Tectonic Therapeutic (NASDAQ:TECX) Cut to Strong Sell at Wall Street Zen

Wall Street Zen cut shares of Tectonic Therapeutic (NASDAQ:TECX) from a sell rating to a strong sell rating in a report released on Saturday morning.

TECX has been the topic of a number of other reports. Stifel Nicolaus began coverage on shares of Tectonic Therapeutic in a research report on Monday, April 13th. They issued a “buy” rating and a $75.00 target price on the stock. Lifesci Capital raised shares of Tectonic Therapeutic to a “strong-buy” rating in a research report on Thursday, February 5th. Truist Financial reduced their target price on shares of Tectonic Therapeutic from $64.00 to $60.00 and set a “buy” rating on the stock in a research report on Thursday, January 8th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Tectonic Therapeutic in a research report on Thursday, January 22nd. One investment analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $80.57.

Tectonic Therapeutic Trading Down 2.5%

Shares of Tectonic Therapeutic stock opened at $28.76 on Friday. The company’s fifty day simple moving average is $28.07 and its two-hundred day simple moving average is $22.43. The company has a market cap of $540.11 million, a P/E ratio of -7.10 and a beta of 3.59. Tectonic Therapeutic has a 12-month low of $14.39 and a 12-month high of $36.03.

Tectonic Therapeutic (NASDAQ:TECX) last released its earnings results on Thursday, February 26th. The company reported ($1.03) earnings per share for the quarter, topping analysts’ consensus estimates of ($1.11) by $0.08. Analysts predict that Tectonic Therapeutic will post -4.86 EPS for the current fiscal year.

Insider Transactions at Tectonic Therapeutic

In related news, insider Peter Mcnamara sold 6,262 shares of the company’s stock in a transaction dated Friday, March 6th. The shares were sold at an average price of $30.17, for a total value of $188,924.54. Following the transaction, the insider owned 55,285 shares in the company, valued at $1,667,948.45. The trade was a 10.17% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Daniel Lochner purchased 6,000 shares of the company’s stock in a transaction that occurred on Tuesday, February 10th. The stock was purchased at an average price of $21.61 per share, for a total transaction of $129,660.00. Following the purchase, the chief financial officer owned 32,044 shares in the company, valued at $692,470.84. This represents a 23.04% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Insiders have sold 20,561 shares of company stock valued at $597,601 in the last three months. 9.20% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Tectonic Therapeutic

Hedge funds have recently bought and sold shares of the company. First Light Asset Management LLC bought a new position in Tectonic Therapeutic in the 3rd quarter worth about $3,176,000. Braidwell LP bought a new position in Tectonic Therapeutic in the 3rd quarter worth about $11,561,000. Aberdeen Group plc bought a new position in Tectonic Therapeutic in the 3rd quarter worth about $5,588,000. DLD Asset Management LP bought a new position in Tectonic Therapeutic in the 3rd quarter worth about $235,000. Finally, Squarepoint Ops LLC increased its holdings in shares of Tectonic Therapeutic by 61.4% in the 2nd quarter. Squarepoint Ops LLC now owns 85,369 shares of the company’s stock worth $1,696,000 after purchasing an additional 32,472 shares in the last quarter. Institutional investors 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.