Tectonic Therapeutic, Inc. (NASDAQ:TECX) Receives Average Rating of “Moderate Buy” from Brokerages

Tectonic Therapeutic, Inc. (NASDAQ:TECX) has received an average rating of “Moderate Buy” from the nine brokerages that are covering the firm, MarketBeat.com reports. One investment analyst has rated the stock with a sell recommendation, one has assigned a hold recommendation, five have assigned a buy recommendation and two have assigned a strong buy recommendation to the company. The average 12-month target price among brokers that have updated their coverage on the stock in the last year is $77.80.

A number of brokerages have recently issued reports on TECX. Zacks Research upgraded Tectonic Therapeutic from a “strong sell” rating to a “hold” rating in a research report on Tuesday, August 18th. Oppenheimer reissued an “outperform” rating and issued a $80.00 price target on shares of Tectonic Therapeutic in a report on Wednesday. Wells Fargo & Company reduced their price objective on shares of Tectonic Therapeutic from $101.00 to $93.00 and set an “overweight” rating for the company in a research report on Friday, August 7th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Tectonic Therapeutic in a report on Friday, July 17th. Finally, Wall Street Zen lowered shares of Tectonic Therapeutic from a “sell” rating to a “strong sell” rating in a research report on Saturday, September 19th.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the stock. BlackRock Inc. purchased a new position in Tectonic Therapeutic in the 2nd quarter worth approximately $29,652,000. Baker BROS. Advisors LP grew its position in shares of Tectonic Therapeutic by 803.4% in the fourth quarter. Baker BROS. Advisors LP now owns 903,400 shares of the company’s stock valued at $18,845,000 after purchasing an additional 803,400 shares in the last quarter. First Light Asset Management LLC purchased a new stake in shares of Tectonic Therapeutic in the first quarter valued at approximately $20,022,000. 5AM Venture Management LLC acquired a new stake in shares of Tectonic Therapeutic in the second quarter valued at approximately $20,853,938. Finally, Connor Clark & Lunn Investment Management Ltd. acquired a new stake in shares of Tectonic Therapeutic in the second quarter valued at approximately $2,232,000. 62.63% of the stock is owned by hedge funds and other institutional investors.

Tectonic Therapeutic Stock Down 0.2%

NASDAQ:TECX opened at $23.29 on Friday. Tectonic Therapeutic has a 52 week low of $14.60 and a 52 week high of $39.53. The stock’s 50-day moving average price is $30.54 and its 200-day moving average price is $30.47. The stock has a market capitalization of $455.32 million, a PE ratio of -5.10 and a beta of 3.31.

Tectonic Therapeutic (NASDAQ:TECX) last issued its quarterly earnings data on Thursday, August 6th. The company reported ($1.18) EPS for the quarter, beating the consensus estimate of ($1.35) by $0.17. Sell-side analysts expect that Tectonic Therapeutic will post -5.27 earnings per share for the current fiscal year.

About Tectonic Therapeutic

Tectonic Therapeutic, Inc is a clinical-stage biotechnology company focused on developing biologic medicines that target G protein-coupled receptors (GPCRs). These receptors play important roles in many physiological processes but have historically been difficult to address with conventional antibody-based therapies.

The company uses its proprietary GEODe platform to discover and develop antibodies and other biologics designed to modulate GPCR activity. Tectonic’s pipeline includes TX45, an investigational therapeutic intended to activate the relaxin receptor RXFP1.