Tectonic Therapeutic (NASDAQ:TECX) Earns Outperform Rating from Analysts at Mizuho

Mizuho initiated coverage on shares of Tectonic Therapeutic (NASDAQ:TECX - Free Report) in a research note issued to investors on Monday, MarketBeat Ratings reports. The brokerage issued an outperform rating and a $51.00 price target on the stock.

Separately, Wells Fargo & Company decreased their price target on Tectonic Therapeutic from $112.00 to $101.00 and set an "overweight" rating for the company in a report on Friday, March 21st. Six equities research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat, Tectonic Therapeutic presently has a consensus rating of "Buy" and an average price target of $72.40.

Tectonic Therapeutic Stock Performance

NASDAQ:TECX traded down $1.29 during mid-day trading on Monday, hitting $21.09. 201,698 shares of the company's stock traded hands, compared to its average volume of 174,991. Tectonic Therapeutic has a twelve month low of $13.70 and a twelve month high of $61.07. The company has a market capitalization of $393.60 million, a P/E ratio of -3.58 and a beta of 2.87. The company has a fifty day moving average of $21.03 and a 200 day moving average of $35.24.

Tectonic Therapeutic (NASDAQ:TECX - Get Free Report) last announced its quarterly earnings data on Thursday, March 20th. The company reported ($0.84) EPS for the quarter, beating the consensus estimate of ($1.39) by $0.55. On average, research analysts expect that Tectonic Therapeutic will post -8.31 earnings per share for the current fiscal year.

Insider Activity

In other news, Director Timothy A. Springer bought 129,294 shares of Tectonic Therapeutic stock in a transaction dated Wednesday, February 5th. The stock was acquired at an average cost of $54.14 per share, with a total value of $6,999,977.16. Following the acquisition, the director now owns 4,226,058 shares of the company's stock, valued at approximately $228,798,780.12. This trade represents a 3.16 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Daniel Lochner acquired 4,617 shares of the company's stock in a transaction on Wednesday, February 5th. The stock was acquired at an average price of $54.14 per share, for a total transaction of $249,964.38. Following the completion of the purchase, the chief financial officer now owns 4,617 shares of the company's stock, valued at $249,964.38. This trade represents a ∞ increase in their position. The disclosure for this purchase can be found here. Insiders have acquired a total of 234,607 shares of company stock valued at $8,955,655 in the last quarter. Insiders own 9.20% of the company's stock.

Institutional Inflows and Outflows

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

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.