Prosight Management LP Has $5.95 Million Stock Holdings in Tectonic Therapeutic, Inc. $TECX

Prosight Management LP decreased its holdings in shares of Tectonic Therapeutic, Inc. (NASDAQ:TECX) by 14.2% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 379,254 shares of the company’s stock after selling 62,802 shares during the quarter. Tectonic Therapeutic comprises approximately 1.4% of Prosight Management LP’s holdings, making the stock its 25th largest position. Prosight Management LP owned about 2.03% of Tectonic Therapeutic worth $5,950,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Police & Firemen s Retirement System of New Jersey bought a new stake in shares of Tectonic Therapeutic in the second quarter valued at approximately $52,000. China Universal Asset Management Co. Ltd. increased its position in 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 acquiring an additional 791 shares during the period. Virtus Investment Advisers LLC increased its position in 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 acquiring an additional 649 shares during the period. New York State Common Retirement Fund acquired a new position in Tectonic Therapeutic during the 2nd quarter valued at $99,000. Finally, AlphaQuest LLC raised its stake in Tectonic Therapeutic by 208.6% during the 3rd quarter. AlphaQuest LLC now owns 7,299 shares of the company’s stock valued at $115,000 after purchasing an additional 4,934 shares during the last quarter. Institutional investors and hedge funds own 62.63% of the company’s stock.

Insider Activity at Tectonic Therapeutic

In other news, CFO Daniel Lochner acquired 6,000 shares of the firm’s stock in a transaction on Tuesday, February 10th. The shares were purchased at an average cost of $21.61 per share, with a total value of $129,660.00. Following the completion of the purchase, the chief financial officer owned 32,044 shares of the company’s stock, valued at $692,470.84. This represents a 23.04% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Marcella K. Ruddy sold 10,000 shares of the firm’s stock in a transaction that occurred on Friday, March 6th. The stock was sold at an average price of $30.00, for a total transaction of $300,000.00. Following the sale, the insider directly owned 69,747 shares of the company’s stock, valued at approximately $2,092,410. The trade was a 12.54% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 19,561 shares of company stock valued at $566,551 in the last ninety days. Insiders own 38.00% of the company’s stock.

Analyst Upgrades and Downgrades

TECX has been the topic of several research analyst reports. Truist Financial decreased their price target on shares of Tectonic Therapeutic from $64.00 to $60.00 and set a “buy” rating on the stock in a research report on Thursday, January 8th. Lifesci Capital raised shares of Tectonic Therapeutic to a “strong-buy” rating in a research report on Thursday, February 5th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Tectonic Therapeutic in a research note on Thursday, January 22nd. One research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, Tectonic Therapeutic has a consensus rating of “Moderate Buy” and an average target price of $81.50.

Tectonic Therapeutic Price Performance

Tectonic Therapeutic stock opened at $33.31 on Friday. The firm has a market capitalization of $625.56 million, a P/E ratio of -8.22 and a beta of 3.76. The stock has a fifty day moving average price of $23.08 and a two-hundred day moving average price of $20.12. Tectonic Therapeutic, Inc. has a 52-week low of $13.70 and a 52-week high of $36.03.

Tectonic Therapeutic (NASDAQ:TECX) last issued its earnings results on Thursday, February 26th. The company reported ($1.03) EPS for the quarter, beating the consensus estimate of ($1.11) by $0.08. On average, equities research analysts predict that Tectonic Therapeutic, Inc. will post -8.31 EPS for the current fiscal year.

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.