Tectonic Therapeutic (NASDAQ:TECX) Lowered to “Strong Sell” Rating by Wall Street Zen

Wall Street Zen lowered shares of Tectonic Therapeutic (NASDAQ:TECX) from a sell rating to a strong sell rating in a research report report published on Saturday morning,Wall Street Zen reports.

Several other equities research analysts have also recently weighed in on TECX. Oppenheimer reissued an “outperform” rating on shares of Tectonic Therapeutic in a research note on Tuesday, September 1st. Zacks Research raised Tectonic Therapeutic from a “strong sell” rating to a “hold” rating in a research note on Tuesday, August 18th. Wells Fargo & Company reduced their target price on Tectonic Therapeutic from $101.00 to $93.00 and set an “overweight” rating on the stock in a report on Friday, August 7th. Raymond James Financial raised shares of Tectonic Therapeutic from an “outperform” rating to a “strong-buy” rating and increased their target price for the company from $76.00 to $81.00 in a research report on Tuesday, May 26th. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Tectonic Therapeutic in a report on Friday, July 17th. Two research analysts have rated the stock with a Strong Buy rating, four have given a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $77.25.

Tectonic Therapeutic Price Performance

Tectonic Therapeutic stock opened at $27.00 on Friday. The business has a 50 day moving average of $31.85 and a 200-day moving average of $30.81. The company has a market capitalization of $527.85 million, a P/E ratio of -5.91 and a beta of 3.31. Tectonic Therapeutic has a 1 year low of $14.39 and a 1 year high of $39.53.

Tectonic Therapeutic (NASDAQ:TECX) last issued its quarterly earnings data on Thursday, August 6th. The company reported ($1.18) earnings per share for the quarter, topping the consensus estimate of ($1.35) by $0.17. Equities analysts anticipate that Tectonic Therapeutic will post -5.27 EPS for the current year.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the business. First Light Asset Management LLC boosted its position in shares of Tectonic Therapeutic by 23.6% during the 2nd quarter. First Light Asset Management LLC now owns 800,726 shares of the company’s stock valued at $27,525,000 after purchasing an additional 152,983 shares in the last quarter. Velan Capital Investment Management LP bought a new stake in Tectonic Therapeutic in the second quarter worth approximately $206,000. Wellington Management Group LLP lifted its stake in Tectonic Therapeutic by 7.5% in the second quarter. Wellington Management Group LLP now owns 31,432 shares of the company’s stock valued at $1,080,000 after buying an additional 2,192 shares during the period. Bank of America Corp DE acquired a new position in Tectonic Therapeutic in the second quarter valued at approximately $380,000. Finally, 5AM Venture Management LLC acquired a new position in Tectonic Therapeutic in the second quarter valued at approximately $20,853,938. 62.63% of the stock is owned by institutional investors.

Tectonic Therapeutic Company Profile

Tectonic Therapeutic, Inc is a clinical-stage biotechnology company focused on developing biologic medicines that target G protein-coupled receptors (GPCRs). These receptors play important roles in many physiological processes but have historically been difficult to address with conventional antibody-based therapies.

The company uses its proprietary GEODe platform to discover and develop antibodies and other biologics designed to modulate GPCR activity. Tectonic’s pipeline includes TX45, an investigational therapeutic intended to activate the relaxin receptor RXFP1.