Squarepoint Ops LLC Has $4.99 Million Stake in Tectonic Therapeutic, Inc. $TECX

Squarepoint Ops LLC reduced its stake in shares of Tectonic Therapeutic, Inc. (NASDAQ:TECX) by 11.8% in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 145,028 shares of the company’s stock after selling 19,391 shares during the period. Squarepoint Ops LLC owned 0.74% of Tectonic Therapeutic worth $4,985,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of TECX. BlackRock Inc. bought a new position in shares of Tectonic Therapeutic during the second quarter worth about $29,652,000. Baker BROS. Advisors LP boosted its holdings in Tectonic Therapeutic by 803.4% in the fourth quarter. Baker BROS. Advisors LP now owns 903,400 shares of the company’s stock valued at $18,845,000 after acquiring an additional 803,400 shares during the last quarter. First Light Asset Management LLC acquired a new stake in Tectonic Therapeutic during the 1st quarter valued at approximately $20,022,000. 5AM Venture Management LLC acquired a new stake in Tectonic Therapeutic during the 2nd quarter valued at approximately $20,853,938. Finally, Orbimed Advisors LLC bought a new position in Tectonic Therapeutic during the 4th quarter worth approximately $11,986,000. 62.63% of the stock is owned by institutional investors and hedge funds.

Tectonic Therapeutic Price Performance

NASDAQ TECX opened at $29.05 on Friday. The stock has a market capitalization of $567.90 million, a P/E ratio of -6.36 and a beta of 3.31. The business has a 50 day simple moving average of $32.58 and a 200 day simple moving average of $30.62. Tectonic Therapeutic, Inc. 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, August 6th. The company reported ($1.18) earnings per share (EPS) for the quarter, beating the consensus estimate of ($1.35) by $0.17. Equities analysts expect that Tectonic Therapeutic, Inc. will post -5.25 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on the stock. Weiss Ratings restated a “sell (d-)” rating on shares of Tectonic Therapeutic in a research report on Friday, July 17th. Raymond James Financial upgraded shares of Tectonic Therapeutic from an “outperform” rating to a “strong-buy” rating and increased their price objective for the stock from $76.00 to $81.00 in a research report on Tuesday, May 26th. Wall Street Zen raised shares of Tectonic Therapeutic from a “strong sell” rating to a “sell” rating in a research note on Saturday, August 8th. Wells Fargo & Company dropped their target price on shares of Tectonic Therapeutic from $101.00 to $93.00 and set an “overweight” rating on the stock in a report on Friday, August 7th. Finally, Oppenheimer reaffirmed an “outperform” rating on shares of Tectonic Therapeutic in a research report on Tuesday, September 1st. Two equities research analysts have rated the stock with a Strong Buy rating, four have issued a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $77.25.

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.