Tectonic Therapeutic (NASDAQ:TECX) Posts Quarterly Earnings Results, Misses Estimates By $0.18 EPS

Tectonic Therapeutic (NASDAQ:TECX) issued its earnings results on Thursday. The company reported ($1.34) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.16) by ($0.18), FiscalAI reports.

Tectonic Therapeutic Price Performance

NASDAQ:TECX traded up $2.13 during trading hours on Friday, hitting $29.00. The company had a trading volume of 431,780 shares, compared to its average volume of 203,156. The company has a market capitalization of $546.59 million, a PE ratio of -6.50 and a beta of 3.27. The stock has a 50-day moving average price of $29.51 and a 200 day moving average price of $23.35. Tectonic Therapeutic has a 52 week low of $14.39 and a 52 week high of $36.03.

Insider Activity at Tectonic Therapeutic

In related news, CFO Daniel Lochner purchased 6,000 shares of the business’s stock in a transaction that occurred on Tuesday, February 10th. The shares were acquired at an average price of $21.61 per share, for a total transaction of $129,660.00. Following the completion of the acquisition, the chief financial officer directly owned 32,044 shares in the company, valued at approximately $692,470.84. The trade was a 23.04% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Marcella K. Ruddy sold 1,065 shares of Tectonic Therapeutic stock in a transaction on Monday, May 4th. The shares were sold at an average price of $30.00, for a total transaction of $31,950.00. Following the completion of the sale, the insider owned 67,682 shares in the company, valued at approximately $2,030,460. This trade represents a 1.55% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 21,626 shares of company stock worth $629,551 over the last quarter. Corporate insiders own 39.80% of the company’s stock.

Institutional Trading of Tectonic Therapeutic

Several large investors have recently added to or reduced their stakes in TECX. Millennium Management LLC boosted its holdings in Tectonic Therapeutic by 726.4% in the first quarter. Millennium Management LLC now owns 237,938 shares of the company’s stock valued at $4,214,000 after acquiring an additional 209,145 shares in the last quarter. Goldman Sachs Group Inc. lifted its position in Tectonic Therapeutic by 331.1% during the first quarter. Goldman Sachs Group Inc. now owns 104,793 shares of the company’s stock valued at $1,856,000 after buying an additional 80,483 shares during the period. Jane Street Group LLC lifted its position in Tectonic Therapeutic by 58.7% during the first quarter. Jane Street Group LLC now owns 47,145 shares of the company’s stock valued at $835,000 after buying an additional 17,443 shares during the period. Geode Capital Management LLC lifted its position in Tectonic Therapeutic by 242.5% during the second quarter. Geode Capital Management LLC now owns 272,257 shares of the company’s stock valued at $5,411,000 after buying an additional 192,770 shares during the period. Finally, JPMorgan Chase & Co. lifted its position in Tectonic Therapeutic by 483.6% during the second quarter. JPMorgan Chase & Co. now owns 6,548 shares of the company’s stock valued at $130,000 after buying an additional 5,426 shares during the period. Institutional investors own 62.63% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on TECX shares. Wall Street Zen cut shares of Tectonic Therapeutic from a “sell” rating to a “strong sell” rating in a report on Saturday, April 18th. Lifesci Capital upgraded shares of Tectonic Therapeutic to a “strong-buy” rating in a report on Thursday, February 5th. Weiss Ratings restated a “sell (d-)” rating on shares of Tectonic Therapeutic in a report on Tuesday, April 21st. Finally, Stifel Nicolaus started coverage on shares of Tectonic Therapeutic in a report on Monday, April 13th. They issued a “buy” rating and a $75.00 target price on the stock. One analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, Tectonic Therapeutic presently has an average rating of “Moderate Buy” and a consensus price target of $80.57.

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.