100,000 Shares in Tectonic Therapeutic, Inc. $TECX Purchased by Baker BROS. Advisors LP

Key Points

• Baker BROS. Advisors LP invested approximately $1.77 million in Tectonic Therapeutic by purchasing 100,000 shares, equating to about 0.54% of the company.
• Several institutional investors, including Jump Financial and Wellington Management, also acquired new stakes in Tectonic Therapeutic during the first quarter, indicating growing interest in the company.
• Tectonic Therapeutic has recently received mixed ratings from analysts, with a consensus rating of "Buy" and a target price of $80.33, despite reporting earnings that missed estimates.

Baker BROS. Advisors LP bought a new stake in Tectonic Therapeutic, Inc. (NASDAQ:TECX - Free Report) during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm bought 100,000 shares of the company's stock, valued at approximately $1,771,000. Baker BROS. Advisors LP owned approximately 0.54% of Tectonic Therapeutic at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the stock. Farallon Capital Management LLC raised its stake 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 valued at $32,922,000 after acquiring an additional 192,653 shares during the last quarter. Paradigm Biocapital Advisors LP bought a new stake in Tectonic Therapeutic in the fourth quarter valued at approximately $22,397,000. Balyasny Asset Management L.P. increased its position in Tectonic Therapeutic by 36.9% during the 4th quarter. Balyasny Asset Management L.P. now owns 247,000 shares of the company's stock valued at $11,404,000 after purchasing an additional 66,527 shares during the period. Woodline Partners LP raised its holdings in Tectonic Therapeutic by 98.8% during the 4th quarter. Woodline Partners LP now owns 130,109 shares of the company's stock worth $6,007,000 after purchasing an additional 64,661 shares during the last quarter. Finally, Windmill Hill Asset Management Ltd acquired a new position in shares of Tectonic Therapeutic in the 1st quarter worth approximately $709,000. Institutional investors own 62.63% of the company's stock.

Tectonic Therapeutic Trading Down 2.7%

Tectonic Therapeutic stock traded down $0.47 during midday trading on Friday, reaching $16.80. The stock had a trading volume of 683,688 shares, compared to its average volume of 409,456. The company has a fifty day moving average price of $22.32 and a two-hundred day moving average price of $21.58. Tectonic Therapeutic, Inc. has a 12 month low of $13.70 and a 12 month high of $61.07. The company has a market capitalization 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 announced 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). On average, equities research analysts predict that Tectonic Therapeutic, Inc. will post -8.31 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on TECX shares. Truist Financial began coverage on shares of Tectonic Therapeutic in a research report on Monday, July 21st. They set a "buy" rating and a $64.00 price objective for the company. Mizuho upped their price target on shares of Tectonic Therapeutic from $51.00 to $85.00 and gave the company an "outperform" rating in a research report on Thursday, May 15th. Oppenheimer assumed coverage on Tectonic Therapeutic in a research report on Wednesday. They issued an "outperform" rating and a $80.00 price objective for the company. Raymond James Financial initiated coverage on Tectonic Therapeutic in a research note on Wednesday, June 11th. They issued an "outperform" rating and a $76.00 price objective on the stock. Finally, Wall Street Zen lowered Tectonic Therapeutic from a "hold" rating to a "sell" rating in a research report on Saturday, July 26th. One investment analyst has rated the stock with a Strong Buy rating and six have given a Buy rating to the company. According to MarketBeat, Tectonic Therapeutic has an average rating of "Buy" and an average price target of $80.29.

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.