Balyasny Asset Management L.P. Boosts Stock Holdings in Tectonic Therapeutic (NASDAQ:TECX)

Balyasny Asset Management L.P. boosted its holdings in shares of Tectonic Therapeutic (NASDAQ:TECX - Free Report) by 36.9% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 247,000 shares of the company's stock after acquiring an additional 66,527 shares during the period. Balyasny Asset Management L.P. owned 1.67% of Tectonic Therapeutic worth $11,404,000 at the end of the most recent reporting period.

Other large investors have also bought and sold shares of the company. JPMorgan Chase & Co. raised its holdings in Tectonic Therapeutic by 5,554.5% in the fourth quarter. JPMorgan Chase & Co. now owns 1,244 shares of the company's stock worth $57,000 after buying an additional 1,222 shares during the last quarter. Virtus ETF Advisers LLC purchased a new position in shares of Tectonic Therapeutic during the fourth quarter valued at approximately $71,000. China Universal Asset Management Co. Ltd. purchased a new position in shares of Tectonic Therapeutic during the fourth quarter valued at approximately $144,000. Charles Schwab Investment Management Inc. purchased a new position in shares of Tectonic Therapeutic during the fourth quarter valued at approximately $218,000. Finally, Raymond James Financial Inc. purchased a new position in shares of Tectonic Therapeutic during the fourth quarter valued at approximately $228,000. 62.63% of the stock is owned by hedge funds and other institutional investors.

Tectonic Therapeutic Trading Down 2.4%

Shares of NASDAQ TECX traded down $0.48 during mid-day trading on Wednesday, reaching $19.71. The company had a trading volume of 59,851 shares, compared to its average volume of 174,186. Tectonic Therapeutic has a 52 week low of $13.70 and a 52 week high of $61.07. The business's 50-day moving average is $19.57 and its 200-day moving average is $34.03. The stock has a market cap of $368.01 million, a price-to-earnings ratio of -3.35 and a beta of 3.44.

Tectonic Therapeutic (NASDAQ:TECX - Get Free Report) last issued its earnings results on Thursday, May 8th. The company reported ($0.93) earnings per share (EPS) for the quarter, topping the consensus estimate of ($1.10) by $0.17. As a group, equities research analysts forecast that Tectonic Therapeutic will post -8.31 earnings per share for the current year.

Insider Activity

In related news, Director Timothy A. Springer bought 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 purchase, the director now directly owns 4,317,276 shares of the company's stock, valued at approximately $63,722,993.76. This trade represents a 0.09% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In the last ninety days, insiders have bought 100,696 shares of company stock worth $1,705,714. Corporate insiders own 38.00% of the company's stock.

Analysts Set New Price Targets

Several research analysts have recently weighed in on the stock. Wells Fargo & Company decreased their price objective on shares of Tectonic Therapeutic from $112.00 to $101.00 and set an "overweight" rating for the company in a report on Friday, March 21st. Mizuho assumed coverage on shares of Tectonic Therapeutic in a report on Monday, April 21st. They set an "outperform" rating and a $51.00 price objective for the company. Six investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock currently has an average rating of "Buy" and an average target price of $72.40.

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.