Tectonic Therapeutic (NASDAQ:TECX) Releases Quarterly Earnings Results, Beats Expectations By $0.17 EPS

Tectonic Therapeutic (NASDAQ:TECX) issued its quarterly earnings results on Thursday. The company reported ($1.18) EPS for the quarter, beating the consensus estimate of ($1.35) by $0.17, FiscalAI reports.

Tectonic Therapeutic Trading Up 2.5%

TECX stock traded up $0.76 during mid-day trading on Friday, hitting $30.98. The stock had a trading volume of 271,645 shares, compared to its average volume of 269,510. Tectonic Therapeutic has a 1-year low of $14.39 and a 1-year high of $39.53. The company has a fifty day moving average of $31.24 and a 200 day moving average of $28.47. The stock has a market capitalization of $584.59 million, a price-to-earnings ratio of -6.95 and a beta of 3.28.

Analyst Ratings Changes

Several brokerages have recently commented on TECX. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Tectonic Therapeutic in a research report on Friday, July 17th. Wells Fargo & Company dropped their price target on Tectonic Therapeutic from $101.00 to $93.00 and set an “overweight” rating on the stock in a research report on Friday. Zacks Research lowered Tectonic Therapeutic from a “hold” rating to a “strong sell” rating in a research report on Monday, July 20th. Stifel Nicolaus started coverage on Tectonic Therapeutic in a research note on Monday, April 13th. They set a “buy” rating and a $75.00 target price on the stock. Finally, Raymond James Financial upgraded 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 report on Tuesday, May 26th. Two investment analysts have rated the stock with a Strong Buy rating, four have given a Buy rating and two have given a Sell rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $77.80.

Institutional Investors Weigh In On Tectonic Therapeutic

Several institutional investors have recently made changes to their positions in the company. Monimus Capital Management LP grew its stake in shares of Tectonic Therapeutic by 11.3% in the 4th quarter. Monimus Capital Management LP now owns 26,594 shares of the company’s stock valued at $555,000 after buying an additional 2,700 shares in the last quarter. Raymond James Financial Inc. raised its position in Tectonic Therapeutic by 15.0% during the second quarter. Raymond James Financial Inc. now owns 21,544 shares of the company’s stock valued at $428,000 after acquiring an additional 2,809 shares in the last quarter. Caitong International Asset Management Co. Ltd lifted its stake in Tectonic Therapeutic by 451.6% in the third quarter. Caitong International Asset Management Co. Ltd now owns 3,966 shares of the company’s stock valued at $62,000 after acquiring an additional 3,247 shares during the last quarter. Barclays PLC lifted its stake in Tectonic Therapeutic by 24.8% in the fourth quarter. Barclays PLC now owns 22,443 shares of the company’s stock valued at $468,000 after acquiring an additional 4,467 shares during the last quarter. Finally, New York State Common Retirement Fund bought a new stake in Tectonic Therapeutic in the second quarter worth approximately $99,000. 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.