Tectonic Therapeutic (NASDAQ:TECX) Shares Down 8.4% – Should You Sell?

Tectonic Therapeutic, Inc. (NASDAQ:TECX) was down 8.4% on Monday . The stock traded as low as $33.26 and last traded at $32.6380. Approximately 74,839 shares were traded during mid-day trading, a decline of 72% from the average session volume of 264,711 shares. The stock had previously closed at $35.62.

Wall Street Analysts Forecast Growth

TECX has been the subject of a number of analyst reports. Wells Fargo & Company dropped their price target on Tectonic Therapeutic from $101.00 to $93.00 and set an “overweight” rating for the company in a research note on Friday, August 7th. Raymond James Financial upgraded shares of Tectonic Therapeutic from an “outperform” rating to a “strong-buy” rating and boosted their target price for the company from $76.00 to $81.00 in a research report on Tuesday, May 26th. Zacks Research raised shares of Tectonic Therapeutic from a “strong sell” rating to a “hold” rating in a report on Tuesday, August 18th. Wall Street Zen upgraded shares of Tectonic Therapeutic from a “strong sell” rating to a “sell” rating in a research report on Saturday, August 8th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Tectonic Therapeutic in a research note on Friday, July 17th. Two analysts have rated the stock with a Strong Buy rating, four have issued a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $77.80.

Tectonic Therapeutic Stock Down 13.0%

The firm has a 50 day moving average of $33.16 and a two-hundred day moving average of $30.08. The firm has a market capitalization of $606.05 million, a price-to-earnings ratio of -6.78 and a beta of 3.28.

Tectonic Therapeutic (NASDAQ:TECX) last issued its earnings results on Thursday, August 6th. The company reported ($1.18) EPS for the quarter, topping the consensus estimate of ($1.35) by $0.17. Sell-side analysts forecast that Tectonic Therapeutic, Inc. will post -5.25 EPS for the current fiscal year.

Hedge Funds Weigh In On Tectonic Therapeutic

Several institutional investors and hedge funds have recently added to or reduced their stakes in TECX. First Light Asset Management LLC acquired a new position in shares of Tectonic Therapeutic in the first quarter valued at approximately $20,022,000. GSA Capital Partners LLP acquired a new stake in Tectonic Therapeutic during the 4th quarter worth approximately $1,320,000. 5AM Venture Management LLC bought a new stake in Tectonic Therapeutic during the 2nd quarter worth approximately $20,853,938. Connor Clark & Lunn Investment Management Ltd. bought a new stake in Tectonic Therapeutic during the 2nd quarter worth approximately $2,232,000. Finally, Sei Investments Co. increased its position in Tectonic Therapeutic by 141.8% in the 1st quarter. Sei Investments Co. now owns 36,870 shares of the company’s stock valued at $1,140,000 after acquiring an additional 21,619 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.