Tectonic Therapeutic (NASDAQ:TECX) Stock Price Down 0.8% – Here’s What Happened

Shares of Tectonic Therapeutic, Inc. (NASDAQ:TECX) were down 0.8% during trading on Thursday . The company traded as low as $18.97 and last traded at $19.51. Approximately 215,928 shares traded hands during mid-day trading, a decline of 25% from the average daily volume of 288,782 shares. The stock had previously closed at $19.67.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on TECX. Wells Fargo & Company initiated coverage on shares of Tectonic Therapeutic in a research note on Monday, October 20th. They set an “overweight” rating and a $101.00 price objective on the stock. Weiss Ratings reiterated a “sell (d-)” rating on shares of Tectonic Therapeutic in a research report on Wednesday, October 8th. Finally, Truist Financial decreased their price objective on shares of Tectonic Therapeutic from $64.00 to $60.00 and set a “buy” rating on the stock in a research note on Thursday, January 8th. One investment analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, Tectonic Therapeutic has a consensus rating of “Moderate Buy” and an average target price of $81.50.

Tectonic Therapeutic Trading Down 3.6%

The firm has a market capitalization of $351.94 million, a P/E ratio of -4.87 and a beta of 3.72. The company has a 50-day moving average of $19.92 and a 200-day moving average of $19.75.

Tectonic Therapeutic (NASDAQ:TECX) last issued its quarterly earnings results on Thursday, November 6th. The company reported ($1.02) earnings per share for the quarter, beating the consensus estimate of ($1.05) by $0.03. Research analysts predict that Tectonic Therapeutic, Inc. will post -8.31 EPS for the current year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the company. Knott David M Jr grew its holdings in Tectonic Therapeutic by 85.0% during the 2nd quarter. Knott David M Jr now owns 74,000 shares of the company’s stock worth $1,470,000 after acquiring an additional 34,000 shares during the period. Police & Firemen s Retirement System of New Jersey acquired a new position in shares of Tectonic Therapeutic in the 2nd quarter valued at about $52,000. Stempoint Capital LP bought a new stake in shares of Tectonic Therapeutic during the 2nd quarter valued at about $795,000. Squarepoint Ops LLC boosted its position in shares of Tectonic Therapeutic by 61.4% during the 2nd quarter. Squarepoint Ops LLC now owns 85,369 shares of the company’s stock valued at $1,696,000 after purchasing an additional 32,472 shares in the last quarter. Finally, Monaco Asset Management SAM acquired a new stake in Tectonic Therapeutic during the second quarter worth approximately $209,000. Institutional investors and hedge funds own 62.63% of the company’s stock.

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.