Orbimed Advisors LLC Has $7 Million Stock Position in Tectonic Therapeutic, Inc. $TECX

Key Points

• Orbimed Advisors cut its Tectonic Therapeutic stake by 60.6% in the first quarter, selling 348,000 shares and retaining 226,600 shares worth approximately $7 million. Institutional investors collectively own 62.63% of the company.
• Analyst sentiment is mixed: some firms rate TECX a strong buy or buy, while others rate it a sell or strong sell. The overall consensus is “Moderate Buy,” with an average price target of $79.40 versus a recent share price near $30.37.
• Tectonic Therapeutic reported a quarterly loss of $1.34 per share, missing the consensus estimate of a $1.16 loss. Analysts expect a full-year loss of approximately $5.46 per share.

Orbimed Advisors LLC lowered its stake in Tectonic Therapeutic, Inc. (NASDAQ:TECX - Free Report) by 60.6% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 226,600 shares of the company's stock after selling 348,000 shares during the quarter. Orbimed Advisors LLC owned approximately 1.20% of Tectonic Therapeutic worth $7,004,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Sei Investments Co. lifted its stake in Tectonic Therapeutic by 141.8% during the first quarter. Sei Investments Co. now owns 36,870 shares of the company's stock valued at $1,140,000 after buying an additional 21,619 shares in the last quarter. AlphaCentric Advisors LLC increased its position in shares of 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 in the last quarter. Vestal Point Capital LP purchased a new position in shares of Tectonic Therapeutic in the fourth quarter worth approximately $6,842,000. Virtus Investment Advisers LLC raised its holdings in shares of Tectonic Therapeutic by 165.5% during the fourth quarter. Virtus Investment Advisers LLC now owns 13,462 shares of the company's stock valued at $281,000 after acquiring an additional 8,391 shares during the period. Finally, Opaleye Management Inc. acquired a new stake in shares of Tectonic Therapeutic during the fourth quarter valued at approximately $4,480,000. Institutional investors and hedge funds own 62.63% of the company's stock.

Insider Buying and Selling

In related news, insider Marcella K. Ruddy sold 1,065 shares of the firm's stock in a transaction that occurred on Monday, May 4th. The shares were sold at an average price of $30.00, for a total transaction of $31,950.00. Following the transaction, the insider owned 67,682 shares of the company's stock, valued at approximately $2,030,460. This trade represents a 1.55% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 39.80% of the company's stock.

Wall Street Analyst Weigh In

A number of research firms recently commented on TECX. Wall Street Zen lowered shares of Tectonic Therapeutic from a "sell" rating to a "strong sell" rating in a research note on Saturday, April 18th. Weiss Ratings reiterated a "sell (d-)" rating on shares of Tectonic Therapeutic in a research report on Friday, July 17th. Raymond James Financial raised shares of Tectonic Therapeutic from an "outperform" rating to a "strong-buy" rating and boosted their target price for the company from $76.00 to $81.00 in a research note on Tuesday, May 26th. Stifel Nicolaus initiated coverage on Tectonic Therapeutic in a report on Monday, April 13th. They issued a "buy" rating and a $75.00 target price for the company. Finally, Zacks Research cut Tectonic Therapeutic from a "hold" rating to a "strong sell" rating in a research report on Monday, July 20th. Two analysts have rated the stock with a Strong Buy rating, four have issued a Buy rating and two have given a Sell rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $79.40.

Tectonic Therapeutic Price Performance

Shares of TECX stock opened at $30.37 on Monday. Tectonic Therapeutic, Inc. has a fifty-two week low of $14.39 and a fifty-two week high of $39.53. The stock's 50-day moving average is $31.21 and its two-hundred day moving average is $27.91. The firm has a market cap of $573.08 million, a P/E ratio of -6.81 and a beta of 3.21.

Tectonic Therapeutic (NASDAQ:TECX - Get Free Report) last announced its quarterly earnings results on Thursday, May 7th. The company reported ($1.34) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.16) by ($0.18). As a group, research analysts expect that Tectonic Therapeutic, Inc. will post -5.46 EPS for the current year.

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.

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