Tectonic Therapeutic (NASDAQ:TECX) Stock Price Down 6.1% - Here's What Happened

Key Points

• Tectonic Therapeutic shares fell 6.1% to $28.61, with trading volume down 92% from the average daily level. The stock has a market capitalization of approximately $564.8 million and a high beta of 3.31.
• Analyst sentiment remains mixed but leans positive overall: MarketBeat reports a consensus rating of “Moderate Buy” and an average price target of $77.25, including Raymond James’ upgraded “Strong Buy” rating and $81 target.
• The company reported a quarterly loss of $1.18 per share, beating the consensus estimate of a $1.35 loss. Institutional investors own 62.63% of the stock, with several major funds recently increasing their positions or initiating stakes.

Shares of Tectonic Therapeutic, Inc. (NASDAQ:TECX - Get Free Report) traded down 6.1% during trading on Thursday . The stock traded as low as $28.64 and last traded at $28.61. Approximately 21,364 shares changed hands during mid-day trading, a decline of 92% from the average daily volume of 263,481 shares. The stock had previously closed at $30.48.

Wall Street Analyst Weigh In

Several research analysts have issued reports on the company. Zacks Research upgraded Tectonic Therapeutic from a "strong sell" rating to a "hold" rating in a research note on Tuesday, August 18th. Wall Street Zen raised shares of Tectonic Therapeutic from a "strong sell" rating to a "sell" rating in a report on Saturday, August 8th. Oppenheimer reiterated an "outperform" rating on shares of Tectonic Therapeutic in a research report on Tuesday, September 1st. Raymond James Financial raised shares of Tectonic Therapeutic from an "outperform" rating to a "strong-buy" rating and lifted their price target for the company from $76.00 to $81.00 in a report on Tuesday, May 26th. Finally, Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Tectonic Therapeutic in a research note on Friday, July 17th. Two research 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 given a Sell rating to the company. Based on data from MarketBeat, Tectonic Therapeutic presently has an average rating of "Moderate Buy" and an average price target of $77.25.

Tectonic Therapeutic Stock Down 5.2%

The company has a market cap of $564.80 million, a P/E ratio of -6.32 and a beta of 3.31. The firm has a fifty day moving average price of $32.94 and a 200 day moving average price of $30.58.

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

Institutional Investors Weigh In On Tectonic Therapeutic

A number of institutional investors and hedge funds have recently made changes to their positions in the company. Braidwell LP boosted its holdings in Tectonic Therapeutic by 25.9% in the fourth quarter. Braidwell LP now owns 927,524 shares of the company's stock valued at $19,348,000 after acquiring an additional 190,657 shares during the last quarter. Baker BROS. Advisors LP lifted its position in Tectonic Therapeutic by 803.4% during the 4th quarter. Baker BROS. Advisors LP now owns 903,400 shares of the company's stock valued at $18,845,000 after purchasing an additional 803,400 shares during the period. BlackRock Inc. acquired a new position in Tectonic Therapeutic during the 2nd quarter valued at about $29,652,000. First Light Asset Management LLC boosted its stake in shares of Tectonic Therapeutic by 23.6% in the 2nd quarter. First Light Asset Management LLC now owns 800,726 shares of the company's stock valued at $27,525,000 after purchasing an additional 152,983 shares during the last quarter. Finally, 5AM Venture Management LLC boosted its stake in shares of Tectonic Therapeutic by 18.6% in the 4th quarter. 5AM Venture Management LLC now owns 606,660 shares of the company's stock valued at $12,655,000 after purchasing an additional 95,000 shares during the last quarter. Institutional investors 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.

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