Tectonic Therapeutic (NASDAQ:TECX) Trading 11.4% Higher – Should You Buy?

Shares of Tectonic Therapeutic, Inc. (NASDAQ:TECX) traded up 11.4% during trading on Wednesday . The stock traded as high as $27.28 and last traded at $27.18. 261,444 shares were traded during mid-day trading, a decline of 34% from the average session volume of 397,847 shares. The stock had previously closed at $24.40.

Analyst Ratings Changes

Several analysts have recently issued reports on TECX shares. Weiss Ratings reiterated 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 Tectonic Therapeutic from $64.00 to $60.00 and set a “buy” rating for the company in a research note on Thursday, January 8th. One investment analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $81.50.

Tectonic Therapeutic Price Performance

The stock has a market cap of $515.32 million, a price-to-earnings ratio of -6.78 and a beta of 3.76. The business’s 50 day moving average is $21.25 and its 200 day moving average is $19.61.

Tectonic Therapeutic (NASDAQ:TECX) last posted its quarterly earnings results on Thursday, February 26th. The company reported ($1.03) earnings per share for the quarter, beating analysts’ consensus estimates of ($1.11) by $0.08. As a group, analysts forecast that Tectonic Therapeutic, Inc. will post -8.31 earnings per share for the current year.

Insider Buying and Selling at Tectonic Therapeutic

In other Tectonic Therapeutic news, CFO Daniel Lochner bought 6,000 shares of the firm’s stock in a transaction that occurred on Tuesday, February 10th. The stock was purchased at an average price of $21.61 per share, for a total transaction of $129,660.00. Following the completion of the purchase, the chief financial officer directly 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 acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 9.20% of the company’s stock.

Hedge Funds Weigh In On Tectonic Therapeutic

Several hedge funds have recently added to or reduced their stakes in TECX. AlphaQuest LLC raised its holdings in Tectonic Therapeutic by 919.4% during the second quarter. AlphaQuest LLC now owns 2,365 shares of the company’s stock worth $47,000 after purchasing an additional 2,133 shares in the last quarter. Police & Firemen s Retirement System of New Jersey purchased a new position in shares of Tectonic Therapeutic in the 2nd quarter valued at $52,000. Caitong International Asset Management Co. Ltd raised its stake in Tectonic Therapeutic by 451.6% during the 3rd quarter. Caitong International Asset Management Co. Ltd now owns 3,966 shares of the company’s stock worth $62,000 after acquiring an additional 3,247 shares in the last quarter. China Universal Asset Management Co. Ltd. raised its stake 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 worth $75,000 after acquiring an additional 791 shares in the last quarter. Finally, Virtus Investment Advisers LLC lifted its position in Tectonic Therapeutic by 18.3% in the second quarter. Virtus Investment Advisers LLC now owns 4,190 shares of the company’s stock valued at $83,000 after acquiring an additional 649 shares during the last quarter. 62.63% of the stock is currently owned by hedge funds and other institutional investors.

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.