Prosight Management LP Sells 62,802 Shares of Tectonic Therapeutic, Inc. $TECX

Prosight Management LP lowered its holdings in Tectonic Therapeutic, Inc. (NASDAQ:TECX) by 14.2% during the third quarter, Holdings Channel.com reports. The firm owned 379,254 shares of the company’s stock after selling 62,802 shares during the period. Tectonic Therapeutic accounts for about 1.4% of Prosight Management LP’s portfolio, making the stock its 25th largest position. Prosight Management LP’s holdings in Tectonic Therapeutic were worth $5,950,000 at the end of the most recent reporting period.

Several other large investors also recently made changes to their positions in TECX. Police & Firemen s Retirement System of New Jersey acquired a new stake in shares of Tectonic Therapeutic in the second quarter valued at $52,000. China Universal Asset Management Co. Ltd. lifted its position in Tectonic Therapeutic by 26.7% during the 2nd quarter. China Universal Asset Management Co. Ltd. now owns 3,750 shares of the company’s stock worth $75,000 after buying an additional 791 shares in the last quarter. Virtus Investment Advisers LLC lifted its position in Tectonic Therapeutic by 18.3% during the 2nd quarter. Virtus Investment Advisers LLC now owns 4,190 shares of the company’s stock worth $83,000 after buying an additional 649 shares in the last quarter. New York State Common Retirement Fund bought a new stake in Tectonic Therapeutic during the 2nd quarter worth about $99,000. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. bought a new stake in Tectonic Therapeutic during the 2nd quarter worth about $119,000. Institutional investors own 62.63% of the company’s stock.

Insiders Place Their Bets

In other Tectonic Therapeutic news, insider Peter Mcnamara sold 6,262 shares of the firm’s stock in a transaction dated Friday, March 6th. The stock was sold at an average price of $30.17, for a total transaction of $188,924.54. Following the transaction, the insider owned 55,285 shares in the company, valued at approximately $1,667,948.45. This trade represents a 10.17% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Marcella K. Ruddy sold 10,000 shares of the business’s stock in a transaction dated Friday, March 6th. The stock was sold at an average price of $30.00, for a total value of $300,000.00. Following the transaction, the insider owned 69,747 shares of the company’s stock, valued at $2,092,410. The trade was a 12.54% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders have sold 19,561 shares of company stock worth $566,551. Insiders own 38.00% of the company’s stock.

Tectonic Therapeutic Stock Down 2.4%

TECX stock opened at $33.31 on Friday. Tectonic Therapeutic, Inc. has a twelve month low of $13.70 and a twelve month high of $36.03. The company has a market cap of $625.56 million, a P/E ratio of -8.22 and a beta of 3.76. The business’s fifty day moving average is $23.08 and its 200-day moving average is $20.12.

Tectonic Therapeutic (NASDAQ:TECX) last announced its quarterly earnings data on Thursday, February 26th. The company reported ($1.03) EPS for the quarter, topping analysts’ consensus estimates of ($1.11) by $0.08. Research analysts anticipate that Tectonic Therapeutic, Inc. will post -8.31 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on the stock. Truist Financial dropped their target price on shares of Tectonic Therapeutic from $64.00 to $60.00 and set a “buy” rating for the company in a research note on Thursday, January 8th. Lifesci Capital raised shares of Tectonic Therapeutic to a “strong-buy” rating in a research note on Thursday, February 5th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Tectonic Therapeutic in a report on Thursday, January 22nd. One analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and one has given a Sell rating to the company. According to data from MarketBeat, Tectonic Therapeutic has a consensus rating of “Moderate Buy” and a consensus price target of $81.50.

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.