Tectonic Therapeutic (NASDAQ:TECX) Trading Up 9.3% – Still a Buy?

Tectonic Therapeutic, Inc. (NASDAQ:TECX) shot up 9.3% on Tuesday . The company traded as high as $30.77 and last traded at $31.5490. 9,217 shares traded hands during mid-day trading, a decline of 98% from the average session volume of 374,631 shares. The stock had previously closed at $28.87.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on TECX. Weiss Ratings reissued a “sell (d-)” rating on shares of Tectonic Therapeutic in a report on Thursday, January 22nd. Truist Financial reduced their target price on Tectonic Therapeutic from $64.00 to $60.00 and set a “buy” rating for the company in a research note on Thursday, January 8th. Finally, Lifesci Capital upgraded Tectonic Therapeutic to a “strong-buy” rating in a research report on Thursday, February 5th. One investment analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and one has issued a Sell rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $81.50.

Tectonic Therapeutic Stock Down 0.4%

The stock has a 50-day moving average of $25.88 and a 200 day moving average of $21.06. The stock has a market cap of $578.05 million, a PE ratio of -7.60 and a beta of 3.59.

Tectonic Therapeutic (NASDAQ:TECX) last issued its earnings results on Thursday, February 26th. The company reported ($1.03) earnings per share (EPS) for the quarter, beating the consensus estimate of ($1.11) by $0.08. Research analysts forecast that Tectonic Therapeutic, Inc. will post -8.31 EPS for the current fiscal year.

Insider Activity at Tectonic Therapeutic

In related news, insider Marcella K. Ruddy sold 10,000 shares of the firm’s stock in a transaction dated Friday, March 6th. The shares were sold at an average price of $30.00, for a total transaction of $300,000.00. Following the completion of the sale, the insider directly owned 69,747 shares in the company, valued at approximately $2,092,410. This trade represents a 12.54% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Peter Mcnamara sold 6,262 shares of Tectonic Therapeutic stock in a transaction dated Friday, March 6th. The stock was sold at an average price of $30.17, for a total transaction of $188,924.54. Following the transaction, the insider directly owned 55,285 shares in the company, valued at $1,667,948.45. This trade represents a 10.17% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last quarter, insiders sold 19,561 shares of company stock valued at $566,551. 38.00% of the stock is owned by company insiders.

Institutional Trading of Tectonic Therapeutic

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Caitong International Asset Management Co. Ltd raised 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 buying an additional 3,247 shares during the period. China Universal Asset Management Co. Ltd. increased its stake in Tectonic Therapeutic by 26.7% during the second quarter. China Universal Asset Management Co. Ltd. now owns 3,750 shares of the company’s stock worth $75,000 after acquiring an additional 791 shares during the last quarter. New York State Common Retirement Fund acquired a new stake in Tectonic Therapeutic during the second quarter worth $99,000. AlphaQuest LLC raised its position in Tectonic Therapeutic by 208.6% in the third quarter. AlphaQuest LLC now owns 7,299 shares of the company’s stock valued at $115,000 after purchasing an additional 4,934 shares during the period. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new stake in Tectonic Therapeutic in the second quarter valued at $119,000. 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.