Tectonic Therapeutic (NASDAQ:TECX) Stock Price Up 6.3% – Here’s What Happened

Shares of Tectonic Therapeutic, Inc. (NASDAQ:TECX) were up 6.3% during mid-day trading on Friday . The stock traded as high as $32.40 and last traded at $32.58. 76,447 shares changed hands during trading, a decline of 73% from the average daily volume of 280,826 shares. The stock had previously closed at $30.65.

Wall Street Analyst Weigh In

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

Tectonic Therapeutic Trading Up 6.4%

The stock has a market capitalization of $615.16 million, a P/E ratio of -7.31 and a beta of 3.21. The company’s 50-day moving average is $30.88 and its two-hundred day moving average is $27.47.

Tectonic Therapeutic (NASDAQ:TECX) last posted its 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). Sell-side analysts expect that Tectonic Therapeutic, Inc. will post -5.46 EPS for the current fiscal year.

Insider Activity

In related news, insider Marcella K. Ruddy sold 1,065 shares of the stock in a transaction that occurred 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 transaction, the insider directly owned 67,682 shares of the company’s stock, valued at $2,030,460. This represents a 1.55% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 39.80% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the business. Caitong International Asset Management Co. Ltd grew its stake in shares of Tectonic Therapeutic by 451.6% in the third quarter. Caitong International Asset Management Co. Ltd now owns 3,966 shares of the company’s stock worth $62,000 after purchasing an additional 3,247 shares in the last quarter. New York State Common Retirement Fund bought a new stake in shares of Tectonic Therapeutic during the second quarter valued at about $99,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. bought a new stake in shares of Tectonic Therapeutic during the second quarter valued at about $119,000. JPMorgan Chase & Co. lifted its holdings in Tectonic Therapeutic by 483.6% in the second quarter. JPMorgan Chase & Co. now owns 6,548 shares of the company’s stock worth $130,000 after purchasing an additional 5,426 shares during the period. Finally, Los Angeles Capital Management LLC acquired a new stake in Tectonic Therapeutic in the fourth quarter worth about $134,000. 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.