Connor Clark & Lunn Investment Management Ltd. Grows Stake in Tectonic Therapeutic, Inc. $TECX

Key Points

• Connor Clark & Lunn Investment Management Ltd. increased its holdings in Tectonic Therapeutic by 139.2%, now owning approximately $614,000 worth of the company's stock.
• Several institutional investors, including JPMorgan Chase & Co. and Jefferies Financial Group, have significantly raised or acquired positions in Tectonic Therapeutic during recent quarters.
• Analysts have varying ratings on Tectonic Therapeutic, ranging from a sell rating by Wall Street Zen to multiple buy ratings, with a consensus price target of $80.33.

Connor Clark & Lunn Investment Management Ltd. boosted its position in Tectonic Therapeutic, Inc. (NASDAQ:TECX - Free Report) by 139.2% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 34,645 shares of the company's stock after buying an additional 20,160 shares during the quarter. Connor Clark & Lunn Investment Management Ltd. owned approximately 0.19% of Tectonic Therapeutic worth $614,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also bought and sold shares of TECX. Paradigm Biocapital Advisors LP purchased a new stake in Tectonic Therapeutic in the fourth quarter worth approximately $22,397,000. Farallon Capital Management LLC lifted its position in Tectonic Therapeutic by 37.0% in the fourth quarter. Farallon Capital Management LLC now owns 713,050 shares of the company's stock valued at $32,922,000 after purchasing an additional 192,653 shares during the last quarter. Invesco Ltd. bought a new stake in Tectonic Therapeutic in the fourth quarter valued at approximately $5,918,000. Susquehanna International Group LLP lifted its position in Tectonic Therapeutic by 165.2% in the fourth quarter. Susquehanna International Group LLP now owns 166,452 shares of the company's stock valued at $7,685,000 after purchasing an additional 103,698 shares during the last quarter. Finally, Balyasny Asset Management L.P. lifted its position in Tectonic Therapeutic by 36.9% in the fourth 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 last quarter. Hedge funds and other institutional investors own 62.63% of the company's stock.

Tectonic Therapeutic Stock Performance

Shares of Tectonic Therapeutic stock traded up $0.78 during midday trading on Friday, reaching $26.18. 258,822 shares of the company's stock traded hands, compared to its average volume of 226,108. The company has a market cap of $489.83 million, a PE ratio of -6.48 and a beta of 3.27. The stock has a 50 day moving average of $21.92 and a 200-day moving average of $22.38. Tectonic Therapeutic, Inc. has a 12 month low of $13.70 and a 12 month high of $61.07.

Tectonic Therapeutic (NASDAQ:TECX - Get Free Report) last announced its earnings results on Thursday, August 7th. The company reported ($1.07) EPS for the quarter, missing analysts' consensus estimates of ($0.98) by ($0.09). On average, equities analysts anticipate that Tectonic Therapeutic, Inc. will post -8.31 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several brokerages have weighed in on TECX. Raymond James Financial began coverage on Tectonic Therapeutic in a research report on Wednesday, June 11th. They issued an "outperform" rating and a $76.00 price objective for the company. Wall Street Zen downgraded Tectonic Therapeutic from a "hold" rating to a "sell" rating in a research report on Saturday, July 26th. Mizuho boosted their price objective on Tectonic Therapeutic from $51.00 to $85.00 and gave the company an "outperform" rating in a research report on Thursday, May 15th. Truist Financial began coverage on Tectonic Therapeutic in a research report on Monday, July 21st. They issued a "buy" rating and a $64.00 price objective for the company. Finally, Lifesci Capital began coverage on Tectonic Therapeutic in a research report on Friday, June 6th. They issued an "outperform" rating and a $87.00 price objective for the company. One analyst has rated the stock with a Strong Buy rating and five have issued a Buy rating to the company. According to MarketBeat, the company has an average rating of "Buy" and a consensus target price of $80.33.

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.