Truist Financial Initiates Coverage on Tectonic Therapeutic (NASDAQ:TECX)

Truist Financial initiated coverage on shares of Tectonic Therapeutic (NASDAQ:TECX - Free Report) in a research note issued to investors on Monday morning, MarketBeat reports. The brokerage issued a buy rating and a $64.00 target price on the stock.

A number of other analysts have also recently weighed in on TECX. Raymond James Financial began coverage on shares of Tectonic Therapeutic in a research note on Wednesday, June 11th. They set an "outperform" rating and a $76.00 price target for the company. Wall Street Zen upgraded shares of Tectonic Therapeutic from a "sell" rating to a "hold" rating in a research note on Saturday, July 5th. Lifesci Capital began coverage on shares of Tectonic Therapeutic in a research note on Friday, June 6th. They set an "outperform" rating and a $87.00 price target for the company. Finally, Mizuho increased their price target on shares of Tectonic Therapeutic from $51.00 to $85.00 and gave the stock an "outperform" rating in a research note on Thursday, May 15th. One investment analyst has rated the stock with a hold rating, five have issued a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat, the company has an average rating of "Buy" and an average price target of $80.33.

Tectonic Therapeutic Trading Down 0.3%

Shares of NASDAQ TECX traded down $0.07 during mid-day trading on Monday, reaching $22.86. The company had a trading volume of 64,060 shares, compared to its average volume of 270,084. The firm has a 50 day simple moving average of $21.77 and a two-hundred day simple moving average of $25.52. The stock has a market cap of $426.70 million, a P/E ratio of -3.13 and a beta of 3.17. Tectonic Therapeutic has a 52-week low of $13.70 and a 52-week high of $61.07.

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

Institutional Trading of Tectonic Therapeutic

Several hedge funds have recently made changes to their positions in the company. EcoR1 Capital LLC lifted its stake in shares of Tectonic Therapeutic by 10.1% in the 1st quarter. EcoR1 Capital LLC now owns 935,121 shares of the company's stock worth $16,561,000 after acquiring an additional 85,978 shares during the period. Farallon Capital Management LLC lifted its stake in shares of Tectonic Therapeutic by 37.0% in the 4th quarter. Farallon Capital Management LLC now owns 713,050 shares of the company's stock worth $32,922,000 after acquiring an additional 192,653 shares during the period. Paradigm Biocapital Advisors LP acquired a new stake in shares of Tectonic Therapeutic in the fourth quarter valued at about $22,397,000. Woodline Partners LP lifted 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 valued at $5,352,000 after purchasing an additional 172,106 shares during the period. Finally, Balyasny Asset Management L.P. lifted its stake in shares of Tectonic Therapeutic by 36.9% in the fourth quarter. Balyasny Asset Management L.P. now owns 247,000 shares of the company's stock valued at $11,404,000 after purchasing an additional 66,527 shares during the period. 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.