Tectonic Therapeutic (NASDAQ:TECX) Issues Earnings Results

Tectonic Therapeutic (NASDAQ:TECX) released its quarterly earnings data on Thursday. The company reported ($1.02) earnings per share for the quarter, beating analysts’ consensus estimates of ($1.05) by $0.03, FiscalAI reports.

Tectonic Therapeutic Price Performance

Shares of NASDAQ:TECX traded up $2.55 during trading on Thursday, reaching $18.99. The stock had a trading volume of 1,295,005 shares, compared to its average volume of 687,126. Tectonic Therapeutic has a 52 week low of $13.70 and a 52 week high of $61.07. The business’s 50-day moving average price is $17.01 and its 200 day moving average price is $20.20. The stock has a market capitalization of $355.30 million, a PE ratio of -4.70 and a beta of 3.23.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the stock. Monimus Capital Management LP raised its position in Tectonic Therapeutic by 29.4% in the 2nd quarter. Monimus Capital Management LP now owns 23,894 shares of the company’s stock worth $475,000 after purchasing an additional 5,433 shares during the last quarter. BNP Paribas Financial Markets raised its position in Tectonic Therapeutic by 528.4% in the 2nd quarter. BNP Paribas Financial Markets now owns 16,314 shares of the company’s stock worth $324,000 after purchasing an additional 13,718 shares during the last quarter. Raymond James Financial Inc. raised its position in Tectonic Therapeutic by 15.0% in the 2nd quarter. Raymond James Financial Inc. now owns 21,544 shares of the company’s stock worth $428,000 after purchasing an additional 2,809 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. bought a new position in Tectonic Therapeutic in the 2nd quarter worth approximately $119,000. Finally, Squarepoint Ops LLC raised its position in Tectonic Therapeutic by 61.4% in the 2nd quarter. Squarepoint Ops LLC now owns 85,369 shares of the company’s stock worth $1,696,000 after purchasing an additional 32,472 shares during the last quarter. Institutional investors own 62.63% of the company’s stock.

Analyst Ratings Changes

A number of research firms have weighed in on TECX. Truist Financial began coverage on Tectonic Therapeutic in a report on Monday, July 21st. They set a “buy” rating and a $64.00 price objective on the stock. Wall Street Zen downgraded Tectonic Therapeutic from a “hold” rating to a “sell” rating in a report on Saturday, July 26th. Wells Fargo & Company initiated coverage on Tectonic Therapeutic in a report on Monday, October 20th. They set an “overweight” rating and a $101.00 price objective on the stock. Oppenheimer initiated coverage on shares of Tectonic Therapeutic in a research note on Wednesday, September 3rd. They issued an “outperform” rating and a $80.00 target price for the company. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Tectonic Therapeutic in a research note on Wednesday, October 8th. One research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $80.29.

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.