Tectonic Therapeutic (NASDAQ:TECX) Shares Up 5.4% - What's Next?

Key Points

• Tectonic Therapeutic shares rose 5.4% to about $31.57 in midday trading, although volume was roughly 50% below the average daily level.
• Analyst sentiment remains positive overall: the stock has a consensus “Moderate Buy” rating and an average price target of $77.80, despite Wells Fargo lowering its target to $93.
• The company reported a quarterly loss of $1.18 per share, beating expectations for a $1.35 loss, while institutional investors and hedge funds collectively own 62.63% of its shares.

Shares of Tectonic Therapeutic, Inc. (NASDAQ:TECX - Get Free Report) shot up 5.4% during mid-day trading on Tuesday . The company traded as high as $31.50 and last traded at $31.57. 134,056 shares were traded during trading, a decline of 50% from the average daily volume of 267,838 shares. The stock had previously closed at $29.94.

Wall Street Analyst Weigh In

Several research firms have recently commented on TECX. Oppenheimer reissued an "outperform" rating on shares of Tectonic Therapeutic in a report on Tuesday. Wells Fargo & Company cut their price objective on Tectonic Therapeutic from $101.00 to $93.00 and set an "overweight" rating for the company in a research report on Friday, August 7th. Zacks Research raised Tectonic Therapeutic from a "strong sell" rating to a "hold" rating in a report on Tuesday, August 18th. Raymond James Financial raised shares of Tectonic Therapeutic from an "outperform" rating to a "strong-buy" rating and upped their price target for the stock from $76.00 to $81.00 in a research note on Tuesday, May 26th. Finally, Wall Street Zen upgraded shares of Tectonic Therapeutic from a "strong sell" rating to a "sell" rating in a report on Saturday, August 8th. Two investment analysts have rated the stock with a Strong Buy rating, four have given a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat.com, Tectonic Therapeutic currently has a consensus rating of "Moderate Buy" and an average target price of $77.80.

Tectonic Therapeutic Stock Up 5.3%

The company has a market cap of $616.22 million, a price-to-earnings ratio of -6.90 and a beta of 3.28. The company has a fifty day simple moving average of $33.15 and a two-hundred day simple moving average of $30.14.

Tectonic Therapeutic (NASDAQ:TECX - Get Free Report) last announced its quarterly earnings results on Thursday, August 6th. The company reported ($1.18) earnings per share for the quarter, beating analysts' consensus estimates of ($1.35) by $0.17. On average, research analysts predict that Tectonic Therapeutic, Inc. will post -5.25 EPS for the current year.

Hedge Funds Weigh In On Tectonic Therapeutic

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Legal & General Group Plc purchased a new stake in shares of Tectonic Therapeutic in the second quarter valued at about $34,000. Caitong International Asset Management Co. Ltd increased its stake in shares of Tectonic Therapeutic by 451.6% during the 3rd quarter. Caitong International Asset Management Co. Ltd now owns 3,966 shares of the company's stock worth $62,000 after purchasing an additional 3,247 shares in the last quarter. Quantbot Technologies LP purchased a new position in shares of Tectonic Therapeutic during the 2nd quarter worth approximately $63,000. New York State Common Retirement Fund acquired a new position in shares of Tectonic Therapeutic during the 2nd quarter worth approximately $99,000. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. acquired a new position in shares of Tectonic Therapeutic during the 2nd quarter worth approximately $119,000. Institutional investors and hedge funds own 62.63% 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source