Tectonic Therapeutic (NASDAQ:TECX) Trading 11.4% Higher – Here’s What Happened

Tectonic Therapeutic, Inc. (NASDAQ:TECX)’s stock price shot up 11.4% on Wednesday . The stock traded as high as $27.28 and last traded at $27.18. 261,444 shares changed hands during mid-day trading, a decline of 34% from the average session volume of 397,847 shares. The stock had previously closed at $24.40.

Analyst Upgrades and Downgrades

TECX has been the subject of a number of recent analyst reports. Lifesci Capital upgraded shares of Tectonic Therapeutic to a “strong-buy” rating in a research note on Thursday, February 5th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Tectonic Therapeutic in a report on Thursday, January 22nd. Finally, Truist Financial cut 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. One equities research 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’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $81.50.

Tectonic Therapeutic Price Performance

The stock has a market capitalization of $672.40 million, a P/E ratio of -8.84 and a beta of 3.76. The stock’s 50-day simple moving average is $21.48 and its 200 day simple moving average is $19.72.

Tectonic Therapeutic (NASDAQ:TECX) last issued its quarterly earnings data on Thursday, February 26th. The company reported ($1.03) earnings per share for the quarter, beating the consensus estimate of ($1.11) by $0.08. As a group, analysts expect that Tectonic Therapeutic, Inc. will post -8.31 earnings per share for the current fiscal year.

Insider Activity at Tectonic Therapeutic

In other news, CFO Daniel Lochner acquired 6,000 shares of Tectonic Therapeutic stock in a transaction dated Tuesday, February 10th. The stock was bought at an average price of $21.61 per share, for a total transaction of $129,660.00. Following the completion of the acquisition, the chief financial officer directly owned 32,044 shares in the company, valued at approximately $692,470.84. The trade was a 23.04% increase in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Peter Mcnamara sold 1,650 shares of the company’s stock in a transaction that occurred on Wednesday, March 4th. The shares were sold at an average price of $25.00, for a total value of $41,250.00. Following the completion of the transaction, the insider directly owned 58,832 shares in the company, valued at $1,470,800. The trade was a 2.73% decrease in their position. The SEC filing for this sale provides additional information. Company insiders own 38.00% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the company. AlphaQuest LLC boosted its position in shares of Tectonic Therapeutic by 919.4% in the second quarter. AlphaQuest LLC now owns 2,365 shares of the company’s stock valued at $47,000 after acquiring an additional 2,133 shares during the period. Police & Firemen s Retirement System of New Jersey acquired a new stake in Tectonic Therapeutic in the 2nd quarter worth about $52,000. Caitong International Asset Management Co. Ltd boosted its holdings in Tectonic Therapeutic by 451.6% in the 3rd quarter. Caitong International Asset Management Co. Ltd now owns 3,966 shares of the company’s stock valued at $62,000 after purchasing an additional 3,247 shares during the period. China Universal Asset Management Co. Ltd. grew its position in shares of 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 purchasing an additional 791 shares in the last quarter. Finally, Virtus Investment Advisers LLC increased its holdings in shares of Tectonic Therapeutic by 18.3% during the second quarter. Virtus Investment Advisers LLC now owns 4,190 shares of the company’s stock worth $83,000 after purchasing an additional 649 shares during the period. Institutional investors 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.