Braidwell LP Cuts Stake in Tectonic Therapeutic, Inc. $TECX

Key Points

• Braidwell LP reduced its Tectonic Therapeutic stake by 29.5% in the second quarter, selling 250,251 shares and retaining 596,900 shares valued at approximately $20.5 million. Institutional investors collectively own 62.63% of TECX.
• Tectonic Therapeutic shares opened at $30.38, down 2.7%, with a market capitalization of about $594 million. The company reported a quarterly loss of $1.18 per share, beating analysts’ expected loss of $1.35 per share.
• Analyst sentiment remains broadly positive: TECX carries a consensus “Moderate Buy” rating and an average price target of $77.25, despite Wells Fargo lowering its target to $93 and some firms maintaining cautious ratings.

Braidwell LP cut its holdings in shares of Tectonic Therapeutic, Inc. (NASDAQ:TECX - Free Report) by 29.5% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 596,900 shares of the company's stock after selling 250,251 shares during the quarter. Braidwell LP owned 3.05% of Tectonic Therapeutic worth $20,518,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Legal & General Group Plc acquired a new position in shares of Tectonic Therapeutic in the second quarter worth $34,000. Caitong International Asset Management Co. Ltd increased its position in shares of Tectonic Therapeutic by 451.6% during the third quarter. Caitong International Asset Management Co. Ltd now owns 3,966 shares of the company's stock worth $62,000 after acquiring an additional 3,247 shares during the period. Quantbot Technologies LP acquired a new stake in shares of Tectonic Therapeutic in the second quarter valued at $63,000. New York State Common Retirement Fund acquired a new stake in shares of Tectonic Therapeutic in the second quarter valued at $99,000. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new position in Tectonic Therapeutic in the second quarter valued at $119,000. Hedge funds and other institutional investors own 62.63% of the company's stock.

Tectonic Therapeutic Stock Down 2.7%

Shares of TECX opened at $30.38 on Thursday. The stock has a 50 day moving average price of $33.16 and a 200 day moving average price of $30.26. The company has a market capitalization of $593.93 million, a price-to-earnings ratio of -6.65 and a beta of 3.31. Tectonic Therapeutic, Inc. has a 52-week low of $14.39 and a 52-week 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, topping analysts' consensus estimates of ($1.35) by $0.17. On average, equities analysts anticipate that Tectonic Therapeutic, Inc. will post -5.25 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several research analysts recently commented on the company. Wells Fargo & Company lowered their target price on Tectonic Therapeutic from $101.00 to $93.00 and set an "overweight" rating for the company in a research note on Friday, August 7th. Oppenheimer reaffirmed an "outperform" rating on shares of Tectonic Therapeutic in a research report on Tuesday. Raymond James Financial upgraded Tectonic Therapeutic from an "outperform" rating to a "strong-buy" rating and lifted their price objective for the company from $76.00 to $81.00 in a research note on Tuesday, May 26th. Zacks Research raised Tectonic Therapeutic from a "strong sell" rating to a "hold" rating in a research report on Tuesday, August 18th. Finally, Wall Street Zen upgraded shares of Tectonic Therapeutic from a "strong sell" rating to a "sell" rating in a research note on Saturday, August 8th. Two research analysts have rated the stock with a Strong Buy rating, four have issued a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, Tectonic Therapeutic currently has a consensus rating of "Moderate Buy" and a consensus price target of $77.25.

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.

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