Woodline Partners LP Boosts Stock Position in Tectonic Therapeutic (NASDAQ:TECX)

Woodline Partners LP lifted its stake in Tectonic Therapeutic (NASDAQ:TECX - Free Report) by 98.8% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 130,109 shares of the company's stock after buying an additional 64,661 shares during the period. Woodline Partners LP owned approximately 0.88% of Tectonic Therapeutic worth $6,007,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in the company. JPMorgan Chase & Co. boosted its holdings in shares of 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 period. Virtus ETF Advisers LLC purchased a new stake in Tectonic Therapeutic in the 4th quarter valued at $71,000. China Universal Asset Management Co. Ltd. acquired a new stake in Tectonic Therapeutic during the 4th quarter worth $144,000. Charles Schwab Investment Management Inc. purchased a new position in Tectonic Therapeutic during the 4th quarter worth $218,000. Finally, Raymond James Financial Inc. acquired a new position in Tectonic Therapeutic in the fourth quarter valued at $228,000. Institutional investors and hedge funds own 62.63% of the company's stock.

Wall Street Analyst Weigh In

Several research firms have commented on TECX. Mizuho upped their price objective on Tectonic Therapeutic from $51.00 to $85.00 and gave the company an "outperform" rating in a research note on Thursday, May 15th. Wells Fargo & Company cut their price target on Tectonic Therapeutic from $112.00 to $101.00 and set an "overweight" rating for the company in a research note on Friday, March 21st. Six research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, Tectonic Therapeutic currently has a consensus rating of "Buy" and a consensus price target of $79.20.

Tectonic Therapeutic Price Performance

NASDAQ:TECX remained flat at $21.55 during trading hours on Wednesday. The company's stock had a trading volume of 65,681 shares, compared to its average volume of 174,514. Tectonic Therapeutic has a 1 year low of $13.70 and a 1 year high of $61.07. The company has a 50-day moving average price of $19.34 and a 200-day moving average price of $32.62. The firm has a market capitalization of $402.40 million, a P/E ratio of -3.66 and a beta of 3.44.

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

Insider Buying and Selling at Tectonic Therapeutic

In other Tectonic Therapeutic news, Director Timothy A. Springer acquired 3,718 shares of the stock in a transaction that occurred on Wednesday, April 9th. The shares were purchased at an average cost of $14.76 per share, with a total value of $54,877.68. Following the purchase, the director now owns 4,317,276 shares in the company, valued at approximately $63,722,993.76. The trade was a 0.09% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through the SEC website. Over the last three months, insiders purchased 100,696 shares of company stock valued at $1,705,714. Corporate insiders own 38.00% of the company's stock.

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.