Tectonic Therapeutic (NASDAQ:TECX) Trading 5.6% Higher - Should You Buy?

Key Points

• Tectonic Therapeutic shares rose 5.6% to about $35.75, although trading volume was 77% below the stock’s average daily volume.
• Analyst views remain mixed, but the overall consensus is “Moderate Buy” with a $77.80 price target; Raymond James raised its target to $81, while Wells Fargo lowered its target to $93.
• The company reported a quarterly loss of $1.18 per share, beating the expected $1.35 loss. Institutional investors own approximately 62.63% of the outstanding shares.

Tectonic Therapeutic, Inc. (NASDAQ:TECX - Get Free Report)'s stock price shot up 5.6% on Tuesday . The company traded as high as $35.84 and last traded at $35.7450. Approximately 61,279 shares traded hands during trading, a decline of 77% from the average daily volume of 266,883 shares. The stock had previously closed at $33.85.

Analysts Set New Price Targets

Several research analysts have commented on TECX shares. Wall Street Zen raised shares of Tectonic Therapeutic from a "strong sell" rating to a "sell" rating in a report on Saturday, August 8th. Raymond James Financial raised Tectonic Therapeutic from an "outperform" rating to a "strong-buy" rating and increased their price target for the company from $76.00 to $81.00 in a research note on Tuesday, May 26th. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Tectonic Therapeutic in a research note on Friday, July 17th. Zacks Research cut Tectonic Therapeutic from a "hold" rating to a "strong sell" rating in a report on Monday, July 20th. Finally, Wells Fargo & Company reduced their price target on shares of Tectonic Therapeutic from $101.00 to $93.00 and set an "overweight" rating on the stock in a research report on Friday, August 7th. Two research analysts have rated the stock with a Strong Buy rating, four have given a Buy rating and two have issued a Sell rating to the company. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $77.80.

Tectonic Therapeutic Stock Performance

The company has a market cap of $705.77 million, a PE ratio of -7.82 and a beta of 3.28. The company has a fifty day moving average of $31.88 and a two-hundred day moving average of $29.18.

Tectonic Therapeutic (NASDAQ:TECX - Get Free Report) last posted its quarterly earnings data on Thursday, August 6th. The company reported ($1.18) EPS for the quarter, topping the consensus estimate of ($1.35) by $0.17. On average, equities analysts forecast that Tectonic Therapeutic, Inc. will post -5.25 EPS for the current year.

Institutional Trading of Tectonic Therapeutic

Several institutional investors have recently added to or reduced their stakes in the company. Legal & General Group Plc bought a new position in shares of Tectonic Therapeutic during the second quarter valued at approximately $34,000. Caitong International Asset Management Co. Ltd grew its position in Tectonic Therapeutic by 451.6% in the 3rd quarter. Caitong International Asset Management Co. Ltd now owns 3,966 shares of the company's stock valued at $62,000 after acquiring an additional 3,247 shares during the last quarter. Quantbot Technologies LP purchased a new stake in Tectonic Therapeutic in the second quarter worth $63,000. New York State Common Retirement Fund purchased a new stake in Tectonic Therapeutic in the second quarter worth $99,000. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new stake in shares of Tectonic Therapeutic during the second quarter valued at $119,000. Institutional investors own 62.63% of the company's stock.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source