100,000 Shares in Tectonic Therapeutic, Inc. $TECX Acquired by Adage Capital Partners GP L.L.C.

Adage Capital Partners GP L.L.C. acquired a new stake in shares of Tectonic Therapeutic, Inc. (NASDAQ:TECX - Free Report) during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund acquired 100,000 shares of the company's stock, valued at approximately $1,771,000. Adage Capital Partners GP L.L.C. owned about 0.54% of Tectonic Therapeutic as of its most recent SEC filing.

A number of other hedge funds have also bought and sold shares of the company. ADAR1 Capital Management LLC increased its position in Tectonic Therapeutic by 6.6% during the first quarter. ADAR1 Capital Management LLC now owns 62,603 shares of the company's stock valued at $1,109,000 after acquiring an additional 3,895 shares during the last quarter. Baker BROS. Advisors LP bought a new position in shares of Tectonic Therapeutic in the first quarter worth about $1,771,000. Jump Financial LLC bought a new position in shares of Tectonic Therapeutic in the first quarter worth about $374,000. Wellington Management Group LLP bought a new position in shares of Tectonic Therapeutic in the first quarter worth about $348,000. Finally, Cliffwater LLC bought a new position in shares of Tectonic Therapeutic in the first quarter worth about $272,000. Institutional investors own 62.63% of the company's stock.

Tectonic Therapeutic Price Performance

Shares of TECX stock traded down $0.31 during mid-day trading on Friday, hitting $17.72. 331,030 shares of the stock traded hands, compared to its average volume of 452,844. Tectonic Therapeutic, Inc. has a 52-week low of $13.70 and a 52-week high of $61.07. The stock has a market cap of $331.54 million, a P/E ratio of -4.39 and a beta of 3.42. The stock's fifty day moving average is $21.96 and its two-hundred day moving average is $21.13.

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

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on the stock. Truist Financial assumed coverage on shares of Tectonic Therapeutic in a report on Monday, July 21st. They issued a "buy" rating and a $64.00 price target on the stock. Lifesci Capital initiated coverage on shares of Tectonic Therapeutic in a report on Friday, June 6th. They issued an "outperform" rating and a $87.00 price target on the stock. Wall Street Zen lowered shares of Tectonic Therapeutic from a "hold" rating to a "sell" rating in a research note on Saturday, July 26th. Raymond James Financial initiated coverage on shares of Tectonic Therapeutic in a research note on Wednesday, June 11th. They issued an "outperform" rating and a $76.00 price objective for the company. Finally, Oppenheimer initiated coverage on shares of Tectonic Therapeutic in a research note on Wednesday, September 3rd. They issued an "outperform" rating and a $80.00 price objective for the company. One analyst has rated the stock with a Strong Buy rating and six have issued a Buy rating to the company. According to MarketBeat.com, Tectonic Therapeutic has a consensus rating of "Buy" and a consensus price target of $80.29.

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.