Tectonic Therapeutic (NASDAQ:TECX) Releases Quarterly Earnings Results, Misses Expectations By $0.09 EPS

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) posted its quarterly earnings data on Thursday. The company reported ($1.07) earnings per share for the quarter, missing the consensus estimate of ($0.98) by ($0.09), Zacks reports.

Tectonic Therapeutic Stock Up 1.8%

TECX stock traded up $0.39 during midday trading on Friday, reaching $22.31. The stock had a trading volume of 369,780 shares, compared to its average volume of 220,560. The business has a fifty day simple moving average of $21.80 and a two-hundred day simple moving average of $23.87. The firm has a market cap of $416.53 million, a price-to-earnings ratio of -5.52 and a beta of 3.27. Tectonic Therapeutic has a twelve month low of $13.70 and a twelve month high of $61.07.

Institutional Trading of Tectonic Therapeutic

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in TECX. Jane Street Group LLC boosted its holdings in Tectonic Therapeutic by 58.7% during the first quarter. Jane Street Group LLC now owns 47,145 shares of the company's stock worth $835,000 after buying an additional 17,443 shares during the last quarter. Goldman Sachs Group Inc. boosted its holdings in Tectonic Therapeutic by 331.1% during the first quarter. Goldman Sachs Group Inc. now owns 104,793 shares of the company's stock worth $1,856,000 after buying an additional 80,483 shares during the last quarter. Millennium Management LLC boosted its holdings in Tectonic Therapeutic by 726.4% during the first quarter. Millennium Management LLC now owns 237,938 shares of the company's stock worth $4,214,000 after buying an additional 209,145 shares during the last quarter. Finally, Geode Capital Management LLC boosted its holdings in Tectonic Therapeutic by 242.5% during the second quarter. Geode Capital Management LLC now owns 272,257 shares of the company's stock worth $5,411,000 after buying an additional 192,770 shares during the last quarter. 62.63% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

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

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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