Tectonic Therapeutic (NASDAQ:TECX) Sets New 1-Year High – Here’s What Happened

Tectonic Therapeutic, Inc. (NASDAQ:TECX) shares reached a new 52-week high during mid-day trading on Thursday . The stock traded as high as $28.98 and last traded at $28.71, with a volume of 95176 shares trading hands. The stock had previously closed at $27.41.

Analyst Upgrades and Downgrades

TECX has been the topic of several recent analyst reports. Truist Financial decreased their price objective on shares of Tectonic Therapeutic from $64.00 to $60.00 and set a “buy” rating on the stock in a report on Thursday, January 8th. Lifesci Capital upgraded shares of Tectonic Therapeutic to a “strong-buy” rating in a research report on Thursday, February 5th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Tectonic Therapeutic in a research note on Thursday, January 22nd. One investment analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $81.50.

Tectonic Therapeutic Stock Up 28.8%

The company has a market cap of $673.64 million, a PE ratio of -8.86 and a beta of 3.76. The firm has a fifty day simple moving average of $21.78 and a 200-day simple moving average of $19.80.

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

Insider Buying and Selling

In other Tectonic Therapeutic news, insider Peter Mcnamara sold 1,650 shares of the company’s stock in a transaction on Wednesday, March 4th. The stock was sold at an average price of $25.00, for a total value of $41,250.00. Following the sale, the insider owned 58,832 shares of the company’s stock, valued at approximately $1,470,800. This represents a 2.73% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Daniel Lochner bought 6,000 shares of the business’s stock in a transaction on Tuesday, February 10th. The shares were acquired at an average price of $21.61 per share, with a total value of $129,660.00. Following the transaction, the chief financial officer owned 32,044 shares of the company’s stock, valued at $692,470.84. The trade was a 23.04% increase in their position. The disclosure for this purchase is available in the SEC filing. 38.00% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Baker BROS. Advisors LP boosted its stake in Tectonic Therapeutic by 803.4% in the 4th quarter. Baker BROS. Advisors LP now owns 903,400 shares of the company’s stock worth $18,845,000 after buying an additional 803,400 shares during the last quarter. Aberdeen Group plc lifted its position in shares of Tectonic Therapeutic by 220.6% during the fourth quarter. Aberdeen Group plc now owns 1,141,824 shares of the company’s stock worth $23,818,000 after purchasing an additional 785,648 shares in the last quarter. Braidwell LP acquired a new stake in shares of Tectonic Therapeutic during the third quarter valued at about $11,561,000. Orbimed Advisors LLC purchased a new position in shares of Tectonic Therapeutic during the 4th quarter valued at approximately $11,986,000. Finally, Vestal Point Capital LP acquired a new stake in shares of Tectonic Therapeutic during the fourth quarter worth approximately $6,842,000. 62.63% of the stock is currently owned by hedge funds and other institutional investors.

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.