Paradigm Biocapital Advisors LP Takes Position in Tectonic Therapeutic (NASDAQ:TECX)

Paradigm Biocapital Advisors LP bought a new stake in Tectonic Therapeutic (NASDAQ:TECX - Free Report) during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor bought 485,105 shares of the company's stock, valued at approximately $22,397,000. Tectonic Therapeutic accounts for approximately 0.8% of Paradigm Biocapital Advisors LP's investment portfolio, making the stock its 24th largest position. Paradigm Biocapital Advisors LP owned about 3.29% of Tectonic Therapeutic as of its most recent SEC filing.

Other large investors also recently made changes to their positions in the company. JPMorgan Chase & Co. increased its holdings in shares of Tectonic Therapeutic by 5,554.5% in the 4th quarter. JPMorgan Chase & Co. now owns 1,244 shares of the company's stock valued at $57,000 after purchasing an additional 1,222 shares during the period. Virtus ETF Advisers LLC acquired a new position in Tectonic Therapeutic during the fourth quarter worth $71,000. China Universal Asset Management Co. Ltd. acquired a new stake in shares of Tectonic Therapeutic in the fourth quarter worth about $144,000. Charles Schwab Investment Management Inc. bought a new stake in shares of Tectonic Therapeutic during the 4th quarter worth about $218,000. Finally, Raymond James Financial Inc. bought a new position in shares of Tectonic Therapeutic in the 4th quarter valued at approximately $228,000. Institutional investors and hedge funds own 62.63% of the company's stock.

Insider Buying and Selling

In other Tectonic Therapeutic news, Director Timothy A. Springer purchased 9,478 shares of the business's stock in a transaction on Friday, April 11th. The stock was acquired at an average price of $16.31 per share, with a total value of $154,586.18. Following the acquisition, the director now directly owns 4,334,846 shares of the company's stock, valued at $70,701,338.26. This trade represents a 0.22% increase in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Over the last quarter, insiders have purchased 100,696 shares of company stock worth $1,705,714. Corporate insiders own 38.00% of the company's stock.

Wall Street Analysts Forecast Growth

TECX has been the topic of several analyst reports. Mizuho increased their price target on Tectonic Therapeutic from $51.00 to $85.00 and gave the company an "outperform" rating in a report on Thursday. Wells Fargo & Company lowered their price target on Tectonic Therapeutic from $112.00 to $101.00 and set an "overweight" rating on the stock in a research report on Friday, March 21st. Six equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Buy" and an average price target of $79.20.

Tectonic Therapeutic Stock Performance

NASDAQ TECX traded up $2.36 during trading hours on Monday, reaching $23.35. 184,461 shares of the company's stock were exchanged, compared to its average volume of 174,844. The company's 50-day moving average is $19.46 and its two-hundred day moving average is $33.56. Tectonic Therapeutic has a one year low of $13.70 and a one year high of $61.07. The company has a market capitalization of $435.92 million, a price-to-earnings ratio of -3.98 and a beta of 3.44.

Tectonic Therapeutic (NASDAQ:TECX - Get Free Report) last released its quarterly earnings results on Thursday, May 8th. The company reported ($0.93) earnings per share for the quarter, topping analysts' consensus estimates of ($1.10) by $0.17. Research analysts predict that Tectonic Therapeutic will post -8.31 earnings per share for the current fiscal 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.