Tectonic Therapeutic (NASDAQ:TECX) Stock Rating Lowered by Wall Street Zen

Wall Street Zen downgraded shares of Tectonic Therapeutic (NASDAQ:TECX) from a hold rating to a sell rating in a research report report published on Saturday.

Several other analysts have also recently issued reports on TECX. Wells Fargo & Company reduced their price target on shares of Tectonic Therapeutic from $112.00 to $101.00 and set an “overweight” rating on the stock in a research report on Friday, March 21st. Mizuho increased their price target on shares of Tectonic Therapeutic from $51.00 to $85.00 and gave the stock an “outperform” rating in a research report on Thursday, May 15th. Lifesci Capital assumed coverage on shares of Tectonic Therapeutic in a research report on Friday, June 6th. They set an “outperform” rating and a $87.00 price target on the stock. Finally, Raymond James Financial assumed coverage on shares of Tectonic Therapeutic in a research report on Wednesday, June 11th. They set an “outperform” rating and a $76.00 price target on the stock. One equities research analyst has rated the stock with a sell rating, six have issued a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Buy” and an average price target of $82.33.

Tectonic Therapeutic Stock Performance

Shares of TECX opened at $18.75 on Friday. The stock has a market capitalization of $350.06 million, a PE ratio of -2.56 and a beta of 3.26. Tectonic Therapeutic has a 1 year low of $13.70 and a 1 year high of $61.07. The company’s 50-day simple moving average is $21.00 and its 200-day simple moving average is $29.19.

Tectonic Therapeutic (NASDAQ:TECX) last issued its quarterly earnings results on Thursday, May 8th. The company reported ($0.93) earnings per share (EPS) for the quarter, topping the consensus estimate of ($1.10) by $0.17. On average, sell-side analysts predict that Tectonic Therapeutic will post -8.31 earnings per share for the current year.

Insider Buying and Selling

In other news, Director Timothy A. Springer purchased 87,500 shares of the firm’s stock in a transaction that occurred on Monday, April 7th. The stock was bought at an average price of $17.10 per share, for a total transaction of $1,496,250.00. Following the completion of the purchase, the director now directly owns 4,313,558 shares of the company’s stock, valued at $73,761,841.80. The trade was a 2.07% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders bought 100,696 shares of company stock worth $1,705,714 over the last 90 days. 9.20% of the stock is owned by insiders.

Institutional Trading of Tectonic Therapeutic

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Jane Street Group LLC raised its holdings in Tectonic Therapeutic by 58.7% during the first quarter. Jane Street Group LLC now owns 47,145 shares of the company’s stock worth $835,000 after purchasing an additional 17,443 shares in the last quarter. Woodline Partners LP raised its holdings in Tectonic Therapeutic by 132.3% during the first quarter. Woodline Partners LP now owns 302,215 shares of the company’s stock worth $5,352,000 after purchasing an additional 172,106 shares in the last quarter. Goldman Sachs Group Inc. raised its holdings in Tectonic Therapeutic by 331.1% during the first quarter. Goldman Sachs Group Inc. now owns 104,793 shares of the company’s stock worth $1,856,000 after purchasing an additional 80,483 shares in the last quarter. Millennium Management LLC raised its holdings in Tectonic Therapeutic by 726.4% during the first quarter. Millennium Management LLC now owns 237,938 shares of the company’s stock worth $4,214,000 after purchasing an additional 209,145 shares in the last quarter. Finally, EcoR1 Capital LLC raised its holdings in Tectonic Therapeutic by 10.1% during the first quarter. EcoR1 Capital LLC now owns 935,121 shares of the company’s stock worth $16,561,000 after purchasing an additional 85,978 shares in 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.