Farallon Capital Management LLC Cuts Stock Position in Tectonic Therapeutic, Inc. $TECX

Farallon Capital Management LLC trimmed its holdings in shares of Tectonic Therapeutic, Inc. (NASDAQ:TECX) by 25.0% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 640,000 shares of the company’s stock after selling 213,050 shares during the quarter. Farallon Capital Management LLC owned approximately 3.42% of Tectonic Therapeutic worth $10,042,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in TECX. Police & Firemen s Retirement System of New Jersey acquired a new stake in Tectonic Therapeutic in the 2nd quarter valued at $52,000. China Universal Asset Management Co. Ltd. raised its position in Tectonic Therapeutic by 26.7% during the second 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 during the period. Virtus Investment Advisers LLC lifted its holdings in Tectonic Therapeutic by 18.3% during the second quarter. Virtus Investment Advisers LLC now owns 4,190 shares of the company’s stock valued at $83,000 after purchasing an additional 649 shares in the last quarter. New York State Common Retirement Fund purchased a new position in Tectonic Therapeutic during the second quarter valued at $99,000. Finally, AlphaQuest LLC grew its position in shares of Tectonic Therapeutic by 208.6% in the third quarter. AlphaQuest LLC now owns 7,299 shares of the company’s stock valued at $115,000 after purchasing an additional 4,934 shares during the period. Hedge funds and other institutional investors own 62.63% of the company’s stock.

Tectonic Therapeutic Stock Performance

NASDAQ TECX opened at $33.31 on Monday. The business has a fifty day moving average price of $23.08 and a 200 day moving average price of $20.03. Tectonic Therapeutic, Inc. has a one year low of $13.70 and a one year high of $36.03. The company has a market cap of $625.56 million, a P/E ratio of -8.22 and a beta of 3.75.

Tectonic Therapeutic (NASDAQ:TECX) last announced its quarterly earnings data 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, sell-side analysts predict that Tectonic Therapeutic, Inc. will post -8.31 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of research firms have recently commented on TECX. Lifesci Capital raised shares of Tectonic Therapeutic to a “strong-buy” rating in a research note on Thursday, February 5th. Truist Financial decreased their price target on shares of Tectonic Therapeutic from $64.00 to $60.00 and set a “buy” rating on the stock in a research note on Thursday, January 8th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Tectonic Therapeutic in a report on Thursday, January 22nd. One analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $81.50.

Insider Transactions at Tectonic Therapeutic

In other Tectonic Therapeutic news, CFO Daniel Lochner purchased 6,000 shares of the firm’s stock in a transaction dated Tuesday, February 10th. The shares were purchased at an average cost of $21.61 per share, with a total value of $129,660.00. Following the completion of the purchase, the chief financial officer owned 32,044 shares in the company, valued at approximately $692,470.84. This represents a 23.04% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available through this link. Also, insider Peter Mcnamara sold 6,262 shares of the business’s stock in a transaction dated Friday, March 6th. The stock was sold at an average price of $30.17, for a total transaction of $188,924.54. Following the transaction, the insider owned 55,285 shares in the company, valued at $1,667,948.45. The trade was a 10.17% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders have sold 19,561 shares of company stock valued at $566,551. Corporate insiders own 9.20% 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.