Tectonic Therapeutic (NASDAQ:TECX) Shares Up 8.2% – Here’s What Happened

Tectonic Therapeutic, Inc. (NASDAQ:TECX) traded up 8.2% during trading on Thursday . The stock traded as high as $35.65 and last traded at $35.41. Approximately 61,760 shares were traded during trading, a decline of 78% from the average daily volume of 283,019 shares. The stock had previously closed at $32.74.

Analysts Set New Price Targets

TECX has been the topic of a number of analyst reports. Weiss Ratings reissued a “sell (d-)” rating on shares of Tectonic Therapeutic in a research note on Tuesday, April 21st. Stifel Nicolaus started coverage on shares of Tectonic Therapeutic in a research note on Monday, April 13th. They set a “buy” rating and a $75.00 price objective for the company. Wall Street Zen cut shares of Tectonic Therapeutic from a “sell” rating to a “strong sell” rating in a report on Saturday, April 18th. Finally, Raymond James Financial raised shares of Tectonic Therapeutic from an “outperform” rating to a “strong-buy” rating and lifted their target price for the stock from $76.00 to $81.00 in a research report on Tuesday, May 26th. Two analysts have rated the stock with a Strong Buy rating, four have given a Buy rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Buy” and an average target price of $79.40.

Tectonic Therapeutic Stock Up 10.3%

The firm has a market cap of $681.49 million, a price-to-earnings ratio of -8.03 and a beta of 3.21. The company has a 50-day moving average price of $29.30 and a 200 day moving average price of $26.27.

Tectonic Therapeutic (NASDAQ:TECX) last posted its quarterly earnings results on Thursday, May 7th. The company reported ($1.34) earnings per share for the quarter, missing the consensus estimate of ($1.16) by ($0.18). Equities analysts forecast that Tectonic Therapeutic, Inc. will post -5.46 EPS for the current year.

Insiders Place Their Bets

In other news, insider Marcella K. Ruddy sold 1,065 shares of the company’s stock in a transaction dated Monday, May 4th. The stock was sold at an average price of $30.00, for a total value of $31,950.00. Following the transaction, the insider owned 67,682 shares in the company, valued at $2,030,460. This represents a 1.55% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 39.80% of the stock is currently owned by company insiders.

Institutional Trading of Tectonic Therapeutic

Institutional investors have recently made changes to their positions in the stock. Caitong International Asset Management Co. Ltd increased its stake in Tectonic Therapeutic by 451.6% in 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. New York State Common Retirement Fund purchased a new stake in Tectonic Therapeutic in the 2nd quarter worth approximately $99,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. acquired a new stake in shares of Tectonic Therapeutic during the 2nd quarter valued at $119,000. JPMorgan Chase & Co. boosted its stake in shares of Tectonic Therapeutic by 483.6% during the 2nd quarter. JPMorgan Chase & Co. now owns 6,548 shares of the company’s stock valued at $130,000 after buying an additional 5,426 shares during the period. Finally, Los Angeles Capital Management LLC purchased a new position in shares of Tectonic Therapeutic during the 4th quarter valued at $134,000. 62.63% of the stock is currently owned by institutional investors and hedge funds.

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.