First Light Asset Management LLC Takes $20.02 Million Position in Tectonic Therapeutic, Inc. $TECX

First Light Asset Management LLC purchased a new stake in Tectonic Therapeutic, Inc. (NASDAQ:TECX) in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund purchased 647,743 shares of the company’s stock, valued at approximately $20,022,000. Tectonic Therapeutic comprises approximately 1.8% of First Light Asset Management LLC’s portfolio, making the stock its 19th largest holding. First Light Asset Management LLC owned about 3.43% of Tectonic Therapeutic as of its most recent SEC filing.

Several other large investors also recently bought and sold shares of TECX. Caitong International Asset Management Co. Ltd grew its holdings in shares of Tectonic Therapeutic by 451.6% during 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 last quarter. New York State Common Retirement Fund acquired a new stake in shares of Tectonic Therapeutic in the 2nd quarter valued at about $99,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. acquired a new stake in shares of Tectonic Therapeutic in the 2nd quarter valued at about $119,000. 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 worth $130,000 after buying an additional 5,426 shares during the last quarter. Finally, Los Angeles Capital Management LLC purchased a new position in Tectonic Therapeutic during the 4th quarter worth approximately $134,000. Institutional investors and hedge funds own 62.63% of the company’s stock.

Insider Activity

In other news, insider Marcella K. Ruddy sold 1,065 shares of the firm’s stock in a transaction that occurred on Monday, May 4th. The stock was sold at an average price of $30.00, for a total value of $31,950.00. Following the completion of the sale, the insider directly owned 67,682 shares of the company’s stock, valued at $2,030,460. This trade represents a 1.55% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 39.80% of the company’s stock.

Tectonic Therapeutic Price Performance

Shares of Tectonic Therapeutic stock opened at $30.37 on Monday. Tectonic Therapeutic, Inc. has a 52-week low of $14.39 and a 52-week high of $39.53. The company’s 50-day simple moving average is $31.21 and its 200-day simple moving average is $27.91. The firm has a market cap of $573.08 million, a price-to-earnings ratio of -6.81 and a beta of 3.21.

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

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on TECX. Zacks Research cut Tectonic Therapeutic from a “hold” rating to a “strong sell” rating in a research note on Monday, July 20th. Stifel Nicolaus initiated coverage on shares of Tectonic Therapeutic in a research report on Monday, April 13th. They set a “buy” rating and a $75.00 target price on the stock. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Tectonic Therapeutic in a report on Friday, July 17th. Raymond James Financial upgraded shares of Tectonic Therapeutic from an “outperform” rating to a “strong-buy” rating and increased their price target for the stock from $76.00 to $81.00 in a research note on Tuesday, May 26th. 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. Two 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. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $79.40.

Tectonic Therapeutic 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.