132,222 Shares in Tectonic Therapeutic, Inc. $TECX Acquired by Ally Bridge Group NY LLC

Key Points

• Ally Bridge Group NY LLC purchased 132,222 shares of Tectonic Therapeutic, Inc. for approximately $2.34 million, making it the firm's 17th largest holding.
• Multiple institutional investors have recently acquired shares of Tectonic Therapeutic, increasing the total institutional ownership to 62.63%.
• Wall Street analysts generally rate Tectonic Therapeutic as a Buy, with an average target price of $80.33, though the company reported a loss in its latest quarterly earnings.

Ally Bridge Group NY LLC purchased a new position in shares of Tectonic Therapeutic, Inc. (NASDAQ:TECX - Free Report) in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund purchased 132,222 shares of the company's stock, valued at approximately $2,342,000. Tectonic Therapeutic makes up about 2.1% of Ally Bridge Group NY LLC's holdings, making the stock its 17th largest position. Ally Bridge Group NY LLC owned about 0.71% of Tectonic Therapeutic as of its most recent filing with the SEC.

Other institutional investors also recently modified their holdings of the company. Paradigm Biocapital Advisors LP acquired a new position in Tectonic Therapeutic during the 4th quarter worth approximately $22,397,000. Farallon Capital Management LLC increased its holdings in shares of Tectonic Therapeutic by 37.0% during the fourth quarter. Farallon Capital Management LLC now owns 713,050 shares of the company's stock worth $32,922,000 after buying an additional 192,653 shares in the last quarter. Baker BROS. Advisors LP acquired a new position in shares of Tectonic Therapeutic during the first quarter worth $1,771,000. Adage Capital Partners GP L.L.C. acquired a new position in shares of Tectonic Therapeutic during the first quarter worth $1,771,000. Finally, Balyasny Asset Management L.P. increased its holdings in shares of Tectonic Therapeutic by 36.9% during the fourth quarter. Balyasny Asset Management L.P. now owns 247,000 shares of the company's stock worth $11,404,000 after buying an additional 66,527 shares in the last quarter. Institutional investors and hedge funds own 62.63% of the company's stock.

Analysts Set New Price Targets

A number of brokerages have issued reports on TECX. Mizuho upped their target price on Tectonic Therapeutic from $51.00 to $85.00 and gave the stock an "outperform" rating in a report on Thursday, May 15th. Truist Financial began coverage on Tectonic Therapeutic in a report on Monday, July 21st. They issued a "buy" rating and a $64.00 target price for the company. Raymond James Financial began coverage on Tectonic Therapeutic in a report on Wednesday, June 11th. They issued an "outperform" rating and a $76.00 target price for the company. Lifesci Capital began coverage on Tectonic Therapeutic in a report on Friday, June 6th. They issued an "outperform" rating and a $87.00 target price for the company. Finally, Wall Street Zen cut Tectonic Therapeutic from a "hold" rating to a "sell" rating in a report on Saturday, July 26th. One research analyst has rated the stock with a Strong Buy rating and six have assigned a Buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Buy" and a consensus price target of $80.29.

Tectonic Therapeutic Stock Down 2.7%

Shares of NASDAQ TECX traded down $0.47 during trading on Friday, reaching $16.80. The company had a trading volume of 683,688 shares, compared to its average volume of 409,456. The company's fifty day moving average price is $22.32 and its 200-day moving average price is $21.51. Tectonic Therapeutic, Inc. has a 12 month low of $13.70 and a 12 month high of $61.07. The stock has a market cap of $314.33 million, a P/E ratio of -4.16 and a beta of 3.42.

Tectonic Therapeutic (NASDAQ:TECX - Get Free Report) last issued its quarterly earnings results on Thursday, August 7th. The company reported ($1.07) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.98) by ($0.09). As a group, equities analysts predict that Tectonic Therapeutic, Inc. will post -8.31 earnings per share for the current year.

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.