Tectonic Therapeutic (NASDAQ:TECX) Trading Down 6.1% – Time to Sell?

Shares of Tectonic Therapeutic, Inc. (NASDAQ:TECX) fell 6.1% during mid-day trading on Thursday . The company traded as low as $28.64 and last traded at $28.61. Approximately 21,364 shares traded hands during mid-day trading, a decline of 92% from the average session volume of 263,481 shares. The stock had previously closed at $30.48.

Analyst Ratings Changes

A number of analysts have commented on the stock. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Tectonic Therapeutic in a report on Friday, July 17th. Wall Street Zen upgraded Tectonic Therapeutic from a “strong sell” rating to a “sell” rating in a research report on Saturday, August 8th. Zacks Research raised Tectonic Therapeutic from a “strong sell” rating to a “hold” rating in a research note on Tuesday, August 18th. Wells Fargo & Company cut their target price on Tectonic Therapeutic from $101.00 to $93.00 and set an “overweight” rating on the stock in a research note on Friday, August 7th. Finally, Raymond James Financial upgraded Tectonic Therapeutic from an “outperform” rating to a “strong-buy” rating and raised their target price for the stock from $76.00 to $81.00 in a report on Tuesday, May 26th. Two investment analysts have rated the stock with a Strong Buy rating, four have assigned a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, Tectonic Therapeutic presently has a consensus rating of “Moderate Buy” and an average price target of $77.25.

Tectonic Therapeutic Price Performance

The stock has a market cap of $564.80 million, a P/E ratio of -6.32 and a beta of 3.31. The company’s 50 day simple moving average is $32.94 and its 200 day simple moving average is $30.58.

Tectonic Therapeutic (NASDAQ:TECX) last announced its quarterly earnings results on Thursday, August 6th. The company reported ($1.18) earnings per share for the quarter, topping analysts’ consensus estimates of ($1.35) by $0.17. On average, equities research analysts predict that Tectonic Therapeutic, Inc. will post -5.25 earnings per share for the current year.

Institutional Investors Weigh In On Tectonic Therapeutic

Several institutional investors have recently added to or reduced their stakes in the stock. First Light Asset Management LLC lifted its holdings in shares of Tectonic Therapeutic by 23.6% in the second quarter. First Light Asset Management LLC now owns 800,726 shares of the company’s stock valued at $27,525,000 after purchasing an additional 152,983 shares in the last quarter. California State Teachers Retirement System increased its position in Tectonic Therapeutic by 714.6% during the second quarter. California State Teachers Retirement System now owns 4,847 shares of the company’s stock worth $167,000 after buying an additional 4,252 shares during the last quarter. Velan Capital Investment Management LP acquired a new stake in Tectonic Therapeutic during the 2nd quarter valued at $206,000. Wellington Management Group LLP boosted its holdings in shares of Tectonic Therapeutic by 7.5% during the 2nd quarter. Wellington Management Group LLP now owns 31,432 shares of the company’s stock worth $1,080,000 after buying an additional 2,192 shares during the period. Finally, Bank of America Corp DE acquired a new position in shares of Tectonic Therapeutic in the second quarter valued at approximately $380,000. 62.63% of the stock is owned by institutional investors.

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.