Connor Clark & Lunn Investment Management Ltd. Invests $2.23 Million in Tectonic Therapeutic, Inc. $TECX

Key Points

• Connor Clark & Lunn Investment Management purchased 64,940 shares of Tectonic Therapeutic worth approximately $2.23 million, representing a 0.33% stake. Institutional investors and hedge funds collectively own 62.63% of the company.
• Analyst sentiment is mixed but leans positive, with the stock carrying a “Moderate Buy” consensus rating and an average price target of $77.80; targets range from $81 to $93 among bullish analysts.
• Tectonic Therapeutic shares opened at $35.62 after a 2.9% decline, while the company reported a quarterly loss of $1.18 per share—better than the $1.35 consensus estimate. Analysts expect a full-year loss of $5.25 per share.

Connor Clark & Lunn Investment Management Ltd. purchased 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 disclosure with the SEC. The fund purchased 64,940 shares of the company's stock, valued at approximately $2,232,000. Connor Clark & Lunn Investment Management Ltd. owned 0.33% of Tectonic Therapeutic as of its most recent filing with the SEC.

A number of other large investors have also recently added to or reduced their stakes in the business. AlphaCentric Advisors LLC grew its position in Tectonic Therapeutic by 5.8% in the first quarter. AlphaCentric Advisors LLC now owns 6,849 shares of the company's stock worth $212,000 after acquiring an additional 373 shares during the period. Quantbot Technologies LP purchased a new stake in Tectonic Therapeutic in the second quarter valued at $63,000. Bank of America Corp DE raised its position in Tectonic Therapeutic by 24.3% in the first quarter. Bank of America Corp DE now owns 11,466 shares of the company's stock valued at $354,000 after purchasing an additional 2,241 shares during the period. Monimus Capital Management LP lifted its stake in shares of Tectonic Therapeutic by 11.3% in the 4th quarter. Monimus Capital Management LP now owns 26,594 shares of the company's stock valued at $555,000 after purchasing an additional 2,700 shares during the last quarter. Finally, Raymond James Financial Inc. lifted its stake in shares of Tectonic Therapeutic by 15.0% in the 2nd quarter. Raymond James Financial Inc. now owns 21,544 shares of the company's stock valued at $428,000 after purchasing an additional 2,809 shares during the last quarter. 62.63% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research firms have recently weighed in on TECX. Weiss Ratings reiterated a "sell (d-)" rating on shares of Tectonic Therapeutic in a report on Friday, July 17th. Wall Street Zen upgraded shares of Tectonic Therapeutic from a "strong sell" rating to a "sell" rating in a report on Saturday, August 8th. Raymond James Financial raised shares of 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. Zacks Research raised shares of Tectonic Therapeutic from a "strong sell" rating to a "hold" rating in a research note on Tuesday, August 18th. Finally, Wells Fargo & Company dropped their price target on shares of Tectonic Therapeutic from $101.00 to $93.00 and set an "overweight" rating for the company in a research report on Friday, August 7th. Two analysts have rated the stock with a Strong Buy rating, four have given a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $77.80.

Tectonic Therapeutic Stock Down 2.9%

Shares of NASDAQ TECX opened at $35.62 on Friday. The firm has a market cap of $696.37 million, a price-to-earnings ratio of -7.79 and a beta of 3.28. Tectonic Therapeutic, Inc. has a 52-week low of $14.39 and a 52-week high of $39.53. The business's 50 day moving average is $33.16 and its two-hundred day moving average is $30.04.

Tectonic Therapeutic (NASDAQ:TECX - Get Free Report) last released its quarterly earnings results on Thursday, August 6th. The company reported ($1.18) EPS for the quarter, topping analysts' consensus estimates of ($1.35) by $0.17. Analysts anticipate that Tectonic Therapeutic, Inc. will post -5.25 EPS for the current fiscal year.

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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