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

Other large investors also recently modified their holdings of the company. Millennium Management LLC bought a new stake in shares of Tectonic Therapeutic in the fourth quarter worth $1,329,000. Jane Street Group LLC bought a new stake in shares of Tectonic Therapeutic in the fourth quarter worth $1,371,000. Ameriprise Financial Inc. bought a new stake in Tectonic Therapeutic during the fourth quarter valued at about $347,000. Barclays PLC grew its holdings in Tectonic Therapeutic by 1,008.5% during the fourth quarter. Barclays PLC now owns 15,974 shares of the company's stock valued at $737,000 after purchasing an additional 14,533 shares during the period. Finally, Raymond James Financial Inc. bought a new stake in Tectonic Therapeutic during the fourth quarter valued at about $228,000. Institutional investors own 62.63% of the company's stock.

Tectonic Therapeutic Trading Up 2.3%

Shares of NASDAQ:TECX traded up $0.5750 during mid-day trading on Friday, reaching $25.9750. The stock had a trading volume of 201,616 shares, compared to its average volume of 264,984. The company has a market cap of $485.99 million, a P/E ratio of -6.43 and a beta of 3.27. Tectonic Therapeutic, Inc. has a 1 year low of $13.70 and a 1 year high of $61.07. The business's 50 day moving average price is $21.84 and its 200 day moving average price is $22.70.

Tectonic Therapeutic (NASDAQ:TECX - Get Free Report) last posted 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). Analysts predict that Tectonic Therapeutic, Inc. will post -8.31 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

TECX has been the subject of several recent research reports. Raymond James Financial initiated coverage on Tectonic Therapeutic in a report on Wednesday, June 11th. They set an "outperform" rating and a $76.00 price target for the company. Wall Street Zen lowered Tectonic Therapeutic from a "hold" rating to a "sell" rating in a report on Saturday, July 26th. Truist Financial initiated coverage on Tectonic Therapeutic in a report on Monday, July 21st. They set a "buy" rating and a $64.00 price target for the company. Lifesci Capital initiated coverage on Tectonic Therapeutic in a report on Friday, June 6th. They set an "outperform" rating and a $87.00 price target for the company. Finally, Mizuho boosted their price target on Tectonic Therapeutic from $51.00 to $85.00 and gave the company an "outperform" rating in a report on Thursday, May 15th. One analyst has rated the stock with a Strong Buy rating and five have given a Buy rating to the company's stock. Based on data from MarketBeat, Tectonic Therapeutic presently has a consensus rating of "Buy" and an average price target 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.