Tectonic Therapeutic (NASDAQ:TECX) Coverage Initiated at Raymond James

Investment analysts at Raymond James initiated coverage on shares of Tectonic Therapeutic (NASDAQ:TECX - Get Free Report) in a research note issued on Wednesday, MarketBeat.com reports. The brokerage set an "outperform" rating and a $76.00 price target on the stock. Raymond James' price target would indicate a potential upside of 247.19% from the stock's current price.

TECX has been the topic of a number of other research reports. Lifesci Capital assumed coverage on shares of Tectonic Therapeutic in a research report on Friday, June 6th. They set an "outperform" rating and a $87.00 price objective on the stock. Mizuho boosted their price objective on shares of Tectonic Therapeutic from $51.00 to $85.00 and gave the company an "outperform" rating in a research report on Thursday, May 15th. Finally, Wells Fargo & Company cut their price objective 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. Six research analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of "Buy" and a consensus price target of $82.33.

Tectonic Therapeutic Trading Down 2.5%

TECX traded down $0.55 during trading hours on Wednesday, hitting $21.89. The company's stock had a trading volume of 155,942 shares, compared to its average volume of 173,408. The business's 50-day moving average price is $20.58 and its 200-day moving average price is $30.61. Tectonic Therapeutic has a 12 month low of $13.70 and a 12 month high of $61.07. The stock has a market cap of $408.75 million, a price-to-earnings ratio of -3.72 and a beta of 3.25.

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

Insider Transactions at Tectonic Therapeutic

In other Tectonic Therapeutic news, Director Timothy A. Springer acquired 9,478 shares of the stock in a transaction that occurred on Friday, April 11th. The stock was bought at an average cost of $16.31 per share, with a total value of $154,586.18. Following the completion of the purchase, the director now directly owns 4,334,846 shares in the company, valued at $70,701,338.26. The trade was a 0.22% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Over the last ninety days, insiders have purchased 100,696 shares of company stock worth $1,705,714. Insiders own 38.00% of the company's stock.

Institutional Trading of Tectonic Therapeutic

A number of hedge funds have recently added to or reduced their stakes in the business. Walleye Capital LLC lifted its stake in Tectonic Therapeutic by 0.8% in the fourth quarter. Walleye Capital LLC now owns 73,517 shares of the company's stock worth $3,394,000 after acquiring an additional 555 shares during the period. Geode Capital Management LLC lifted its stake in Tectonic Therapeutic by 0.9% in the fourth quarter. Geode Capital Management LLC now owns 77,584 shares of the company's stock worth $3,584,000 after acquiring an additional 705 shares during the period. JPMorgan Chase & Co. lifted its stake in Tectonic Therapeutic by 5,554.5% in the fourth quarter. JPMorgan Chase & Co. now owns 1,244 shares of the company's stock worth $57,000 after acquiring an additional 1,222 shares during the period. Virtus ETF Advisers LLC bought a new position in Tectonic Therapeutic in the fourth quarter worth about $71,000. Finally, Schonfeld Strategic Advisors LLC raised its holdings in Tectonic Therapeutic by 15.6% in the fourth quarter. Schonfeld Strategic Advisors LLC now owns 17,345 shares of the company's stock worth $801,000 after purchasing an additional 2,345 shares in the last quarter. 62.63% of the stock is owned by hedge funds and other 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.