Brokerages Set Tectonic Therapeutic, Inc. (NASDAQ:TECX) Target Price at $81.50

Shares of Tectonic Therapeutic, Inc. (NASDAQ:TECX) have been given an average rating of “Moderate Buy” by the seven brokerages that are presently covering the company, Marketbeat.com reports. One investment analyst has rated the stock with a sell rating, five have assigned a buy rating and one has assigned a strong buy rating to the company. The average twelve-month target price among brokers that have updated their coverage on the stock in the last year is $81.50.

TECX has been the topic of a number of recent research reports. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Tectonic Therapeutic in a report on Thursday, January 22nd. Truist Financial decreased their price target on shares of Tectonic Therapeutic from $64.00 to $60.00 and set a “buy” rating for the company in a research note on Thursday, January 8th. Finally, Lifesci Capital upgraded shares of Tectonic Therapeutic to a “strong-buy” rating in a research note on Thursday, February 5th.

Tectonic Therapeutic Stock Performance

Tectonic Therapeutic stock opened at $34.12 on Tuesday. The company has a market capitalization of $640.77 million, a P/E ratio of -8.42 and a beta of 3.76. Tectonic Therapeutic has a fifty-two week low of $13.70 and a fifty-two week high of $36.03. The stock has a 50-day simple moving average of $22.83 and a 200-day simple moving average of $20.05.

Tectonic Therapeutic (NASDAQ:TECX) last released its quarterly earnings results on Thursday, February 26th. The company reported ($1.03) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($1.11) by $0.08. As a group, analysts forecast that Tectonic Therapeutic will post -8.31 earnings per share for the current year.

Insider Buying and Selling

In related news, insider Peter Mcnamara sold 6,262 shares of the business’s stock in a transaction dated Friday, March 6th. The stock was sold at an average price of $30.17, for a total value of $188,924.54. Following the transaction, the insider owned 55,285 shares in the company, valued at $1,667,948.45. The trade was a 10.17% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, insider Marcella K. Ruddy sold 10,000 shares of the company’s stock in a transaction that occurred on Friday, March 6th. The shares were sold at an average price of $30.00, for a total value of $300,000.00. Following the sale, the insider directly owned 69,747 shares of the company’s stock, valued at approximately $2,092,410. This represents a 12.54% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 19,561 shares of company stock valued at $566,551 over the last quarter. 38.00% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Tectonic Therapeutic

Several large investors have recently modified their holdings of TECX. Millennium Management LLC lifted its holdings in shares of Tectonic Therapeutic by 726.4% during the first quarter. Millennium Management LLC now owns 237,938 shares of the company’s stock worth $4,214,000 after purchasing an additional 209,145 shares during the period. Goldman Sachs Group Inc. raised its position in Tectonic Therapeutic by 331.1% during the 1st quarter. Goldman Sachs Group Inc. now owns 104,793 shares of the company’s stock worth $1,856,000 after buying an additional 80,483 shares during the last quarter. Jane Street Group LLC lifted its stake in shares of Tectonic Therapeutic by 58.7% in the 1st quarter. Jane Street Group LLC now owns 47,145 shares of the company’s stock worth $835,000 after acquiring an additional 17,443 shares during the period. Connor Clark & Lunn Investment Management Ltd. lifted its stake in shares of Tectonic Therapeutic by 3.1% in the 2nd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 35,708 shares of the company’s stock worth $710,000 after acquiring an additional 1,063 shares during the period. Finally, Geode Capital Management LLC boosted its holdings in shares of Tectonic Therapeutic by 242.5% in the second quarter. Geode Capital Management LLC now owns 272,257 shares of the company’s stock valued at $5,411,000 after acquiring an additional 192,770 shares in the last quarter. Hedge funds and other institutional investors own 62.63% of the company’s stock.

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.