Tectonic Therapeutic (NASDAQ:TECX) Stock Price Up 8.2% – Here’s What Happened

Tectonic Therapeutic, Inc. (NASDAQ:TECX)’s stock price traded up 8.2% during mid-day trading on Thursday . The stock traded as high as $35.65 and last traded at $35.41. Approximately 61,760 shares were traded during trading, a decline of 78% from the average session volume of 283,019 shares. The stock had previously closed at $32.74.

Wall Street Analyst Weigh In

A number of brokerages have commented on TECX. Stifel Nicolaus began coverage on Tectonic Therapeutic in a research note on Monday, April 13th. They issued a “buy” rating and a $75.00 target price on the stock. Raymond James Financial raised Tectonic Therapeutic from an “outperform” rating to a “strong-buy” rating and raised their price target for the stock from $76.00 to $81.00 in a research note on Tuesday, May 26th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Tectonic Therapeutic in a report on Tuesday, April 21st. Finally, Wall Street Zen cut Tectonic Therapeutic from a “sell” rating to a “strong sell” rating in a research note on Saturday, April 18th. Two research analysts have rated the stock with a Strong Buy rating, four have issued a Buy rating and one has given a Sell rating to the company. According to MarketBeat, Tectonic Therapeutic currently has a consensus rating of “Buy” and a consensus target price of $79.40.

Tectonic Therapeutic Trading Up 10.3%

The business’s fifty day moving average price is $29.30 and its two-hundred day moving average price is $26.27. The firm has a market cap of $681.49 million, a P/E ratio of -8.03 and a beta of 3.21.

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

Insider Buying and Selling at Tectonic Therapeutic

In other Tectonic Therapeutic news, insider Marcella K. Ruddy sold 1,065 shares of the business’s stock in a transaction dated 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 owned 67,682 shares of the company’s stock, valued at $2,030,460. The trade was a 1.55% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 39.80% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. Baker BROS. Advisors LP raised its stake in shares of Tectonic Therapeutic by 803.4% in the 4th quarter. Baker BROS. Advisors LP now owns 903,400 shares of the company’s stock valued at $18,845,000 after acquiring an additional 803,400 shares in the last quarter. Aberdeen Group plc grew its holdings in Tectonic Therapeutic by 220.6% during the fourth quarter. Aberdeen Group plc now owns 1,141,824 shares of the company’s stock valued at $23,818,000 after purchasing an additional 785,648 shares during the last quarter. Braidwell LP acquired a new position in Tectonic Therapeutic during the third quarter valued at approximately $11,561,000. First Light Asset Management LLC bought a new position in shares of Tectonic Therapeutic in the first quarter valued at approximately $20,022,000. Finally, Orbimed Advisors LLC bought a new position in shares of Tectonic Therapeutic in the fourth quarter valued at approximately $11,986,000. 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.