Tectonic Therapeutic (NASDAQ:TECX) Announces Quarterly Earnings Results

Tectonic Therapeutic (NASDAQ:TECX) announced its quarterly earnings data on Thursday. The company reported ($1.18) EPS for the quarter, topping analysts’ consensus estimates of ($1.35) by $0.17, FiscalAI reports.

Tectonic Therapeutic Trading Up 2.5%

Shares of Tectonic Therapeutic stock opened at $30.98 on Friday. The company has a 50-day moving average of $31.24 and a two-hundred day moving average of $28.49. Tectonic Therapeutic has a 12-month low of $14.39 and a 12-month high of $39.53. The stock has a market cap of $584.59 million, a PE ratio of -6.78 and a beta of 3.28.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on TECX shares. Zacks Research lowered shares of Tectonic Therapeutic from a “hold” rating to a “strong sell” rating in a research note on Monday, July 20th. Weiss Ratings restated a “sell (d-)” rating on shares of Tectonic Therapeutic in a research report on Friday, July 17th. Stifel Nicolaus initiated coverage on Tectonic Therapeutic in a report on Monday, April 13th. They issued a “buy” rating and a $75.00 price objective on the stock. Wells Fargo & Company dropped their target price on Tectonic Therapeutic from $101.00 to $93.00 and set an “overweight” rating on the stock in a research report on Friday. Finally, Wall Street Zen raised Tectonic Therapeutic from a “strong sell” rating to a “sell” rating in a research note on Saturday. Two equities research analysts have rated the stock with a Strong Buy rating, four have given a Buy rating and two have assigned a Sell rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $77.80.

Institutional Investors Weigh In On Tectonic Therapeutic

A number of institutional investors and hedge funds have recently modified their holdings of the company. Braidwell LP raised its holdings in Tectonic Therapeutic by 25.9% during the fourth quarter. Braidwell LP now owns 927,524 shares of the company’s stock worth $19,348,000 after purchasing an additional 190,657 shares during the last quarter. Orbimed Advisors LLC acquired a new stake in Tectonic Therapeutic in the fourth quarter valued at $11,986,000. Vestal Point Capital LP acquired a new stake in Tectonic Therapeutic in the fourth quarter valued at $6,842,000. Millennium Management LLC increased its position in shares of Tectonic Therapeutic by 26.3% in the fourth quarter. Millennium Management LLC now owns 300,820 shares of the company’s stock valued at $6,275,000 after buying an additional 62,650 shares in the last quarter. Finally, Citadel Advisors LLC increased its position in shares of Tectonic Therapeutic by 80.8% in the third quarter. Citadel Advisors LLC now owns 298,388 shares of the company’s stock valued at $4,682,000 after buying an additional 133,342 shares in the last quarter. Institutional investors and hedge funds own 62.63% of the company’s stock.

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.