Tectonic Therapeutic (NASDAQ:TECX) Stock Rating Lowered by Wall Street Zen

Key Points

• Wall Street Zen downgraded Tectonic Therapeutic from “sell” to “strong sell,” although the broader analyst consensus remains “Moderate Buy” with a $69.17 target price.
• TECX shares opened at $20.65, well below their 50-day and 200-day moving averages of $28.76 and $29.74, respectively. The stock has traded between $15.52 and $39.53 over the past year.
• The company reported a quarterly loss of $1.18 per share, beating expectations for a $1.35 loss, while institutional investors own 62.63% of the stock.

Tectonic Therapeutic (NASDAQ:TECX - Get Free Report) was downgraded by stock analysts at Wall Street Zen from a "sell" rating to a "strong sell" rating in a research report issued on Sunday, Wall Street Zen reports.

TECX has been the subject of several other research reports. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Tectonic Therapeutic in a research note on Thursday. Zacks Research upgraded shares of Tectonic Therapeutic from a "strong sell" rating to a "hold" rating in a research report on Tuesday, August 18th. Oppenheimer reissued an "outperform" rating and issued a $80.00 price objective on shares of Tectonic Therapeutic in a research note on Wednesday, September 30th. Wells Fargo & Company dropped their target price on shares of Tectonic Therapeutic from $101.00 to $93.00 and set an "overweight" rating for the company in a report on Friday, August 7th. Finally, TD Cowen restated a "buy" rating on shares of Tectonic Therapeutic in a report on Wednesday, September 30th. Two investment analysts have rated the stock with a Strong Buy rating, five have assigned a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $69.17.

Tectonic Therapeutic Stock Performance

Shares of TECX stock opened at $20.65 on Friday. The firm's 50 day moving average price is $28.76 and its 200-day moving average price is $29.74. The firm has a market cap of $403.71 million, a P/E ratio of -4.52 and a beta of 3.28. Tectonic Therapeutic has a one year low of $15.52 and a one year high of $39.53.

Tectonic Therapeutic (NASDAQ:TECX - Get Free Report) last posted its earnings results on Thursday, August 6th. The company reported ($1.18) EPS for the quarter, topping analysts' consensus estimates of ($1.35) by $0.17. As a group, research analysts predict that Tectonic Therapeutic will post -5.27 EPS for the current fiscal year.

Hedge Funds Weigh In On Tectonic Therapeutic

Several institutional investors and hedge funds have recently modified their holdings of the company. BlackRock Inc. purchased a new stake in shares of Tectonic Therapeutic during the 2nd quarter valued at $29,652,000. First Light Asset Management LLC acquired a new stake in shares of Tectonic Therapeutic during the 1st quarter worth $20,022,000. 5AM Venture Management LLC acquired a new stake in shares of Tectonic Therapeutic during the 2nd quarter worth $20,853,938. Connor Clark & Lunn Investment Management Ltd. acquired a new stake in shares of Tectonic Therapeutic during the 2nd quarter worth $2,232,000. Finally, Bank of New York Mellon Corp purchased a new position in shares of Tectonic Therapeutic in the 2nd quarter worth $868,000. Hedge funds and other institutional investors own 62.63% of the company's stock.

About Tectonic Therapeutic

Tectonic Therapeutic, Inc NASDAQ: TECX is a clinical-stage biotechnology company developing biologic medicines that target G protein-coupled receptors (GPCRs). These receptors play important roles in numerous biological processes and are established targets for a range of therapeutic treatments, but many remain difficult to address with conventional drug-discovery approaches.

The company uses its proprietary GEODe platform to identify and develop antibodies and other biologic molecules designed to modulate GPCR activity.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.