Raymond James Initiates Coverage on Tectonic Therapeutic (NASDAQ:TECX)

Equities research analysts at Raymond James started coverage on shares of Tectonic Therapeutic (NASDAQ:TECX - Get Free Report) in a research note issued to investors on Wednesday, Marketbeat.com reports. The firm set an "outperform" rating and a $76.00 price target on the stock. Raymond James' target price would suggest a potential upside of 231.73% from the company's current price.

Several other research firms also recently commented on TECX. Mizuho lifted 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. Wells Fargo & Company decreased their target price on shares of Tectonic Therapeutic from $112.00 to $101.00 and set an "overweight" rating on the stock in a research report on Friday, March 21st. Finally, Lifesci Capital began coverage on shares of Tectonic Therapeutic in a research report on Friday, June 6th. They set an "outperform" rating and a $87.00 price target for the company. Six investment analysts have rated the stock with a buy rating and two have issued a strong buy rating to the company's stock. According to MarketBeat.com, the company presently has an average rating of "Buy" and an average price target of $82.33.

Tectonic Therapeutic Price Performance

NASDAQ TECX traded down $0.59 during trading hours on Wednesday, reaching $22.91. 81,600 shares of the stock traded hands, compared to its average volume of 279,144. The stock has a 50 day simple moving average of $20.30 and a two-hundred day simple moving average of $31.10. Tectonic Therapeutic has a 1 year low of $13.70 and a 1 year high of $61.07. The company has a market cap of $427.80 million, a price-to-earnings ratio of -3.89 and a beta of 3.25.

Tectonic Therapeutic (NASDAQ:TECX - Get Free Report) last announced its quarterly earnings data on Thursday, May 8th. The company reported ($0.93) EPS for the quarter, beating the consensus estimate of ($1.10) by $0.17. On average, sell-side analysts forecast that Tectonic Therapeutic will post -8.31 EPS for the current fiscal year.

Insider Transactions at Tectonic Therapeutic

In other Tectonic Therapeutic news, Director Timothy A. Springer purchased 3,718 shares of the stock in a transaction on Wednesday, April 9th. The stock was acquired at an average price of $14.76 per share, with a total value of $54,877.68. Following the transaction, the director now directly owns 4,317,276 shares of the company's stock, valued at approximately $63,722,993.76. This trade represents a 0.09% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Over the last 90 days, insiders have bought 100,696 shares of company stock worth $1,705,714. Insiders own 38.00% of the company's stock.

Institutional Investors Weigh In On Tectonic Therapeutic

Large investors have recently made changes to their positions in the business. EcoR1 Capital LLC boosted its holdings in Tectonic Therapeutic by 10.1% in the first quarter. EcoR1 Capital LLC now owns 935,121 shares of the company's stock valued at $16,561,000 after acquiring an additional 85,978 shares in the last quarter. Farallon Capital Management LLC lifted its position 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 purchasing an additional 192,653 shares during the period. Paradigm Biocapital Advisors LP purchased a new stake in shares of Tectonic Therapeutic in the 4th quarter worth about $22,397,000. Woodline Partners LP boosted its stake in shares of Tectonic Therapeutic by 132.3% during the 1st 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 in the last quarter. Finally, Balyasny Asset Management L.P. increased its position in shares of Tectonic Therapeutic by 36.9% during the fourth quarter. Balyasny Asset Management L.P. now owns 247,000 shares of the company's stock valued at $11,404,000 after buying an additional 66,527 shares during the period. 62.63% of the stock is currently owned by institutional investors.

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.