Tectonic Therapeutic (NASDAQ:TECX) Shares Gap Up – Here’s Why

Shares of Tectonic Therapeutic, Inc. (NASDAQ:TECX) gapped up prior to trading on Tuesday . The stock had previously closed at $31.99, but opened at $33.48. Tectonic Therapeutic shares last traded at $33.6560, with a volume of 19,365 shares traded.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on the company. Stifel Nicolaus began coverage on Tectonic Therapeutic in a research note on Monday, April 13th. They issued a “buy” rating and a $75.00 target price for the company. Wall Street Zen lowered shares of Tectonic Therapeutic from a “sell” rating to a “strong sell” rating in a report on Saturday, April 18th. Raymond James Financial upgraded shares of Tectonic Therapeutic from an “outperform” rating to a “strong-buy” rating and increased their price objective for the company from $76.00 to $81.00 in a research note on Tuesday, May 26th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Tectonic Therapeutic in a report on Tuesday, April 21st. Two equities research analysts have rated the stock with a Strong Buy rating, four have issued a Buy rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, Tectonic Therapeutic currently has an average rating of “Buy” and a consensus price target of $79.40.

Tectonic Therapeutic Price Performance

The company has a market cap of $645.32 million, a P/E ratio of -7.67 and a beta of 3.19. The business’s 50 day moving average price is $29.12 and its 200-day moving average price is $26.08.

Tectonic Therapeutic (NASDAQ:TECX) last released its quarterly earnings results on Thursday, May 7th. The company reported ($1.34) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.16) by ($0.18). As a group, research analysts forecast that Tectonic Therapeutic, Inc. will post -5.46 EPS for the current year.

Insider Buying and Selling at Tectonic Therapeutic

In other news, insider Marcella K. Ruddy sold 1,065 shares of the business’s stock in a transaction on Monday, May 4th. The stock was 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 $2,030,460. The trade was a 1.55% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 39.80% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Tectonic Therapeutic

A number of institutional investors and hedge funds have recently modified their holdings of the business. Caitong International Asset Management Co. Ltd raised its position in shares of Tectonic Therapeutic by 451.6% during the 3rd quarter. Caitong International Asset Management Co. Ltd now owns 3,966 shares of the company’s stock valued at $62,000 after acquiring an additional 3,247 shares during the last quarter. New York State Common Retirement Fund bought a new stake in Tectonic Therapeutic in the second quarter valued at approximately $99,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. acquired a new stake in Tectonic Therapeutic in the second quarter worth $119,000. Los Angeles Capital Management LLC acquired a new stake in Tectonic Therapeutic in the fourth quarter worth $134,000. Finally, AlphaCentric Advisors LLC acquired a new stake in Tectonic Therapeutic in the fourth quarter worth $135,000. 62.63% of the stock is owned by institutional investors.

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.