BlackRock Inc. Makes New Investment in Tectonic Therapeutic, Inc. $TECX

Key Points

• BlackRock acquired 862,592 shares of Tectonic Therapeutic during the second quarter, worth approximately $29.7 million and representing about 4.57% of the company. Institutional investors collectively own 62.63% of TECX.
• Tectonic Therapeutic reported a quarterly loss of $1.18 per share, which was better than analysts’ expected loss of $1.35. Analysts expect a full-year loss of approximately $5.25 per share.
• Analyst sentiment remains generally positive, with the stock carrying a consensus “Moderate Buy” rating and an average price target of $77.80, well above its reported price of $31.22.

BlackRock Inc. acquired a new stake in shares of Tectonic Therapeutic, Inc. (NASDAQ:TECX - Free Report) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 862,592 shares of the company's stock, valued at approximately $29,652,000. BlackRock Inc. owned approximately 4.57% of Tectonic Therapeutic as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of TECX. Braidwell LP lifted its stake in shares of Tectonic Therapeutic by 25.9% during the fourth quarter. Braidwell LP now owns 927,524 shares of the company's stock worth $19,348,000 after buying an additional 190,657 shares during the period. Baker BROS. Advisors LP increased its position in shares of Tectonic Therapeutic by 803.4% in the 4th quarter. Baker BROS. Advisors LP now owns 903,400 shares of the company's stock valued at $18,845,000 after acquiring an additional 803,400 shares during the period. First Light Asset Management LLC acquired a new position in shares of Tectonic Therapeutic in the 1st quarter valued at $20,022,000. 5AM Venture Management LLC raised its stake in Tectonic Therapeutic by 18.6% in the 4th quarter. 5AM Venture Management LLC now owns 606,660 shares of the company's stock worth $12,655,000 after acquiring an additional 95,000 shares during the last quarter. Finally, Orbimed Advisors LLC purchased a new position in Tectonic Therapeutic in the 4th quarter worth $11,986,000. 62.63% of the stock is owned by hedge funds and other institutional investors.

Tectonic Therapeutic Stock Performance

NASDAQ:TECX opened at $31.22 on Wednesday. The firm's fifty day moving average is $33.17 and its two-hundred day moving average is $30.21. The firm has a market cap of $610.35 million, a price-to-earnings ratio of -6.83 and a beta of 3.31. Tectonic Therapeutic, Inc. has a one year low of $14.39 and a one year high of $39.53.

Tectonic Therapeutic (NASDAQ:TECX - Get Free Report) last released its quarterly earnings data on Thursday, August 6th. The company reported ($1.18) earnings per share for the quarter, beating analysts' consensus estimates of ($1.35) by $0.17. As a group, equities research analysts predict that Tectonic Therapeutic, Inc. will post -5.25 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of brokerages have recently weighed in on TECX. Oppenheimer reissued an "outperform" rating on shares of Tectonic Therapeutic in a report on Tuesday. Wall Street Zen raised Tectonic Therapeutic from a "strong sell" rating to a "sell" rating in a report on Saturday, August 8th. Raymond James Financial upgraded Tectonic Therapeutic from an "outperform" rating to a "strong-buy" rating and upped their target price for the company from $76.00 to $81.00 in a research report on Tuesday, May 26th. Wells Fargo & Company cut their price target on shares of Tectonic Therapeutic from $101.00 to $93.00 and set an "overweight" rating on the stock in a report on Friday, August 7th. Finally, Zacks Research raised shares of Tectonic Therapeutic from a "strong sell" rating to a "hold" rating in a research report on Tuesday, August 18th. Two research analysts have rated the stock with a Strong Buy rating, four have assigned a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $77.80.

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.

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