Tectonic Therapeutic, Inc. (NASDAQ:TECX) Receives $81.50 Average Target Price from Analysts

Tectonic Therapeutic, Inc. (NASDAQ:TECX) has been assigned a consensus rating of “Moderate Buy” from the seven research firms that are currently covering the firm, Marketbeat.com reports. One analyst has rated the stock with a sell recommendation, five have assigned a buy recommendation and one has issued a strong buy recommendation on the company. The average 12 month price objective among analysts that have issued a report on the stock in the last year is $81.50.

TECX has been the topic of several research analyst reports. Truist Financial cut their price target on Tectonic Therapeutic from $64.00 to $60.00 and set a “buy” rating on the stock in a research report on Thursday, January 8th. Weiss Ratings reissued a “sell (d-)” rating on shares of Tectonic Therapeutic in a report on Thursday, January 22nd. Finally, Lifesci Capital upgraded shares of Tectonic Therapeutic to a “strong-buy” rating in a research report on Thursday, February 5th.

Insiders Place Their Bets

In other news, insider Peter Mcnamara sold 6,262 shares of the stock in a transaction dated Friday, March 6th. The shares were sold at an average price of $30.17, for a total transaction of $188,924.54. Following the completion of the sale, the insider owned 55,285 shares in the company, valued at approximately $1,667,948.45. This 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 this link. Also, insider Marcella K. Ruddy sold 10,000 shares of the firm’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 directly owned 69,747 shares in the company, valued at approximately $2,092,410. This represents a 12.54% decrease in their position. The SEC filing for this sale provides additional information. In the last three months, insiders have sold 19,561 shares of company stock valued at $566,551. Insiders own 9.20% of the company’s stock.

Institutional Trading of Tectonic Therapeutic

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Police & Firemen s Retirement System of New Jersey acquired a new stake in Tectonic Therapeutic during the 2nd quarter worth approximately $52,000. Caitong International Asset Management Co. Ltd increased its holdings in shares of 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 purchasing an additional 3,247 shares during the period. China Universal Asset Management Co. Ltd. raised its stake in shares of Tectonic Therapeutic by 26.7% during the second 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 during the last quarter. Virtus Investment Advisers LLC raised its stake 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 last quarter. Finally, New York State Common Retirement Fund acquired a new stake in shares of Tectonic Therapeutic during the second quarter worth $99,000. 62.63% of the stock is owned by hedge funds and other institutional investors.

Tectonic Therapeutic Stock Performance

Shares of TECX stock opened at $32.40 on Tuesday. The stock’s 50-day moving average is $23.34 and its two-hundred day moving average is $20.08. Tectonic Therapeutic has a 1 year low of $13.70 and a 1 year high of $36.03. The firm has a market cap of $608.47 million, a price-to-earnings ratio of -8.00 and a beta of 3.75.

Tectonic Therapeutic (NASDAQ:TECX) last posted its earnings results 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, research analysts predict that Tectonic Therapeutic will post -8.31 EPS for the current year.

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.