Tectonic Therapeutic (NASDAQ:TECX) Stock Price Down 9.8% on Insider Selling

Shares of Tectonic Therapeutic, Inc. (NASDAQ:TECX) were down 9.8% during trading on Monday following insider selling activity. The company traded as low as $32.35 and last traded at $32.36. Approximately 237,343 shares changed hands during trading, a decline of 43% from the average daily volume of 414,436 shares. The stock had previously closed at $35.87.

Specifically, insider Peter Mcnamara sold 6,262 shares of the company’s stock in a transaction on Friday, March 6th. The stock was sold at an average price of $30.17, for a total value of $188,924.54. Following the transaction, the insider owned 55,285 shares of the company’s stock, valued at approximately $1,667,948.45. This represents a 10.17% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Marcella K. Ruddy sold 10,000 shares of the stock in a transaction on Friday, March 6th. The shares were sold at an average price of $30.00, for a total value of $300,000.00. Following the sale, the insider owned 69,747 shares of the company’s stock, valued at $2,092,410. This trade represents a 12.54% decrease in their position. The disclosure for this sale is available in the SEC filing. In other news, insider Peter Mcnamara sold 1,650 shares of the firm’s stock in a transaction on Wednesday, March 4th. The stock was sold at an average price of $25.00, for a total transaction of $41,250.00. Following the completion of the sale, the insider directly owned 58,832 shares of the company’s stock, valued at $1,470,800. This trade represents a 2.73% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on TECX. Truist Financial decreased their target price on 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 Tectonic Therapeutic to a “strong-buy” rating in a research report on Thursday, February 5th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Tectonic Therapeutic in a research note on Thursday, January 22nd. One research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $81.50.

Tectonic Therapeutic Trading Down 2.2%

The company’s 50-day moving average is $22.29 and its 200 day moving average is $19.85. The firm has a market cap of $624.25 million, a PE ratio of -8.21 and a beta of 3.76.

Tectonic Therapeutic (NASDAQ:TECX) last posted its quarterly earnings data on Thursday, February 26th. The company reported ($1.03) earnings per share for the quarter, topping the consensus estimate of ($1.11) by $0.08. On average, research analysts predict that Tectonic Therapeutic, Inc. will post -8.31 EPS for the current fiscal year.

Institutional Trading of Tectonic Therapeutic

Several hedge funds and other institutional investors have recently modified their holdings of the business. Millennium Management LLC raised its position in Tectonic Therapeutic by 726.4% during the first quarter. Millennium Management LLC now owns 237,938 shares of the company’s stock valued at $4,214,000 after buying an additional 209,145 shares during the period. Goldman Sachs Group Inc. boosted its position in Tectonic Therapeutic by 331.1% during the 1st quarter. Goldman Sachs Group Inc. now owns 104,793 shares of the company’s stock worth $1,856,000 after acquiring an additional 80,483 shares during the period. Jane Street Group LLC boosted its position in Tectonic Therapeutic by 58.7% during the 1st quarter. Jane Street Group LLC now owns 47,145 shares of the company’s stock worth $835,000 after acquiring an additional 17,443 shares during the period. Connor Clark & Lunn Investment Management Ltd. grew its stake in Tectonic Therapeutic by 3.1% during the 2nd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 35,708 shares of the company’s stock valued at $710,000 after acquiring an additional 1,063 shares in the last quarter. Finally, Geode Capital Management LLC grew its stake in Tectonic Therapeutic by 242.5% during the 2nd quarter. Geode Capital Management LLC now owns 272,257 shares of the company’s stock valued at $5,411,000 after acquiring an additional 192,770 shares in the last quarter. Institutional investors and hedge funds own 62.63% of the company’s stock.

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.