First Light Asset Management LLC Purchases 152,983 Shares of Tectonic Therapeutic, Inc. $TECX

Key Points

• First Light Asset Management increased its Tectonic Therapeutic stake by 23.6%, purchasing 152,983 additional shares and bringing its total to 800,726 shares, or 4.1% of the company. Institutional investors collectively own 62.63% of TECX.
• Tectonic Therapeutic reported a quarterly loss of $1.18 per share, beating analyst expectations of a $1.35 loss. Analysts forecast a full-year loss of $5.25 per share.
• Analyst sentiment is mixed but leans positive: the stock has a consensus “Moderate Buy” rating and an average price target of $77.25, despite TECX trading at $30.48 and retaining some “Sell” ratings.

First Light Asset Management LLC lifted its position in shares of Tectonic Therapeutic, Inc. (NASDAQ:TECX - Free Report) by 23.6% during the second quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 800,726 shares of the company's stock after buying an additional 152,983 shares during the quarter. Tectonic Therapeutic makes up 1.7% of First Light Asset Management LLC's holdings, making the stock its 21st largest holding. First Light Asset Management LLC owned 4.10% of Tectonic Therapeutic worth $27,525,000 at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of the company. AlphaCentric Advisors LLC raised its holdings in Tectonic Therapeutic by 5.8% during the first quarter. AlphaCentric Advisors LLC now owns 6,849 shares of the company's stock valued at $212,000 after acquiring an additional 373 shares during the period. Legal & General Group Plc purchased a new position in shares of Tectonic Therapeutic in the second quarter valued at about $34,000. Quantbot Technologies LP bought a new position in shares of Tectonic Therapeutic in the second quarter worth about $63,000. Wellington Management Group LLP boosted its stake in shares of Tectonic Therapeutic by 7.5% in the second quarter. Wellington Management Group LLP now owns 31,432 shares of the company's stock worth $1,080,000 after acquiring an additional 2,192 shares during the period. Finally, Bank of America Corp DE grew its position in shares of Tectonic Therapeutic by 24.3% during the first quarter. Bank of America Corp DE now owns 11,466 shares of the company's stock worth $354,000 after purchasing an additional 2,241 shares in the last quarter. Institutional investors own 62.63% of the company's stock.

Tectonic Therapeutic Trading Up 0.3%

Shares of TECX stock opened at $30.48 on Thursday. The stock has a market capitalization of $595.88 million, a price-to-earnings ratio of -6.67 and a beta of 3.31. Tectonic Therapeutic, Inc. has a 12-month low of $14.39 and a 12-month high of $39.53. The stock's 50-day moving average price is $32.94 and its 200-day moving average price is $30.58.

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

Analysts Set New Price Targets

Several analysts recently issued reports on TECX shares. Wall Street Zen raised Tectonic Therapeutic from a "strong sell" rating to a "sell" rating in a research note on Saturday, August 8th. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Tectonic Therapeutic in a report on Friday, July 17th. Zacks Research upgraded shares of Tectonic Therapeutic from a "strong sell" rating to a "hold" rating in a research report on Tuesday, August 18th. Raymond James Financial raised shares of Tectonic Therapeutic from an "outperform" rating to a "strong-buy" rating and boosted their target price for the stock from $76.00 to $81.00 in a report on Tuesday, May 26th. Finally, Oppenheimer restated an "outperform" rating on shares of Tectonic Therapeutic in a research report on Tuesday, September 1st. Two analysts have rated the stock with a Strong Buy rating, four have given a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average 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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