Tectonic Therapeutic (NASDAQ:TECX) Director Timothy A. Springer Purchases 3,718 Shares

Tectonic Therapeutic (NASDAQ:TECX) Director Timothy A. Springer acquired 3,718 shares of the business’s stock in a transaction that occurred on Wednesday, April 9th. The stock was acquired at an average cost of $14.76 per share, with a total value of $54,877.68. Following the completion of the acquisition, the director now owns 4,317,276 shares in the company, valued at $63,722,993.76. This trade represents a 0.09 % increase in their position. The purchase was disclosed in a legal filing with the SEC, which can be accessed through the SEC website.

Tectonic Therapeutic Trading Down 3.1 %

TECX stock opened at $16.16 on Friday. The firm has a 50 day moving average of $24.50 and a 200-day moving average of $36.09. The firm has a market capitalization of $301.59 million, a P/E ratio of -2.74 and a beta of 2.87. Tectonic Therapeutic has a 12 month low of $13.70 and a 12 month high of $61.07.

Tectonic Therapeutic (NASDAQ:TECX) last announced its quarterly earnings results on Thursday, March 20th. The company reported ($0.84) EPS for the quarter, beating the consensus estimate of ($1.39) by $0.55. Sell-side analysts predict that Tectonic Therapeutic will post -8.31 EPS for the current year.

Wall Street Analysts Forecast Growth

Separately, Wells Fargo & Company cut their price target on Tectonic Therapeutic from $112.00 to $101.00 and set an “overweight” rating for the company in a report on Friday, March 21st. Five analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, Tectonic Therapeutic currently has a consensus rating of “Buy” and an average target price of $77.75.

Hedge Funds Weigh In On Tectonic Therapeutic

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. JPMorgan Chase & Co. boosted its position in shares of Tectonic Therapeutic by 5,554.5% during the 4th quarter. JPMorgan Chase & Co. now owns 1,244 shares of the company’s stock valued at $57,000 after acquiring an additional 1,222 shares during the last quarter. Virtus ETF Advisers LLC purchased a new stake in Tectonic Therapeutic in the fourth quarter valued at approximately $71,000. China Universal Asset Management Co. Ltd. bought a new stake in Tectonic Therapeutic during the fourth quarter valued at approximately $144,000. Charles Schwab Investment Management Inc. purchased a new position in Tectonic Therapeutic in the 4th quarter worth approximately $218,000. Finally, Raymond James Financial Inc. bought a new position in shares of Tectonic Therapeutic in the 4th quarter worth $228,000. 62.63% of the stock is currently owned by hedge funds and other institutional investors.

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.