Tectonic Therapeutic (NASDAQ:TECX) Shares Up 3% – Here’s What Happened

Tectonic Therapeutic, Inc. (NASDAQ:TECX)’s share price shot up 3% during mid-day trading on Wednesday . The stock traded as high as $15.72 and last traded at $15.36. 442,438 shares changed hands during mid-day trading, a decline of 8% from the average session volume of 482,969 shares. The stock had previously closed at $14.91.

Analysts Set New Price Targets

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

Tectonic Therapeutic Trading Up 3.0%

The company has a market cap of $287.39 million, a price-to-earnings ratio of -3.80 and a beta of 3.21. The firm’s 50-day moving average price is $19.53 and its 200 day moving average price is $20.16.

Tectonic Therapeutic (NASDAQ:TECX) last announced its quarterly earnings data on Thursday, August 7th. The company reported ($1.07) EPS for the quarter, missing the consensus estimate of ($0.98) by ($0.09). Analysts forecast that Tectonic Therapeutic, Inc. will post -8.31 earnings per share for the current fiscal year.

Institutional Trading of Tectonic Therapeutic

Several large investors have recently modified their holdings of the stock. EcoR1 Capital LLC grew its position in shares of Tectonic Therapeutic by 10.1% during the 1st quarter. EcoR1 Capital LLC now owns 935,121 shares of the company’s stock worth $16,561,000 after buying an additional 85,978 shares during the period. Woodline Partners LP lifted its holdings in shares of 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 in the last quarter. Geode Capital Management LLC lifted its holdings in shares of 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 in the last quarter. Millennium Management LLC lifted its holdings in shares of 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 in the last quarter. Finally, TFG Asset Management GP Ltd lifted its holdings in shares of Tectonic Therapeutic by 22.0% in the 2nd quarter. TFG Asset Management GP Ltd now owns 228,832 shares of the company’s stock worth $4,547,000 after purchasing an additional 41,332 shares in the last quarter. Institutional investors and hedge funds own 62.63% of the company’s stock.

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.