Tectonic Therapeutic (NASDAQ:TECX) Trading Up 6.3% - Time to Buy?

Key Points

• Tectonic Therapeutic shares rose 6.3% in midday trading, reaching as high as $32.40 after closing at $30.65, though trading volume was well below average.
• Analyst sentiment is broadly positive, with an average “Buy” rating and a consensus price target of $79.40, despite some mixed calls including Sell and Strong Sell ratings.
• The company recently reported a loss of $1.34 per share, missing expectations, and analysts currently forecast full-year earnings of -5.46 per share.

Tectonic Therapeutic, Inc. (NASDAQ:TECX - Get Free Report)'s share price was up 6.3% during mid-day trading on Friday . The stock traded as high as $32.40 and last traded at $32.58. Approximately 76,447 shares traded hands during mid-day trading, a decline of 73% from the average daily volume of 280,826 shares. The stock had previously closed at $30.65.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on the stock. Weiss Ratings reiterated a "sell (d-)" rating on shares of Tectonic Therapeutic in a report on Tuesday, April 21st. Stifel Nicolaus started coverage on Tectonic Therapeutic in a research report on Monday, April 13th. They set a "buy" rating and a $75.00 target price on the stock. Wall Street Zen lowered shares of Tectonic Therapeutic from a "sell" rating to a "strong sell" rating in a report on Saturday, April 18th. Finally, Raymond James Financial upgraded Tectonic Therapeutic from an "outperform" rating to a "strong-buy" rating and boosted their price target for the stock from $76.00 to $81.00 in a research report on Tuesday, May 26th. Two equities research analysts have rated the stock with a Strong Buy rating, four have given a Buy rating and one has given a Sell rating to the company. According to data from MarketBeat, Tectonic Therapeutic has an average rating of "Buy" and an average price target of $79.40.

Tectonic Therapeutic Stock Up 5.1%

The company has a market cap of $607.61 million, a PE ratio of -7.22 and a beta of 3.21. The stock has a 50-day simple moving average of $30.81 and a 200 day simple moving average of $27.44.

Tectonic Therapeutic (NASDAQ:TECX - Get Free Report) last announced its quarterly earnings results on Thursday, May 7th. The company reported ($1.34) earnings per share for the quarter, missing analysts' consensus estimates of ($1.16) by ($0.18). As a group, research analysts anticipate that Tectonic Therapeutic, Inc. will post -5.46 earnings per share for the current fiscal year.

Insider Transactions at Tectonic Therapeutic

In related news, insider Marcella K. Ruddy sold 1,065 shares of the stock in a transaction dated Monday, May 4th. The stock was sold at an average price of $30.00, for a total transaction of $31,950.00. Following the transaction, the insider owned 67,682 shares of the company's stock, valued at approximately $2,030,460. This represents a 1.55% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 39.80% of the company's stock.

Hedge Funds Weigh In On Tectonic Therapeutic

Several institutional investors have recently bought and sold shares of the company. Caitong International Asset Management Co. Ltd lifted its position in shares of Tectonic Therapeutic by 451.6% during the third quarter. Caitong International Asset Management Co. Ltd now owns 3,966 shares of the company's stock worth $62,000 after purchasing an additional 3,247 shares in the last quarter. New York State Common Retirement Fund acquired a new position in shares of Tectonic Therapeutic in the second quarter valued at approximately $99,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. acquired a new position in shares of Tectonic Therapeutic in the second quarter valued at approximately $119,000. JPMorgan Chase & Co. increased 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 worth $130,000 after buying an additional 5,426 shares during the period. Finally, Los Angeles Capital Management LLC purchased a new stake in Tectonic Therapeutic during the 4th quarter worth approximately $134,000. 62.63% of the stock is 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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