Woodline Partners LP Purchases 172,106 Shares of Tectonic Therapeutic, Inc. $TECX

Key Points

• Woodline Partners LP increased its stake in Tectonic Therapeutic, Inc. by 132.3% in Q1, owning 302,215 shares valued at approximately $5.35 million.
• Multiple analysts have set optimistic price targets for Tectonic Therapeutic, with estimates ranging from $64.00 to $87.00, reflecting a strong consensus "Buy" rating.
• Despite the positive outlook, Tectonic Therapeutic reported a loss, with earnings per share of ($1.07) in its latest quarter, missing analyst expectations.

Woodline Partners LP boosted its position in shares of Tectonic Therapeutic, Inc. (NASDAQ:TECX - Free Report) by 132.3% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 302,215 shares of the company's stock after acquiring an additional 172,106 shares during the period. Woodline Partners LP owned 1.62% of Tectonic Therapeutic worth $5,352,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently bought and sold shares of TECX. Millennium Management LLC lifted its position in Tectonic Therapeutic by 726.4% during the 1st quarter. Millennium Management LLC now owns 237,938 shares of the company's stock worth $4,214,000 after acquiring an additional 209,145 shares during the last quarter. Ally Bridge Group NY LLC acquired a new position in Tectonic Therapeutic during the 1st quarter worth $2,342,000. Adage Capital Partners GP L.L.C. acquired a new position in Tectonic Therapeutic during the 1st quarter worth $1,771,000. Baker BROS. Advisors LP acquired a new position in Tectonic Therapeutic during the 1st quarter worth $1,771,000. Finally, EcoR1 Capital LLC raised its position in shares of Tectonic Therapeutic by 10.1% during the first quarter. EcoR1 Capital LLC now owns 935,121 shares of the company's stock valued at $16,561,000 after buying an additional 85,978 shares during the last quarter. Institutional investors and hedge funds own 62.63% of the company's stock.

Tectonic Therapeutic Trading Down 0.4%

NASDAQ:TECX traded down $0.06 during mid-day trading on Thursday, hitting $15.00. The company's stock had a trading volume of 142,166 shares, compared to its average volume of 293,988. Tectonic Therapeutic, Inc. has a fifty-two week low of $13.70 and a fifty-two week high of $61.07. The company has a market capitalization of $280.65 million, a price-to-earnings ratio of -3.69 and a beta of 3.42. The stock has a fifty day moving average of $21.66 and a 200-day moving average of $20.96.

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

Wall Street Analyst Weigh In

TECX has been the subject of a number of research analyst reports. Lifesci Capital initiated coverage on shares of Tectonic Therapeutic in a research report on Friday, June 6th. They set an "outperform" rating and a $87.00 price objective for the company. Wall Street Zen lowered shares of Tectonic Therapeutic from a "hold" rating to a "sell" rating in a research report on Saturday, July 26th. Truist Financial initiated coverage on shares of Tectonic Therapeutic in a research report on Monday, July 21st. They set a "buy" rating and a $64.00 price objective for the company. Oppenheimer initiated coverage on shares of Tectonic Therapeutic in a research report on Wednesday, September 3rd. They set an "outperform" rating and a $80.00 price objective for the company. Finally, Raymond James Financial initiated coverage on shares of Tectonic Therapeutic in a research report on Wednesday, June 11th. They set an "outperform" rating and a $76.00 price objective for the company. One analyst has rated the stock with a Strong Buy rating and six have issued a Buy rating to the stock. According to data from MarketBeat, Tectonic Therapeutic has a consensus rating of "Buy" and a consensus price target of $80.29.

Tectonic Therapeutic 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.