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

Adage Capital Partners GP L.L.C. bought a new stake in Tectonic Therapeutic, Inc. (NASDAQ:TECX - Free Report) during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm bought 100,000 shares of the company's stock, valued at approximately $1,771,000. Adage Capital Partners GP L.L.C. owned approximately 0.54% of Tectonic Therapeutic at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently made changes to their positions in TECX. American Century Companies Inc. acquired a new stake in Tectonic Therapeutic during the first quarter worth $214,000. Raymond James Financial Inc. purchased a new stake in Tectonic Therapeutic during the 4th quarter worth about $228,000. Y Intercept Hong Kong Ltd purchased a new stake in Tectonic Therapeutic during the 1st quarter worth about $234,000. Jefferies Financial Group Inc. acquired a new stake in shares of Tectonic Therapeutic during the fourth quarter worth about $249,000. Finally, Cliffwater LLC acquired a new position in Tectonic Therapeutic in the 1st quarter valued at about $272,000. Institutional investors and hedge funds own 62.63% of the company's stock.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on TECX shares. Raymond James Financial assumed coverage on Tectonic Therapeutic in a research report on Wednesday, June 11th. They set an "outperform" rating and a $76.00 target price on the stock. Mizuho upped their target price on Tectonic Therapeutic from $51.00 to $85.00 and gave the company an "outperform" rating in a research note on Thursday, May 15th. Oppenheimer started coverage on Tectonic Therapeutic in a research note on Wednesday, September 3rd. They issued an "outperform" rating and a $80.00 target price on the stock. Truist Financial assumed coverage on Tectonic Therapeutic in a report on Monday, July 21st. They issued a "buy" rating and a $64.00 price target for the company. Finally, Lifesci Capital assumed coverage on Tectonic Therapeutic in a report on Friday, June 6th. They set an "outperform" rating and a $87.00 price objective for the company. One 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, the company currently has a consensus rating of "Buy" and an average target price of $80.29.

Tectonic Therapeutic Stock Performance

Shares of NASDAQ:TECX traded down $0.09 during trading hours on Friday, hitting $17.94. The stock had a trading volume of 209,876 shares, compared to its average volume of 291,774. The stock's fifty day simple moving average is $22.04 and its 200 day simple moving average is $21.23. Tectonic Therapeutic, Inc. has a 1-year low of $13.70 and a 1-year high of $61.07. The firm has a market capitalization of $335.66 million, a price-to-earnings ratio of -4.42 and a beta of 3.42.

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

About Tectonic Therapeutic

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.