Tectonic Therapeutic (NASDAQ:TECX) Downgraded to Sell Rating by Wall Street Zen

Key Points

• Tectonic Therapeutic has been downgraded from a "hold" rating to a "sell" rating by Wall Street Zen.
• The stock has a current consensus rating of "Moderate Buy" with a price target of $80.33, despite recent fluctuations in its ratings from other analysts.
• Shares traded at $22.32, significantly lower than its 1-year high of $61.07, indicating increased volatility and investor concern.

Tectonic Therapeutic (NASDAQ:TECX - Get Free Report) was downgraded by analysts at Wall Street Zen from a "hold" rating to a "sell" rating in a note issued to investors on Saturday.

Several other research firms have also commented on TECX. Mizuho raised their price objective 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. Raymond James Financial assumed coverage on Tectonic Therapeutic in a research report on Wednesday, June 11th. They issued an "outperform" rating and a $76.00 price objective for the company. Truist Financial began coverage on Tectonic Therapeutic in a research report on Monday, July 21st. They issued a "buy" rating and a $64.00 price target for the company. Finally, Lifesci Capital started coverage on Tectonic Therapeutic in a research note on Friday, June 6th. They issued an "outperform" rating and a $87.00 price target on the stock. One equities research analyst has rated the stock with a sell rating, five have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, Tectonic Therapeutic presently has an average rating of "Moderate Buy" and an average target price of $80.33.

Tectonic Therapeutic Stock Down 1.9%

Shares of NASDAQ TECX traded down $0.43 during midday trading on Friday, reaching $22.31. 309,333 shares of the stock were exchanged, compared to its average volume of 170,025. The firm has a 50-day simple moving average of $21.77 and a two-hundred day simple moving average of $24.77. Tectonic Therapeutic has a twelve month low of $13.70 and a twelve month high of $61.07. The firm has a market cap of $416.53 million, a price-to-earnings ratio of -3.05 and a beta of 3.17.

Tectonic Therapeutic (NASDAQ:TECX - Get Free Report) last announced its quarterly earnings data on Thursday, May 8th. The company reported ($0.93) earnings per share for the quarter, beating analysts' consensus estimates of ($1.10) by $0.17. Research analysts expect that Tectonic Therapeutic will post -8.31 EPS for the current fiscal year.

Hedge Funds Weigh In On Tectonic Therapeutic

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Charles Schwab Investment Management Inc. acquired a new stake in shares of Tectonic Therapeutic during the 4th quarter valued at approximately $218,000. Raymond James Financial Inc. purchased a new stake in shares of Tectonic Therapeutic during the fourth quarter valued at $228,000. Commonwealth Equity Services LLC purchased a new stake in Tectonic Therapeutic in the 4th quarter worth about $231,000. JPMorgan Chase & Co. lifted its stake in Tectonic Therapeutic by 5,554.5% in the 4th quarter. JPMorgan Chase & Co. now owns 1,244 shares of the company's stock worth $57,000 after acquiring an additional 1,222 shares in the last quarter. Finally, Geode Capital Management LLC increased its position in Tectonic Therapeutic by 0.9% in the 4th quarter. Geode Capital Management LLC now owns 77,584 shares of the company's stock worth $3,584,000 after purchasing an additional 705 shares during the last quarter. 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.