rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $77.80.

Tectonic Therapeutic Price Performance

The company has a market capitalization of $693.40 million, a price-to-earnings ratio of -7.76 and a beta of 3.28. The stock has a fifty day simple moving average of $31.40 and a 200-day simple moving average of $28.75.

Tectonic Therapeutic (NASDAQ:TECX) last issued its quarterly earnings data on Thursday, August 6th. The company reported ($1.18) EPS for the quarter, topping analysts’ consensus estimates of ($1.35) by $0.17. As a group, equities analysts expect that Tectonic Therapeutic, Inc. will post -5.32 EPS for the current fiscal year.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the company. AlphaCentric Advisors LLC lifted its position in shares of Tectonic Therapeutic by 5.8% in the first quarter. AlphaCentric Advisors LLC now owns 6,849 shares of the company’s stock valued at $212,000 after acquiring an additional 373 shares in the last quarter. Quantbot Technologies LP purchased a new stake in shares of Tectonic Therapeutic during the second quarter worth approximately $63,000. Bank of America Corp DE increased its position in shares of Tectonic Therapeutic by 24.3% during the first quarter. Bank of America Corp DE now owns 11,466 shares of the company’s stock worth $354,000 after purchasing an additional 2,241 shares in the last quarter. Monimus Capital Management LP raised its stake in Tectonic Therapeutic by 11.3% in the 4th quarter. Monimus Capital Management LP now owns 26,594 shares of the company’s stock valued at $555,000 after purchasing an additional 2,700 shares during the last quarter. Finally, Raymond James Financial Inc. raised its stake in Tectonic Therapeutic by 15.0% in the 2nd quarter. Raymond James Financial Inc. now owns 21,544 shares of the company’s stock valued at $428,000 after purchasing an additional 2,809 shares during the last quarter. 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.