Tectonic Therapeutic (NASDAQ:TECX) Shares Up 5.4% – What’s Next?

Tectonic Therapeutic, Inc. (NASDAQ:TECX)’s share price traded up 5.4% on Tuesday . The stock traded as high as $31.50 and last traded at $31.57. Approximately 134,056 shares were traded during trading, a decline of 50% from the average session volume of 267,838 shares. The stock had previously closed at $29.94.

Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in on the company. Weiss Ratings reissued a “sell (d-)” rating on shares of Tectonic Therapeutic in a report on Friday, July 17th. Raymond James Financial raised Tectonic Therapeutic from an “outperform” rating to a “strong-buy” rating and increased their price objective for the company from $76.00 to $81.00 in a research note on Tuesday, May 26th. Wall Street Zen upgraded Tectonic Therapeutic from a “strong sell” rating to a “sell” rating in a research report on Saturday, August 8th. Oppenheimer reissued an “outperform” rating on shares of Tectonic Therapeutic in a research note on Tuesday. Finally, Wells Fargo & Company reduced 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. Two equities research analysts have rated the stock with a Strong Buy rating, four have assigned a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $77.80.

Tectonic Therapeutic Trading Up 5.3%

The stock has a market capitalization of $616.22 million, a price-to-earnings ratio of -6.90 and a beta of 3.28. The business has a 50 day simple moving average of $33.15 and a 200-day simple moving average of $30.14.

Tectonic Therapeutic (NASDAQ:TECX) last posted its quarterly earnings data on Thursday, August 6th. The company reported ($1.18) EPS for the quarter, beating analysts’ consensus estimates of ($1.35) by $0.17. Research analysts predict that Tectonic Therapeutic, Inc. will post -5.25 EPS for the current year.

Hedge Funds Weigh In On Tectonic Therapeutic

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

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.