Tectonic Therapeutic (NASDAQ:TECX) Announces Earnings Results, Beats Estimates By $0.17 EPS

Tectonic Therapeutic (NASDAQ:TECX) issued its quarterly earnings data on Thursday. The company reported ($1.18) earnings per share for the quarter, beating analysts’ consensus estimates of ($1.35) by $0.17, FiscalAI reports.

Tectonic Therapeutic Trading Up 2.5%

TECX traded up $0.76 during trading hours on Friday, hitting $30.98. The company’s stock had a trading volume of 271,645 shares, compared to its average volume of 269,510. Tectonic Therapeutic has a fifty-two week low of $14.39 and a fifty-two week high of $39.53. The firm has a market capitalization of $584.59 million, a PE ratio of -6.95 and a beta of 3.28. The company has a 50-day simple moving average of $31.24 and a 200 day simple moving average of $28.47.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of TECX. Monimus Capital Management LP grew its holdings in Tectonic Therapeutic by 11.3% during the fourth quarter. Monimus Capital Management LP now owns 26,594 shares of the company’s stock worth $555,000 after acquiring an additional 2,700 shares during the period. Raymond James Financial Inc. boosted its position in shares of Tectonic Therapeutic by 15.0% during the 2nd quarter. Raymond James Financial Inc. now owns 21,544 shares of the company’s stock valued at $428,000 after purchasing an additional 2,809 shares in the last quarter. Caitong International Asset Management Co. Ltd boosted its position in shares of Tectonic Therapeutic by 451.6% during the 3rd quarter. Caitong International Asset Management Co. Ltd now owns 3,966 shares of the company’s stock valued at $62,000 after purchasing an additional 3,247 shares in the last quarter. Barclays PLC grew its stake in shares of Tectonic Therapeutic by 24.8% in the 4th quarter. Barclays PLC now owns 22,443 shares of the company’s stock worth $468,000 after purchasing an additional 4,467 shares during the last quarter. Finally, New York State Common Retirement Fund acquired a new position in shares of Tectonic Therapeutic in the 2nd quarter worth approximately $99,000. Institutional investors own 62.63% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on TECX. Zacks Research lowered shares of Tectonic Therapeutic from a “hold” rating to a “strong sell” rating in a research note on Monday, July 20th. Weiss Ratings restated a “sell (d-)” rating on shares of Tectonic Therapeutic in a research note on Friday, July 17th. Wells Fargo & Company dropped their target price on Tectonic Therapeutic from $101.00 to $93.00 and set an “overweight” rating on the stock in a research report on Friday. Wall Street Zen cut Tectonic Therapeutic from a “sell” rating to a “strong sell” rating in a research note on Saturday, April 18th. Finally, Raymond James Financial raised shares of Tectonic Therapeutic from an “outperform” rating to a “strong-buy” rating and boosted their price target for the company from $76.00 to $81.00 in a report on Tuesday, May 26th. Two research analysts have rated the stock with a Strong Buy rating, four have issued a Buy rating and two have assigned a Sell rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $77.80.

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.