Tectonic Therapeutic (NASDAQ:TECX) Issues Quarterly Earnings Results, Misses Expectations By $0.18 EPS

Key Points

• Tectonic Therapeutic reported quarterly EPS of ($1.34), missing Wall Street’s estimate of ($1.16) by $0.18.
• The stock rose to $29.00 in Friday trading after the report, with volume above average; the shares remain well below their 52-week high of $36.03 but above the 52-week low of $14.39.
• Analyst sentiment is mixed but still leans positive overall, with a Moderate Buy consensus and an average price target of $80.57, though some firms recently cut ratings or targets.

Tectonic Therapeutic (NASDAQ:TECX - Get Free Report) announced its earnings results on Thursday. The company reported ($1.34) earnings per share for the quarter, missing the consensus estimate of ($1.16) by ($0.18), FiscalAI reports.

Tectonic Therapeutic Price Performance

Shares of Tectonic Therapeutic stock traded up $2.13 during trading hours on Friday, hitting $29.00. The company had a trading volume of 431,780 shares, compared to its average volume of 325,286. The company's 50-day moving average is $29.51 and its two-hundred day moving average is $23.35. Tectonic Therapeutic has a twelve month low of $14.39 and a twelve month high of $36.03. The company has a market cap of $546.65 million, a P/E ratio of -7.16 and a beta of 3.27.

Wall Street Analyst Weigh In

Several research firms have commented on TECX. Stifel Nicolaus began coverage on shares of Tectonic Therapeutic in a report on Monday, April 13th. They set a "buy" rating and a $75.00 price target for the company. Lifesci Capital upgraded shares of Tectonic Therapeutic to a "strong-buy" rating in a report on Thursday, February 5th. Truist Financial lowered their price target on shares of Tectonic Therapeutic from $64.00 to $60.00 and set a "buy" rating for the company in a report on Thursday, January 8th. Wall Street Zen cut shares of Tectonic Therapeutic from a "sell" rating to a "strong sell" rating in a report on Saturday, April 18th. Finally, Weiss Ratings reiterated a "sell (d-)" rating on shares of Tectonic Therapeutic in a report on Tuesday, April 21st. One investment analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and one has given a Sell rating to the company's stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $80.57.

Insider Activity

In related news, CFO Daniel Lochner bought 6,000 shares of the stock in a transaction dated Tuesday, February 10th. The stock was acquired at an average price of $21.61 per share, for a total transaction of $129,660.00. Following the acquisition, the chief financial officer owned 32,044 shares in the company, valued at approximately $692,470.84. This represents a 23.04% increase in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Marcella K. Ruddy sold 10,000 shares of the company's stock in a transaction on Friday, March 6th. The shares were sold at an average price of $30.00, for a total transaction of $300,000.00. Following the completion of the transaction, the insider owned 69,747 shares of the company's stock, valued at approximately $2,092,410. The trade was a 12.54% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders sold 21,626 shares of company stock worth $629,551. Corporate insiders own 39.80% of the company's stock.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of the stock. Braidwell LP boosted its holdings in shares of Tectonic Therapeutic by 25.9% in the 4th quarter. Braidwell LP now owns 927,524 shares of the company's stock valued at $19,348,000 after buying an additional 190,657 shares in the last quarter. Orbimed Advisors LLC acquired a new position in shares of Tectonic Therapeutic in the 4th quarter valued at $11,986,000. Vestal Point Capital LP acquired a new position in shares of Tectonic Therapeutic in the 4th quarter valued at $6,842,000. Millennium Management LLC raised its position in Tectonic Therapeutic by 26.3% in the 4th quarter. Millennium Management LLC now owns 300,820 shares of the company's stock valued at $6,275,000 after purchasing an additional 62,650 shares during the last quarter. Finally, Citadel Advisors LLC raised its position in Tectonic Therapeutic by 80.8% in the 3rd quarter. Citadel Advisors LLC now owns 298,388 shares of the company's stock valued at $4,682,000 after purchasing an additional 133,342 shares during the last quarter. 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.

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