EcoR1 Capital LLC Acquires 85,978 Shares of Tectonic Therapeutic, Inc. $TECX

Key Points

• EcoR1 Capital LLC has increased its holdings in Tectonic Therapeutic, Inc. by 10.1%, now owning 935,121 shares, which represents approximately 5.01% of the company.
• Several institutional investors have also acquired positions in Tectonic Therapeutic, contributing to a total of 62.63% of the stock being owned by hedge funds and other institutional investors.
• Tectonic Therapeutic reported a disappointing earnings per share of ($1.07), falling short of the consensus estimate, amidst a market capitalization of $305.53 million.

EcoR1 Capital LLC boosted its position in Tectonic Therapeutic, Inc. (NASDAQ:TECX - Free Report) by 10.1% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 935,121 shares of the company's stock after acquiring an additional 85,978 shares during the period. Tectonic Therapeutic accounts for 1.0% of EcoR1 Capital LLC's portfolio, making the stock its 18th largest position. EcoR1 Capital LLC owned 5.01% of Tectonic Therapeutic worth $16,561,000 at the end of the most recent reporting period.

Several other hedge funds have also added to or reduced their stakes in TECX. JPMorgan Chase & Co. boosted its holdings in Tectonic Therapeutic by 5,554.5% in the fourth quarter. JPMorgan Chase & Co. now owns 1,244 shares of the company's stock valued at $57,000 after acquiring an additional 1,222 shares during the last quarter. Raymond James Financial Inc. bought a new position in Tectonic Therapeutic in the fourth quarter valued at about $228,000. Barclays PLC boosted its holdings in Tectonic Therapeutic by 1,008.5% in the fourth quarter. Barclays PLC now owns 15,974 shares of the company's stock valued at $737,000 after acquiring an additional 14,533 shares during the last quarter. Dimensional Fund Advisors LP boosted its holdings in Tectonic Therapeutic by 10.1% in the fourth quarter. Dimensional Fund Advisors LP now owns 26,264 shares of the company's stock valued at $1,213,000 after acquiring an additional 2,409 shares during the last quarter. Finally, Northern Trust Corp boosted its holdings in Tectonic Therapeutic by 52.2% in the fourth quarter. Northern Trust Corp now owns 14,682 shares of the company's stock valued at $678,000 after acquiring an additional 5,037 shares during the last quarter. Institutional investors own 62.63% of the company's stock.

Tectonic Therapeutic Price Performance

Shares of Tectonic Therapeutic stock traded down $0.47 during trading hours on Friday, hitting $16.80. The company's stock had a trading volume of 683,688 shares, compared to its average volume of 409,456. Tectonic Therapeutic, Inc. has a 12 month low of $13.70 and a 12 month high of $61.07. The stock has a 50 day moving average of $22.32 and a 200 day moving average of $21.51. The company has a market capitalization of $314.33 million, a PE ratio of -4.16 and a beta of 3.42.

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

Analyst Ratings Changes

Several equities analysts recently issued reports on the company. Mizuho raised 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. Wall Street Zen cut Tectonic Therapeutic from a "hold" rating to a "sell" rating in a report on Saturday, July 26th. Raymond James Financial began coverage on Tectonic Therapeutic in a research note on Wednesday, June 11th. They issued an "outperform" rating and a $76.00 target price on the stock. Oppenheimer began coverage on Tectonic Therapeutic in a research note on Wednesday. They issued an "outperform" rating and a $80.00 target price on the stock. Finally, Lifesci Capital began coverage on Tectonic Therapeutic in a research note on Friday, June 6th. They issued an "outperform" rating and a $87.00 target price on the stock. One analyst has rated the stock with a Strong Buy rating and six have given a Buy rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Buy" and an average target price of $80.29.

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.