Tectonic Therapeutic (NASDAQ:TECX) Given Consensus Recommendation of "Buy" by Analysts

Tectonic Therapeutic (NASDAQ:TECX - Get Free Report) has received an average recommendation of "Buy" from the seven research firms that are presently covering the company, Marketbeat.com reports. Six research analysts have rated the stock with a buy recommendation and one has given a strong buy recommendation to the company. The average 1 year price objective among analysts that have updated their coverage on the stock in the last year is $79.20.

A number of analysts have issued reports on the company. Mizuho lifted their price objective on Tectonic Therapeutic from $51.00 to $85.00 and gave the stock an "outperform" rating in a research note on Thursday. Wells Fargo & Company reduced their price objective on Tectonic Therapeutic from $112.00 to $101.00 and set an "overweight" rating on the stock in a research note on Friday, March 21st.

Insiders Place Their Bets

In related news, Director Timothy A. Springer bought 87,500 shares of the company's stock in a transaction dated Monday, April 7th. The stock was purchased at an average price of $17.10 per share, for a total transaction of $1,496,250.00. Following the acquisition, the director now owns 4,313,558 shares in the company, valued at $73,761,841.80. This trade represents a 2.07% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders have bought a total of 100,696 shares of company stock valued at $1,705,714 in the last quarter. 38.00% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Tectonic Therapeutic

A number of institutional investors and hedge funds have recently modified their holdings of TECX. Paradigm Biocapital Advisors LP purchased a new position in shares of Tectonic Therapeutic in the 4th quarter worth approximately $22,397,000. Millennium Management LLC boosted its holdings in shares of Tectonic Therapeutic by 726.4% in the 1st quarter. Millennium Management LLC now owns 237,938 shares of the company's stock worth $4,214,000 after purchasing an additional 209,145 shares during the period. Farallon Capital Management LLC boosted its holdings in Tectonic Therapeutic by 37.0% during the 4th quarter. Farallon Capital Management LLC now owns 713,050 shares of the company's stock valued at $32,922,000 after acquiring an additional 192,653 shares during the period. Woodline Partners LP boosted its holdings in 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 acquiring an additional 172,106 shares during the period. Finally, Ally Bridge Group NY LLC purchased a new position in Tectonic Therapeutic during the 1st quarter valued at $2,342,000. Hedge funds and other institutional investors own 62.63% of the company's stock.

Tectonic Therapeutic Trading Up 1.4%

TECX traded up $0.30 on Wednesday, hitting $20.99. 273,768 shares of the company's stock traded hands, compared to its average volume of 174,781. The company's 50 day simple moving average is $19.46 and its 200-day simple moving average is $33.66. The firm has a market cap of $391.95 million, a price-to-earnings ratio of -3.56 and a beta of 3.44. Tectonic Therapeutic has a one year low of $13.70 and a one year high of $61.07.

Tectonic Therapeutic (NASDAQ:TECX - Get Free Report) last issued its earnings results on Thursday, May 8th. The company reported ($0.93) earnings per share (EPS) for the quarter, beating the consensus estimate of ($1.10) by $0.17. As a group, equities analysts anticipate that Tectonic Therapeutic will post -8.31 EPS for the current fiscal year.

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.