Tectonic Therapeutic (NASDAQ:TECX) Shares Acquired by Woodline Partners LP

Woodline Partners LP raised its stake in Tectonic Therapeutic (NASDAQ:TECX - Free Report) by 98.8% in the 4th quarter, according to its most recent filing with the SEC. The fund owned 130,109 shares of the company's stock after purchasing an additional 64,661 shares during the period. Woodline Partners LP owned 0.88% of Tectonic Therapeutic worth $6,007,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently modified their holdings of the stock. Soleus Capital Management L.P. bought a new stake in shares of Tectonic Therapeutic in the 4th quarter worth about $1,470,000. Stempoint Capital LP bought a new stake in shares of Tectonic Therapeutic during the 4th quarter valued at about $436,000. Paradigm Biocapital Advisors LP bought a new stake in shares of Tectonic Therapeutic during the 4th quarter valued at about $22,397,000. OMERS ADMINISTRATION Corp bought a new stake in shares of Tectonic Therapeutic during the 4th quarter valued at about $443,000. Finally, Millennium Management LLC bought a new stake in shares of Tectonic Therapeutic during the 4th quarter valued at about $1,329,000. Institutional investors own 62.63% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on TECX shares. Mizuho boosted their price objective on shares of Tectonic Therapeutic from $51.00 to $85.00 and gave the company an "outperform" rating in a research report on Thursday, May 15th. Wells Fargo & Company lowered their price objective on shares of Tectonic Therapeutic from $112.00 to $101.00 and set an "overweight" rating for the company in a research report on Friday, March 21st. Six investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of "Buy" and a consensus price target of $79.20.

Insiders Place Their Bets

In related news, Director Timothy A. Springer purchased 87,500 shares of Tectonic Therapeutic stock in a transaction dated Monday, April 7th. The stock was bought at an average cost of $17.10 per share, with a total value of $1,496,250.00. Following the purchase, the director now owns 4,313,558 shares in the company, valued at approximately $73,761,841.80. The trade was a 2.07% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In the last 90 days, insiders bought 100,696 shares of company stock worth $1,705,714. Insiders own 38.00% of the company's stock.

Tectonic Therapeutic Stock Up 2.9%

NASDAQ TECX traded up $0.63 on Thursday, hitting $22.18. The stock had a trading volume of 44,444 shares, compared to its average volume of 173,976. Tectonic Therapeutic has a one year low of $13.70 and a one year high of $61.07. The stock has a market cap of $414.07 million, a price-to-earnings ratio of -3.74 and a beta of 3.44. The company's 50-day moving average is $19.35 and its two-hundred day moving average is $32.54.

Tectonic Therapeutic (NASDAQ:TECX - Get Free Report) last posted its earnings results on Thursday, May 8th. The company reported ($0.93) EPS for the quarter, topping the consensus estimate of ($1.10) by $0.17. On average, sell-side analysts anticipate that Tectonic Therapeutic will post -8.31 earnings per share for the current year.

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.