Tectonic Therapeutic (NASDAQ:TECX) Trading Up 9.3% – Here’s Why

Tectonic Therapeutic, Inc. (NASDAQ:TECX) shares rose 9.3% during mid-day trading on Tuesday . The stock traded as high as $30.77 and last traded at $31.5490. Approximately 9,217 shares traded hands during mid-day trading, a decline of 98% from the average daily volume of 374,631 shares. The stock had previously closed at $28.87.

Analyst Ratings Changes

Several analysts have issued reports on TECX shares. Weiss Ratings restated a “sell (d-)” rating on shares of Tectonic Therapeutic in a research note on Thursday, January 22nd. Lifesci Capital raised Tectonic Therapeutic to a “strong-buy” rating in a research report on Thursday, February 5th. Finally, 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. One investment analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and one has assigned a Sell rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $81.50.

Tectonic Therapeutic Stock Up 9.1%

The stock has a 50-day simple moving average of $25.40 and a two-hundred day simple moving average of $20.90. The firm has a market cap of $591.27 million, a PE ratio of -7.73 and a beta of 3.75.

Tectonic Therapeutic (NASDAQ:TECX) last issued its earnings results on Thursday, February 26th. The company reported ($1.03) earnings per share (EPS) for the quarter, topping the consensus estimate of ($1.11) by $0.08. Research analysts expect that Tectonic Therapeutic, Inc. will post -8.31 earnings per share for the current year.

Insider Activity at Tectonic Therapeutic

In related news, insider Peter Mcnamara sold 6,262 shares of the firm’s stock in a transaction dated Friday, March 6th. The stock was sold at an average price of $30.17, for a total value of $188,924.54. Following the sale, the insider directly owned 55,285 shares of the company’s stock, valued at $1,667,948.45. This trade represents a 10.17% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Daniel Lochner purchased 6,000 shares of Tectonic Therapeutic stock in a transaction that occurred on Tuesday, February 10th. The shares were acquired at an average price of $21.61 per share, for a total transaction of $129,660.00. Following the acquisition, the chief financial officer owned 32,044 shares in the company, valued at $692,470.84. This trade represents a 23.04% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Insiders sold 19,561 shares of company stock worth $566,551 in the last three months. 9.20% of the stock is owned by insiders.

Hedge Funds Weigh In On Tectonic Therapeutic

Hedge funds have recently made changes to their positions in the business. Police & Firemen s Retirement System of New Jersey purchased a new stake in Tectonic Therapeutic in the second quarter worth $52,000. China Universal Asset Management Co. Ltd. increased its position in Tectonic Therapeutic by 26.7% during the 2nd quarter. China Universal Asset Management Co. Ltd. now owns 3,750 shares of the company’s stock valued at $75,000 after purchasing an additional 791 shares during the period. Caitong International Asset Management Co. Ltd raised its holdings in Tectonic Therapeutic by 451.6% in the 3rd 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 in the last quarter. Virtus Investment Advisers LLC raised its holdings in Tectonic Therapeutic by 18.3% in the 2nd quarter. Virtus Investment Advisers LLC now owns 4,190 shares of the company’s stock worth $83,000 after purchasing an additional 649 shares in the last quarter. Finally, New York State Common Retirement Fund purchased a new stake in shares of Tectonic Therapeutic in the 2nd quarter worth about $99,000. 62.63% of the stock is owned by hedge funds and other institutional investors.

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.