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

Tectonic Therapeutic, Inc. (NASDAQ:TECX) has been assigned an average rating of “Buy” from the seven research firms that are presently covering the firm, Marketbeat reports. One research analyst has rated the stock with a sell rating, four have given a buy rating and two have given a strong buy rating to the company. The average 12 month price target among brokers that have updated their coverage on the stock in the last year is $79.40.

A number of equities research analysts have weighed in on TECX shares. Stifel Nicolaus began coverage on Tectonic Therapeutic in a report on Monday, April 13th. They issued a “buy” rating and a $75.00 price objective on the stock. Wall Street Zen downgraded Tectonic Therapeutic from a “sell” rating to a “strong sell” rating in a research note on Saturday, April 18th. Weiss Ratings reissued a “sell (d-)” rating on shares of Tectonic Therapeutic in a report on Tuesday, April 21st. Finally, Raymond James Financial upgraded Tectonic Therapeutic from an “outperform” rating to a “strong-buy” rating and lifted their price target for the company from $76.00 to $81.00 in a research note on Tuesday, May 26th.

Insider Transactions at Tectonic Therapeutic

In other Tectonic Therapeutic news, insider Marcella K. Ruddy sold 1,065 shares of the firm’s stock in a transaction on Monday, May 4th. The stock was sold at an average price of $30.00, for a total value of $31,950.00. Following the completion of the sale, the insider owned 67,682 shares of the company’s stock, valued at approximately $2,030,460. This trade represents a 1.55% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 39.80% of the company’s stock.

Hedge Funds Weigh In On Tectonic Therapeutic

Institutional investors and hedge funds have recently made changes to their positions in the stock. Baker BROS. Advisors LP increased its holdings in shares of Tectonic Therapeutic by 803.4% in the 4th 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. Aberdeen Group plc boosted its holdings in Tectonic Therapeutic by 220.6% during the fourth quarter. Aberdeen Group plc now owns 1,141,824 shares of the company’s stock worth $23,818,000 after buying an additional 785,648 shares in the last quarter. Braidwell LP purchased a new stake in Tectonic Therapeutic during the third quarter worth about $11,561,000. First Light Asset Management LLC purchased a new stake in Tectonic Therapeutic during the first quarter worth about $20,022,000. Finally, Orbimed Advisors LLC acquired a new position in Tectonic Therapeutic during the fourth quarter worth about $11,986,000. 62.63% of the stock is owned by institutional investors and hedge funds.

Tectonic Therapeutic Stock Performance

TECX stock opened at $34.37 on Monday. The stock has a market capitalization of $648.53 million, a PE ratio of -7.71 and a beta of 3.21. The company has a fifty day moving average of $30.43 and a 200-day moving average of $27.11. Tectonic Therapeutic has a one year low of $14.39 and a one year high of $39.53.

Tectonic Therapeutic (NASDAQ:TECX) last issued 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). Equities analysts forecast that Tectonic Therapeutic will post -5.46 earnings per share for the current fiscal year.

About Tectonic Therapeutic

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.