Analysts Set Tectonic Therapeutic, Inc. (NASDAQ:TECX) PT at $83.60

Shares of Tectonic Therapeutic, Inc. (NASDAQ:TECX - Get Free Report) have been given a consensus rating of "Buy" by the six analysts that are currently covering the stock, Marketbeat reports. Four analysts have rated the stock with a buy rating and two have given a strong buy rating to the company. The average twelve-month price objective among brokerages that have issued a report on the stock in the last year is $83.60.

A number of brokerages have recently issued reports on TECX. Wall Street Zen raised Tectonic Therapeutic from a "sell" rating to a "hold" rating in a report on Saturday. Wells Fargo & Company lowered their target price on Tectonic Therapeutic from $112.00 to $101.00 and set an "overweight" rating on the stock in a report on Friday, March 21st. Lifesci Capital began coverage on Tectonic Therapeutic in a report on Friday, June 6th. They issued an "outperform" rating and a $87.00 target price on the stock. Raymond James Financial began coverage on Tectonic Therapeutic in a report on Wednesday, June 11th. They issued an "outperform" rating and a $76.00 target price on the stock. Finally, Mizuho increased their target price on Tectonic Therapeutic from $51.00 to $85.00 and gave the company an "outperform" rating in a report on Thursday, May 15th.

Insider Activity

In related news, Director Timothy A. Springer acquired 9,478 shares of the firm's stock in a transaction dated Friday, April 11th. The shares were purchased at an average price of $16.31 per share, with a total value of $154,586.18. Following the completion of the purchase, the director directly owned 4,334,846 shares of the company's stock, valued at $70,701,338.26. This represents a 0.22% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Over the last ninety days, insiders have acquired 100,696 shares of company stock worth $1,705,714. Insiders own 38.00% of the company's stock.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in TECX. Paradigm Biocapital Advisors LP bought a new position in shares of Tectonic Therapeutic in the fourth quarter worth about $22,397,000. Millennium Management LLC raised its stake in shares of Tectonic Therapeutic by 726.4% in the first quarter. Millennium Management LLC now owns 237,938 shares of the company's stock worth $4,214,000 after buying an additional 209,145 shares during the period. Farallon Capital Management LLC raised its stake in shares of Tectonic Therapeutic by 37.0% in the fourth quarter. Farallon Capital Management LLC now owns 713,050 shares of the company's stock worth $32,922,000 after buying an additional 192,653 shares during the period. Woodline Partners LP raised its stake in shares of Tectonic Therapeutic by 132.3% in the first quarter. Woodline Partners LP now owns 302,215 shares of the company's stock worth $5,352,000 after buying an additional 172,106 shares during the period. Finally, Ally Bridge Group NY LLC bought a new position in shares of Tectonic Therapeutic in the first quarter worth about $2,342,000. Institutional investors own 62.63% of the company's stock.

Tectonic Therapeutic Stock Performance

Shares of NASDAQ:TECX traded up $0.66 during midday trading on Thursday, reaching $21.75. 35,937 shares of the company's stock traded hands, compared to its average volume of 184,448. The company has a market cap of $405.98 million, a price-to-earnings ratio of -2.97 and a beta of 3.17. Tectonic Therapeutic has a one year low of $13.70 and a one year high of $61.07. The stock has a 50 day moving average of $21.30 and a 200 day moving average of $27.67.

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. Sell-side analysts predict that Tectonic Therapeutic will post -8.31 EPS for the current fiscal year.

Tectonic Therapeutic Company 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.