Tectonic Therapeutic (NASDAQ:TECX) Trading Up 3% - Here's Why

Key Points

• Tectonic Therapeutic's stock trades increased by 3% recently, with shares reaching a high of $15.72 and last trading at $15.36.
• Multiple analysts have given an "outperform" rating for TECX shares, with price targets ranging from $64.00 to $80.00, while the stock has a consensus rating of "Moderate Buy."
• The company's recent quarterly earnings report showed a loss of $1.07 EPS, missing analysts' expectations, and the anticipated EPS for the current year is projected to be -8.31.

Tectonic Therapeutic, Inc. (NASDAQ:TECX - Get Free Report) shares were up 3% during trading on Wednesday . The stock traded as high as $15.72 and last traded at $15.36. Approximately 442,438 shares were traded during mid-day trading, a decline of 8% from the average daily volume of 482,969 shares. The stock had previously closed at $14.91.

Wall Street Analyst Weigh In

Several research analysts recently commented on TECX shares. Raymond James Financial began coverage on shares of Tectonic Therapeutic in a report on Wednesday, June 11th. They issued an "outperform" rating and a $76.00 price objective for the company. Oppenheimer started coverage on shares of Tectonic Therapeutic in a report on Wednesday, September 3rd. They issued an "outperform" rating and a $80.00 price target on the stock. Wall Street Zen lowered Tectonic Therapeutic from a "hold" rating to a "sell" rating in a research note on Saturday, July 26th. Truist Financial initiated coverage on Tectonic Therapeutic in a research note on Monday, July 21st. They issued a "buy" rating and a $64.00 target price on the stock. Finally, Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Tectonic Therapeutic in a report on Wednesday. One investment analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and one has given a Sell rating to the company. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $80.29.

Tectonic Therapeutic Trading Up 3.0%

The company has a market capitalization of $287.39 million, a P/E ratio of -3.80 and a beta of 3.21. The business's fifty day moving average price is $19.53 and its 200-day moving average price is $20.16.

Tectonic Therapeutic (NASDAQ:TECX - Get Free Report) last posted its quarterly earnings data on Thursday, August 7th. The company reported ($1.07) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.98) by ($0.09). As a group, equities research analysts forecast that Tectonic Therapeutic, Inc. will post -8.31 EPS for the current year.

Institutional Trading of Tectonic Therapeutic

A number of hedge funds have recently made changes to their positions in TECX. Millennium Management LLC raised its position in Tectonic Therapeutic by 726.4% in the 1st quarter. Millennium Management LLC now owns 237,938 shares of the company's stock worth $4,214,000 after purchasing an additional 209,145 shares during the period. Geode Capital Management LLC raised its position in Tectonic Therapeutic by 242.5% in the 2nd quarter. Geode Capital Management LLC now owns 272,257 shares of the company's stock worth $5,411,000 after purchasing an additional 192,770 shares during the period. Woodline Partners LP raised its position in Tectonic Therapeutic by 132.3% in the 1st quarter. Woodline Partners LP now owns 302,215 shares of the company's stock worth $5,352,000 after purchasing an additional 172,106 shares during the period. Ally Bridge Group NY LLC purchased a new position in Tectonic Therapeutic in the 1st quarter worth $2,342,000. Finally, Baker BROS. Advisors LP purchased a new position in Tectonic Therapeutic in the 1st quarter worth $1,771,000. 62.63% of the stock is owned by institutional investors.

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.

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