Tectonic Therapeutic (NASDAQ:TECX - Get Free Report) was upgraded by research analysts at Lifesci Capital to a "strong-buy" rating in a report released on Thursday,Zacks.com reports.
Other analysts have also recently issued reports about the stock. Wells Fargo & Company dropped their price target 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. Mizuho upped their price target on shares of Tectonic Therapeutic from $51.00 to $85.00 and gave the company an "outperform" rating in a research note on Thursday, May 15th. Six equities research analysts have rated the stock with a buy rating and two have given a strong buy rating to the company's stock. According to MarketBeat, the company presently has a consensus rating of "Buy" and an average price target of $80.50.
Get Our Latest Analysis on Tectonic Therapeutic
Tectonic Therapeutic Stock Up 2.7%
TECX opened at $23.06 on Thursday. The stock has a market cap of $430.60 million, a price-to-earnings ratio of -3.92 and a beta of 3.25. Tectonic Therapeutic has a twelve month low of $13.70 and a twelve month high of $61.07. The company's 50-day moving average price is $19.84 and its two-hundred day moving average price is $31.54.
Tectonic Therapeutic (NASDAQ:TECX - Get Free Report) last announced its quarterly earnings results on Thursday, May 8th. The company reported ($0.93) EPS for the quarter, beating analysts' consensus estimates of ($1.10) by $0.17. As a group, sell-side analysts anticipate that Tectonic Therapeutic will post -8.31 earnings per share for the current year.
Insider Buying and Selling at Tectonic Therapeutic
In other news, Director Timothy A. Springer purchased 87,500 shares of the business's stock in a transaction on Monday, April 7th. The stock was purchased at an average cost of $17.10 per share, with a total value of $1,496,250.00. Following the acquisition, the director now directly owns 4,313,558 shares in the company, valued at approximately $73,761,841.80. This trade represents a 2.07% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Insiders bought a total of 100,696 shares of company stock valued at $1,705,714 in the last three months. Company insiders own 38.00% of the company's stock.
Institutional Inflows and Outflows
Several large investors have recently bought and sold shares of TECX. Paradigm Biocapital Advisors LP bought a new position in Tectonic Therapeutic in the 4th quarter valued at $22,397,000. Millennium Management LLC boosted its holdings in Tectonic Therapeutic by 726.4% in 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 during the period. Farallon Capital Management LLC boosted its holdings in Tectonic Therapeutic by 37.0% in the 4th quarter. Farallon Capital Management LLC now owns 713,050 shares of the company's stock valued at $32,922,000 after purchasing an additional 192,653 shares during the period. Woodline Partners LP boosted its holdings in Tectonic Therapeutic by 132.3% in the 1st quarter. Woodline Partners LP now owns 302,215 shares of the company's stock valued at $5,352,000 after purchasing an additional 172,106 shares during the period. Finally, Ally Bridge Group NY LLC bought a new position in Tectonic Therapeutic in the 1st quarter valued at $2,342,000. 62.63% of the stock is owned by institutional investors.
About Tectonic Therapeutic
(
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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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This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.
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