Tectonic Therapeutic (NASDAQ:TECX) Trading Up 13.3% - Here's What Happened

Key Points

• Tectonic Therapeutic shares rose 13.3% to about $36.12 in mid-day trading, despite trading volume running 37% below its average.
• Analyst views remain mixed: Wells Fargo cut its price target to $93 while maintaining an overweight rating, whereas Zacks downgraded the stock to strong sell. Overall, analysts hold a “Moderate Buy” consensus with an average target of $77.80.
• The company reported quarterly EPS of -$1.18, beating estimates of -$1.35, while institutional ownership stands at 62.63% and several major firms recently increased their stakes.

Tectonic Therapeutic, Inc. (NASDAQ:TECX - Get Free Report)'s share price was up 13.3% during mid-day trading on Wednesday . The stock traded as high as $35.42 and last traded at $36.1150. 167,910 shares traded hands during trading, a decline of 37% from the average daily volume of 266,988 shares. The stock had previously closed at $31.87.

Analyst Ratings Changes

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

Tectonic Therapeutic Price Performance

The company's fifty day simple moving average is $31.40 and its 200-day simple moving average is $28.75. The firm has a market capitalization of $693.40 million, a PE ratio of -7.76 and a beta of 3.28.

Tectonic Therapeutic (NASDAQ:TECX - Get Free Report) last posted its quarterly earnings data on Thursday, August 6th. The company reported ($1.18) earnings per share for the quarter, topping analysts' consensus estimates of ($1.35) by $0.17. As a group, equities research analysts anticipate that Tectonic Therapeutic, Inc. will post -5.32 earnings per share for the current fiscal year.

Institutional Trading of Tectonic Therapeutic

Institutional investors have recently bought and sold shares of the stock. Millennium Management LLC increased its stake in Tectonic Therapeutic by 726.4% during 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 in the last quarter. Goldman Sachs Group Inc. raised its stake in Tectonic Therapeutic by 331.1% in the 1st quarter. Goldman Sachs Group Inc. now owns 104,793 shares of the company's stock worth $1,856,000 after acquiring an additional 80,483 shares during the last quarter. Jane Street Group LLC lifted its position in Tectonic Therapeutic by 58.7% during the 1st quarter. Jane Street Group LLC now owns 47,145 shares of the company's stock worth $835,000 after acquiring an additional 17,443 shares during the period. Geode Capital Management LLC lifted its position in Tectonic Therapeutic by 242.5% during the 2nd quarter. Geode Capital Management LLC now owns 272,257 shares of the company's stock worth $5,411,000 after acquiring an additional 192,770 shares during the period. Finally, JPMorgan Chase & Co. grew its stake in Tectonic Therapeutic by 483.6% during the 2nd quarter. JPMorgan Chase & Co. now owns 6,548 shares of the company's stock valued at $130,000 after purchasing an additional 5,426 shares during the last quarter. 62.63% of the stock is currently owned by institutional investors and hedge funds.

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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