Tectonic Therapeutic (NASDAQ:TECX) Sees Large Growth in Short Interest

Tectonic Therapeutic (NASDAQ:TECX - Get Free Report) was the recipient of a significant growth in short interest during the month of March. As of March 31st, there was short interest totalling 1,100,000 shares, a growth of 24.7% from the March 15th total of 882,400 shares. Approximately 10.3% of the company's shares are short sold. Based on an average daily volume of 350,300 shares, the short-interest ratio is presently 3.1 days.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on TECX shares. Mizuho started coverage on shares of Tectonic Therapeutic in a report on Monday. They issued an "outperform" rating and a $51.00 price target on the stock. Wells Fargo & Company cut their target price on shares of Tectonic Therapeutic from $112.00 to $101.00 and set an "overweight" rating on the stock in a research note on Friday, March 21st. Six research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, Tectonic Therapeutic has an average rating of "Buy" and an average target price of $72.40.

Tectonic Therapeutic Stock Down 2.9 %

Shares of TECX traded down $0.66 during mid-day trading on Friday, reaching $21.72. 78,333 shares of the stock traded hands, compared to its average volume of 174,436. The firm has a market cap of $405.44 million, a price-to-earnings ratio of -3.69 and a beta of 2.87. The stock has a fifty day simple moving average of $21.24 and a 200 day simple moving average of $35.31. Tectonic Therapeutic has a 12-month low of $13.70 and a 12-month high of $61.07.

Tectonic Therapeutic (NASDAQ:TECX - Get Free Report) last released its quarterly earnings results on Thursday, March 20th. The company reported ($0.84) earnings per share for the quarter, beating analysts' consensus estimates of ($1.39) by $0.55. On average, equities research analysts expect that Tectonic Therapeutic will post -8.31 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, Director Timothy A. Springer bought 3,718 shares of Tectonic Therapeutic stock in a transaction that occurred on Wednesday, April 9th. The shares were purchased at an average price of $14.76 per share, for a total transaction of $54,877.68. Following the completion of the acquisition, the director now owns 4,317,276 shares of the company's stock, valued at $63,722,993.76. The trade was a 0.09 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Daniel Lochner purchased 4,617 shares of the company's stock in a transaction on Wednesday, February 5th. The shares were purchased at an average price of $54.14 per share, with a total value of $249,964.38. Following the completion of the purchase, the chief financial officer now directly owns 4,617 shares of the company's stock, valued at $249,964.38. The trade was a ∞ increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last quarter, insiders purchased 234,607 shares of company stock valued at $8,955,655. Insiders own 9.20% of the company's stock.

Institutional Trading of Tectonic Therapeutic

A number of hedge funds have recently made changes to their positions in TECX. Paradigm Biocapital Advisors LP acquired a new position in Tectonic Therapeutic during the 4th quarter worth $22,397,000. Farallon Capital Management LLC lifted its position in shares of Tectonic Therapeutic by 37.0% during the fourth quarter. Farallon Capital Management LLC now owns 713,050 shares of the company's stock worth $32,922,000 after purchasing an additional 192,653 shares during the last quarter. Invesco Ltd. acquired a new stake in Tectonic Therapeutic during the fourth quarter valued at approximately $5,918,000. Susquehanna International Group LLP lifted its holdings in Tectonic Therapeutic by 165.2% during the 4th quarter. Susquehanna International Group LLP now owns 166,452 shares of the company's stock worth $7,685,000 after buying an additional 103,698 shares during the last quarter. Finally, Balyasny Asset Management L.P. grew its position in shares of Tectonic Therapeutic by 36.9% in the 4th quarter. Balyasny Asset Management L.P. now owns 247,000 shares of the company's stock worth $11,404,000 after acquiring an additional 66,527 shares in 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.