Tectonic Therapeutic (NASDAQ:TECX) Issues Earnings Results

Key Points

• Tectonic Therapeutic reported a quarterly loss of ($1.07) earnings per share, missing analyst expectations by $0.09.
• The company's stock rose 1.8% on Friday, closing at $22.31 with trading volume exceeding average levels.
• A majority of research analysts have set a consensus rating of "Moderate Buy" for Tectonic Therapeutic, with an average price target of $80.33.

Tectonic Therapeutic (NASDAQ:TECX - Get Free Report) announced its quarterly earnings results on Thursday, August 7th. The company reported ($1.07) EPS for the quarter, missing the consensus estimate of ($0.98) by ($0.09), Zacks reports.

Tectonic Therapeutic Price Performance

Shares of TECX traded up $2.38 during mid-day trading on Thursday, reaching $24.47. The company's stock had a trading volume of 400,232 shares, compared to its average volume of 218,060. 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 $457.83 million, a PE ratio of -6.06 and a beta of 3.27. The company's 50 day moving average is $21.78 and its 200 day moving average is $23.31.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the business. Geode Capital Management LLC increased its holdings in shares of Tectonic Therapeutic by 242.5% in the 2nd quarter. Geode Capital Management LLC now owns 272,257 shares of the company's stock valued at $5,411,000 after acquiring an additional 192,770 shares during the last quarter. Millennium Management LLC boosted its position 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 valued at $4,214,000 after purchasing an additional 209,145 shares during the period. Goldman Sachs Group Inc. boosted its position in shares of Tectonic Therapeutic by 331.1% in the 1st quarter. Goldman Sachs Group Inc. now owns 104,793 shares of the company's stock valued at $1,856,000 after purchasing an additional 80,483 shares during the period. Squarepoint Ops LLC boosted its position in shares of Tectonic Therapeutic by 61.4% in the 2nd quarter. Squarepoint Ops LLC now owns 85,369 shares of the company's stock valued at $1,696,000 after purchasing an additional 32,472 shares during the period. Finally, Jane Street Group LLC boosted its position in shares of Tectonic Therapeutic by 58.7% in the 1st quarter. Jane Street Group LLC now owns 47,145 shares of the company's stock valued at $835,000 after purchasing an additional 17,443 shares during the period. Hedge funds and other institutional investors own 62.63% of the company's stock.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on TECX shares. Truist Financial started coverage on Tectonic Therapeutic in a report on Monday, July 21st. They issued a "buy" rating and a $64.00 price objective on the stock. Raymond James Financial started coverage on Tectonic Therapeutic in a report on Wednesday, June 11th. They issued an "outperform" rating and a $76.00 price objective on the stock. Lifesci Capital started coverage on Tectonic Therapeutic in a report on Friday, June 6th. They set an "outperform" rating and a $87.00 price target on the stock. Wall Street Zen downgraded Tectonic Therapeutic from a "hold" rating to a "sell" rating in a report on Saturday, July 26th. Finally, Mizuho upped their price target on Tectonic Therapeutic from $51.00 to $85.00 and gave the stock an "outperform" rating in a report on Thursday, May 15th. One research analyst has rated the stock with a sell rating, five have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $80.33.

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.