Tectonic Therapeutic (NASDAQ:TECX) Upgraded to "Hold" at Zacks Research

Key Points

• Zacks Research upgraded Tectonic Therapeutic from “strong sell” to “hold,” while analysts overall maintain a “Moderate Buy” consensus with an average price target of $77.80.
• Tectonic Therapeutic shares were up 1.2% at $37.04, near their 52-week high of $39.53. The company reported quarterly EPS of negative $1.18, beating expectations of negative $1.35.
• Institutional investors and hedge funds own 62.63% of the company, with several firms recently initiating or increasing positions, including Baker BROS. Advisors, which raised its holdings by more than 800%.

Tectonic Therapeutic (NASDAQ:TECX - Get Free Report) was upgraded by research analysts at Zacks Research from a "strong sell" rating to a "hold" rating in a research note issued on Tuesday,Zacks.com reports.

Several other research analysts have also weighed in on the stock. Wall Street Zen raised shares of Tectonic Therapeutic from a "strong sell" rating to a "sell" rating in a research note on Saturday, August 8th. Raymond James Financial raised shares of Tectonic Therapeutic from an "outperform" rating to a "strong-buy" rating and upped their target price for the company from $76.00 to $81.00 in a research note on Tuesday, May 26th. Weiss Ratings reiterated a "sell (d-)" rating on shares of Tectonic Therapeutic in a report on Friday, July 17th. Finally, Wells Fargo & Company cut their target price on shares of Tectonic Therapeutic from $101.00 to $93.00 and set an "overweight" rating on the stock in a report on Friday, August 7th. Two investment analysts have rated the stock with a Strong Buy rating, four have assigned a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $77.80.

Tectonic Therapeutic Trading Up 1.2%

NASDAQ:TECX opened at $37.04 on Tuesday. Tectonic Therapeutic has a 1-year low of $14.39 and a 1-year high of $39.53. The business's 50-day moving average price is $32.22 and its two-hundred day moving average price is $29.41. The firm has a market capitalization of $724.13 million, a price-to-earnings ratio of -8.11 and a beta of 3.28.

Tectonic Therapeutic (NASDAQ:TECX - Get Free Report) last issued its earnings results on Thursday, August 6th. The company reported ($1.18) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($1.35) by $0.17. Sell-side analysts predict that Tectonic Therapeutic will post -5.25 earnings per share for the current year.

Institutional Trading of Tectonic Therapeutic

Several hedge funds have recently bought and sold shares of the stock. GSA Capital Partners LLP acquired a new position in shares of Tectonic Therapeutic in the fourth quarter valued at approximately $1,320,000. First Light Asset Management LLC bought a new stake in shares of Tectonic Therapeutic during the first quarter worth $20,022,000. Sei Investments Co. raised its holdings in shares of Tectonic Therapeutic by 141.8% during the first quarter. Sei Investments Co. now owns 36,870 shares of the company's stock worth $1,140,000 after acquiring an additional 21,619 shares during the period. 5AM Venture Management LLC raised its holdings in shares of Tectonic Therapeutic by 18.6% during the fourth quarter. 5AM Venture Management LLC now owns 606,660 shares of the company's stock worth $12,655,000 after acquiring an additional 95,000 shares during the period. Finally, Baker BROS. Advisors LP lifted its position in Tectonic Therapeutic by 803.4% in the 4th quarter. Baker BROS. Advisors LP now owns 903,400 shares of the company's stock valued at $18,845,000 after acquiring an additional 803,400 shares in the last quarter. 62.63% of the stock is currently owned by institutional investors and hedge funds.

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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