Tectonic Therapeutic (NASDAQ:TECX) Announces Earnings Results, Beats Expectations By $0.17 EPS

Tectonic Therapeutic (NASDAQ:TECX) announced its earnings results on Thursday. The company reported ($1.18) earnings per share for the quarter, beating the consensus estimate of ($1.35) by $0.17, FiscalAI reports.

Tectonic Therapeutic Trading Up 2.5%

Shares of NASDAQ:TECX traded up $0.76 on Friday, hitting $30.98. 271,645 shares of the company were exchanged, compared to its average volume of 160,725. Tectonic Therapeutic has a 1-year low of $14.39 and a 1-year high of $39.53. The stock’s 50 day moving average price is $31.24 and its 200 day moving average price is $28.49. The firm has a market capitalization of $584.59 million, a P/E ratio of -6.78 and a beta of 3.28.

Hedge Funds Weigh In On Tectonic Therapeutic

Several hedge funds have recently made changes to their positions in the company. Monimus Capital Management LP increased its holdings in Tectonic Therapeutic by 11.3% in the 4th quarter. Monimus Capital Management LP now owns 26,594 shares of the company’s stock worth $555,000 after buying an additional 2,700 shares during the period. Raymond James Financial Inc. lifted its position in Tectonic Therapeutic by 15.0% during the second quarter. Raymond James Financial Inc. now owns 21,544 shares of the company’s stock valued at $428,000 after purchasing an additional 2,809 shares during the period. Caitong International Asset Management Co. Ltd lifted its position in Tectonic Therapeutic by 451.6% during the third quarter. Caitong International Asset Management Co. Ltd now owns 3,966 shares of the company’s stock valued at $62,000 after purchasing an additional 3,247 shares during the period. Barclays PLC boosted its holdings in Tectonic Therapeutic by 24.8% in the fourth quarter. Barclays PLC now owns 22,443 shares of the company’s stock valued at $468,000 after purchasing an additional 4,467 shares during the last quarter. Finally, New York State Common Retirement Fund purchased a new stake in Tectonic Therapeutic in the second quarter valued at $99,000. 62.63% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on TECX shares. Stifel Nicolaus assumed coverage on Tectonic Therapeutic in a research report on Monday, April 13th. They set a “buy” rating and a $75.00 price target on the stock. Wall Street Zen cut Tectonic Therapeutic from a “sell” rating to a “strong sell” rating in a research report on Saturday, April 18th. Raymond James Financial upgraded Tectonic Therapeutic from an “outperform” rating to a “strong-buy” rating and increased their price target for the company from $76.00 to $81.00 in a research note on Tuesday, May 26th. Wells Fargo & Company lowered their price target on Tectonic Therapeutic from $101.00 to $93.00 and set an “overweight” rating for the company in a report on Friday. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Tectonic Therapeutic in a research note on Friday, July 17th. Two equities research analysts have rated the stock with a Strong Buy rating, four have assigned a Buy rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat, Tectonic Therapeutic currently has an average rating of “Moderate Buy” and a consensus target price of $77.80.

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.