Acuta Capital Partners LLC Acquires 19,308 Shares of Tectonic Therapeutic (NASDAQ:TECX)

Acuta Capital Partners LLC raised its holdings in shares of Tectonic Therapeutic (NASDAQ:TECX - Free Report) by 140.9% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 33,008 shares of the company's stock after purchasing an additional 19,308 shares during the quarter. Tectonic Therapeutic accounts for approximately 1.5% of Acuta Capital Partners LLC's portfolio, making the stock its 23rd largest position. Acuta Capital Partners LLC owned about 0.22% of Tectonic Therapeutic worth $1,524,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in the stock. Geode Capital Management LLC lifted its stake in Tectonic Therapeutic by 147.7% during the 3rd quarter. Geode Capital Management LLC now owns 76,879 shares of the company's stock valued at $2,331,000 after acquiring an additional 45,846 shares in the last quarter. Clarius Group LLC purchased a new position in shares of Tectonic Therapeutic in the 4th quarter worth approximately $468,000. China Universal Asset Management Co. Ltd. bought a new position in shares of Tectonic Therapeutic in the fourth quarter valued at approximately $144,000. Charles Schwab Investment Management Inc. purchased a new stake in shares of Tectonic Therapeutic during the fourth quarter valued at approximately $218,000. Finally, Raymond James Financial Inc. bought a new stake in Tectonic Therapeutic during the fourth quarter worth $228,000. Institutional investors and hedge funds own 62.63% of the company's stock.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on TECX shares. Mizuho initiated coverage on Tectonic Therapeutic in a research note on Monday, April 21st. They issued an "outperform" rating and a $51.00 price objective for the company. Wells Fargo & Company lowered their price objective on shares of Tectonic Therapeutic from $112.00 to $101.00 and set an "overweight" rating on the stock in a research report on Friday, March 21st. Six equities research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of "Buy" and an average target price of $72.40.

Tectonic Therapeutic Stock Performance

TECX stock traded up $0.29 during midday trading on Wednesday, reaching $19.21. 47,723 shares of the company's stock traded hands, compared to its average volume of 174,367. Tectonic Therapeutic has a 52 week low of $13.70 and a 52 week high of $61.07. The company has a 50-day moving average price of $19.93 and a two-hundred day moving average price of $34.60. The firm has a market capitalization of $358.67 million, a PE ratio of -3.25 and a beta of 3.44.

Tectonic Therapeutic (NASDAQ:TECX - Get Free Report) last announced its quarterly earnings results on Thursday, March 20th. The company reported ($0.84) EPS for the quarter, beating the consensus estimate of ($1.39) by $0.55. As a group, analysts predict that Tectonic Therapeutic will post -8.31 EPS for the current fiscal year.

Insider Buying and Selling

In other news, Director Timothy A. Springer purchased 3,718 shares of the stock in a transaction that occurred on Wednesday, April 9th. The stock was bought at an average cost of $14.76 per share, for a total transaction of $54,877.68. Following the acquisition, the director now directly owns 4,317,276 shares of the company's stock, valued at $63,722,993.76. This represents a 0.09 % increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Insiders have acquired a total of 100,696 shares of company stock worth $1,705,714 in the last 90 days. 9.20% of the stock is owned by company insiders.

Tectonic Therapeutic 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.