Braidwell LP Reduces Position in Tectonic Therapeutic, Inc. $TECX

Braidwell LP lowered its position in Tectonic Therapeutic, Inc. (NASDAQ:TECX) by 29.5% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 596,900 shares of the company’s stock after selling 250,251 shares during the quarter. Braidwell LP’s holdings in Tectonic Therapeutic were worth $20,518,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also modified their holdings of TECX. Velan Capital Investment Management LP purchased a new position in shares of Tectonic Therapeutic during the second quarter worth approximately $206,000. Wellington Management Group LLP raised its position in Tectonic Therapeutic by 7.5% in the 2nd quarter. Wellington Management Group LLP now owns 31,432 shares of the company’s stock valued at $1,080,000 after purchasing an additional 2,192 shares during the last quarter. Bank of America Corp DE acquired a new stake in Tectonic Therapeutic during the 2nd quarter worth $380,000. 5AM Venture Management LLC acquired a new stake in Tectonic Therapeutic during the 2nd quarter worth $20,853,938. Finally, ADAR1 Capital Management LLC purchased a new position in Tectonic Therapeutic during the 2nd quarter worth $498,000. 62.63% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research analysts have commented on the stock. Oppenheimer restated an “outperform” rating on shares of Tectonic Therapeutic in a research note on Tuesday. Wall Street Zen raised Tectonic Therapeutic from a “strong sell” rating to a “sell” rating in a report on Saturday, August 8th. Zacks Research raised Tectonic Therapeutic from a “strong sell” rating to a “hold” rating in a report on Tuesday, August 18th. Weiss Ratings restated a “sell (d-)” rating on shares of Tectonic Therapeutic in a research report on Friday, July 17th. Finally, Raymond James Financial raised Tectonic Therapeutic from an “outperform” rating to a “strong-buy” rating and upped their price objective for the company from $76.00 to $81.00 in a research note 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 assigned a Sell rating to the company. According to MarketBeat, Tectonic Therapeutic currently has an average rating of “Moderate Buy” and a consensus target price of $77.25.

Tectonic Therapeutic Stock Performance

Shares of TECX opened at $30.38 on Thursday. The stock has a market capitalization of $593.93 million, a P/E ratio of -6.65 and a beta of 3.31. Tectonic Therapeutic, Inc. has a 1 year low of $14.39 and a 1 year high of $39.53. The company’s fifty day moving average is $33.16 and its two-hundred day moving average is $30.26.

Tectonic Therapeutic (NASDAQ:TECX) last issued its earnings results on Thursday, August 6th. The company reported ($1.18) earnings per share for the quarter, beating the consensus estimate of ($1.35) by $0.17. Sell-side analysts predict that Tectonic Therapeutic, Inc. will post -5.25 EPS for the current 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.